Europe Vodka Market size to grow by USD 2.84 billion from 2023 to 2028- Technavio

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- The vodka market in Europe is expected to grow by USD 2.84 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 3.55% during the forecast period. Increasing demand for premium vodka is notably driving the vodka market in Europe. However, factors such as the negative consequences of consuming vodka may impede the market growth. The market is segmented by distribution channel (off-trade and on-trade), and product (unflavored and flavored). Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The sample report is available in PDF format 

Key Segment Analysis

• The market share growth by the off-trade segment will be significant during the forecast period. The retail sales of alcoholic beverages that take place away from traditional on-premises businesses such as pubs, restaurants, and clubs are referred to as the off-trade distribution channel. In Europe, supermarkets and hypermarkets are among the most important sites where vodka can be purchased in retail stores. The shops have a wide range of vodka brands and offer customers the opportunity to choose from different price ranges as well as flavors. In addition, hypermarkets and supermarkets frequently include designated liquor sections or departments where customers can purchase vodka. Hence, these factors are expected to drive segment growth during the forecast period.

To know additional highlights and key points on various market segments and their impact in coming years, View the PDF Sample Report.

Market Dynamics

Key Driver

Increasing demand for premium vodka is a key factor driving market growth. There are many reasons for the increase in premium vodka consumption in Europe's market, e.g., a change of consumer preference, increased disposable income, expanding nightlife and cocktail culture, increasing demand for handcrafted or regionally produced products, more consumers demanding sustainably and environmentally friendly goods plus social media and influencer marketing. For example, changing consumer preferences refers to where European consumers are becoming more affluent and are prepared to spend more money on high-quality goods. Premium vodka offers a better taste than the cheaper alternatives, making it attractive to customers. Hence, these factors are expected to drive market growth during the forecast period.

Company Insights 

The vodka market in Europe is fragmented, and the companies are deploying organic and inorganic growth strategies to compete. The report analyzes the market's competitive landscape and offers information on several market companies, including Anheuser Busch InBev SA NV, Bacardi Ltd., BrewDog Plc, Brown Forman Corp., Diageo Plc, Ellustria Ltd., JSC Rosspirtprom, LVMH Moet Hennessy Louis Vuitton SE, Molson Coors Beverage Co., MOSCOW DISTILLERY CRISTALL, Novabev Group, Pernod Ricard SA, Roust, Stock Spirits Group, Stoli Group S.ar.l., Yaroslavl Distillery LLC, Abtshof Magdeburg GmbH, Alcohol Siberian Group Ltd., Beam Suntory Inc., and Highland Liquor Co. Ltd.

View the PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

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The Scotch Whisky Market size is projected to increase by USD 15.11 billion and the market size is estimated to grow at a CAGR of 9.03% between 2023 and 2028.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Distribution Channel

Market Segmentation by Product 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base comprises enterprises of all sizes, including over 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com

SOURCE Technavio