The report follows news that hospitality businesses were being urged to stock up on gin to capitalise on the booming trend.
Mintel’s White Spirts and RTDs Drinkers UK 2015 report shows that over the past two months 42 per cent of Brits aged between 18-34 have drunk gin, compared to just over a quarter (27 per cent) of over-45s.
The report predicts that, by the end of 2015, gin sales will reach £1b for the first time, marking a significant increase (25 per cent) on the £829m in 2012. An estimated 29m litres of gin will have been consumed by the British public this year, with one third (33 per cent) of the ready-to-drink population having drunk it in the past year.
Mintel forecasts that sales of the white spirit will continue to rise, eventually hitting £1.31b by 2020.
Chris Wisson, senior drinks analyst at Mintel, said: “The strong performance of gin continues to stand out within the spirits market, and is widely seen as the most sophisticated type of white spirit by category users.
“One of gin’s sobriquets is ‘Mother’s Ruin’ and the drink still has certain associations with older drinkers, contributing to it being likely to be seen as an older person’s drink and the least likely as a young person’s drink. However, our research indicates that gin is in fact now most likely to be drunk by younger consumers, suggesting that it has a chance to forge a dynamic image and move into even more innovative areas.”
Mintel’s report says that rum sales over the last year are down six per cent to £411m, with a decline to £378m expected in 2020. Just 11 per cent of British consumers believe that rum represents good value for money.
Vodka sales remain strong and have seen an eight per cent increase over the past five years to reach £3.46b in 2015. It is the most popular white spirit and its sales account for 61 per cent of the total white spirit market’s value.