Canadian gin sales have shown considerable growth over the past decade. From 2013 to 2020, there was a marked increase in demand, with an especially significant uptick between 2018 and 2021, where year-on-year variations peaked as high as 22.13% in 2021. In contrast, growth has moderated more recently, with 2022 and 2023 seeing increases of 4.94% and 4.31% respectively. As of 2023, the sales volume stood at 5.45 million liters.
Looking forward, from 2024 onwards, the projected growth rate slows considerably compared to the previous stellar years. The forecasted CAGR from 2023 to 2028 is estimated at 1.71%, with an overall growth rate of 8.84% over this five-year period.
Future trends to watch for include potential impacts of shifts in consumer preferences towards premium and locally produced spirits, regulatory changes, and broader economic conditions affecting disposable income and consumer spending patterns.