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UK Independent Spirits Industry Hits £2bn Turnover

by Growthdeck Team

16 May 2019

News food and beverages   industry  

Our latest research, which has been featured in The Times and The Daily Express, reveals that the turnover of the UK's independent spirits industry broke through £2bn for the first time last year. It reached £2.14bn in 2017/18, up from £1.98bn in 2016/17.

As well as the print coverage in the nationals, our research has also been covered by trade press publications such as Spirits Business (UK independent spirits industry hits £2bn turnover) and Harpers (UK independent distilleries break £2bn barrier).

We believe the success of independent distilleries has been fuelled by the greater willingness of consumers to pay premium prices for boutique brands as opposed to those owned by multinationals producers.

The distilling of spirits can be altered quickly to match changing consumer tastes, which means products do not get left behind. This helps businesses maintain high inventory turnover and makes it easier to market their products as ‘new’.

Artisan gin, in particular, has become a staple in many pubs and bars, and several gin brands have extended their ranges to include pink and flavoured varieties to meet demand. The latest data shows 60m bottles of gin were consumed in the UK last year, worth £1.6bn in value.

Gary Robins, our Head of Business Development, says: “Growth amongst independent spirits businesses shows little sign of slowing.”

“Successful spirits businesses have proved to be innovative in bringing new products to market quickly. This is often done through capitalising on the relatively quick production process of spirits, such as gin and rum.”

“The increased spending power amongst ‘millennials’, which is a key market for boutique drinks brands, means the sector’s growth has legs.”

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