LONDON, Jan. 5, 2016 /PRNewswire/ -- Market overview of the vodka market in Europe
Technavios market research analyst predicts the Vodka market in Europe to grow at a CAGR of around 0.87%, in terms of revenue, during the forecast period. The rising demand for premium vodka and the growing cocktail culture are the key drivers for the growth of the market. The region is witnessing a growth in bars exclusively dedicated for cocktails. For instance, some of the favorite vodka-based cocktails are Screwdriver, Bloody Mary, and Sex on the Beach.
The high taxation imposed on alcoholic drinks in the region is expected to deter the growth of the vodka market during the forecast period. For instance, during 2014, the European Commission increased the excise tax on hard liquor by around 23%, resulting in the price of a half-liter bottle of vodka to rise to around USD 5.25.
Segmentation by category and analysis of the vodka market in Europe
Unflavored vodka dominated the European market during 2014 with a market share of around 89%. However, the report predicts the flavored segment to be the fastest growing segment during the forecast period. Some of the favorite vodka flavors are apple, coconut, cranberry, caramel, blood orange, mint, honey, lemon, cucumber, lime, raspberry, and vanilla.
Geographical segmentation and analysis of the vodka market in Europe
Eastern Europe accounted for nearly 89% of the vodka market share during 2014. Unflavored vodka is the most popular category in this region. Russia, Poland, and Ukraine were the market leaders in this region, but, they are expected to witness a decline in the market growth during the forecast period. The rising illegal trading of alcohol and the rising accidents due to alcohol consumption is deterring the market growth in this region.
Competitive landscape and key vendors
The vodka market in Europe is fragmented due to the presence of numerous small and large suppliers. The providers in the market compete on the basis of price, quality, innovation, service, reputation, distribution, and promotion. The market is predicted to witness an increase in consolidations due to the intense competition.
The leading vendors in the market are -
Alcohol Siberian Group
Other prominent vendors in the market include Bacardi, Brown-Forman, IceBerg Vodka, Soyuz Victan, William Grant & Sons, and ZYR Vodka.
Key questions answered in the report include
What will the market size and the growth rate be in 2019
What are the key factors driving the vodka market in Europe
What are the key market trends impacting the growth of the vodka market in Europe
What are the challenges to market growth
Who are the key vendors in this market space
What are the market opportunities and threats faced by the vendors in the vodka market in Europe
What are the key outcomes of the five forces analysis of the vodka market in Europe
Technavio also offers customization on reports based on specific client requirement.
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