There are more than 130 distilleries, double the number in 2012, said accountancy group UHY Hacker Young.
The value of gin sales has increased significantly over recent years, exceeding £1 billion in 2016 and is expected to rise to £1.37 billion by 2020 as gin continues to undergo a "renaissance."
James Simmonds, of UHY Hacker Young, said: "Five years ago, artisan gin was a relatively unknown product, but now it's very common to see five or 10 different premium gins on the menu or on a supermarket shelf.
"Premium gins often retail at around £30 a bottle, making it a high-margin industry.
"Gin can be very versatile - with many companies adding new and unusual flavourings to their products.
"This means that new producers can differentiate themselves relatively easily in comparison to other spirit producers such as whisky."