Vodka Market to grow by 422.1 million liters from 2022 to 2027 | Increased demand for flavored vodka drives the market - Technavio

NEW YORK, Aug. 30, 2023 /PRNewswire/ -- The vodka market is estimated to grow by 422.1 million liters from 2022 to 2027, growing at a CAGR of 2.49%. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Increased demand for flavored vodka is notably driving the market growth. The growing preference for handcrafted, small-batch vodka characterized by distinct flavor profiles is a driving force behind the expansion of the vodka sector. A compelling example is Deep Eddy Vodka, a brand under Heaven Hill Brands, a family-owned American spirits company. This brand offers a diverse range of flavored vodkas, including sweet tea vodka, cranberry vodka, lemon vodka, peach vodka, and orange vodka. This surge in demand has spurred a notable growth in the number of craft distilleries and spirit manufacturers engaged in vodka production. The global market is poised for growth, primarily due to the increasing appeal of flavored vodka, particularly among millennials and women. A substantial portion of consumers identify themselves as creative and unique, exhibiting a willingness to explore new products and flavors. For Comprehensive details on the market size of the historic period(2017 to 2021) and forecast period (2023-2027) - View the Sample report

Key Developments:

• Rapid advances in technology, intense competition, and changing dynamics in the market are the key factors for the intense competition among vendors.
• With the rising competition, the market will see consolidation. However, manufacturing complexities and high production costs pose significant risk factors for vendors in the market. 

Increasing competition from other alcoholic beverages is a significant challenge hindering the market growth. 

Key Trends

The impact of social media and blogging sites is an emerging trend shaping the market growth.

Technavio has identified key trends, drivers, and challenges in the market, which will help clients improve their strategies to stay ahead of their competitors. - View Sample Report

Company Landscape

The vodka market is fragmented; the vendors are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major vendors have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products -The report provides a full list of key vendors, their strategies, and the latest developments. Buy Now

Company Profiles

The vodka market report includes information on the product launches, sustainability, and prospects of leading vendors including 44 North Vodka, 619 Spirits North Park, Abtshof Magdeburg GmbH, Alcobrew Distilleries India Ltd., Alcohol Siberian Group Ltd., Bacardi Ltd., Bainbridge Organic Distillers, Becle SAB de CV, Beluga Group, BrewDog Plc, Brown Forman Corp., Campari Group, Candella Micro Distillery, Cardinal Spirits, Charbay Distillery, Constellation Brands Inc., Diageo Plc, Eastside Distilling Inc., Highland Liquor Co. Ltd., and Beam Suntory Inc.

Market Segmentation

This vodka market report extensively covers market segmentation by distribution channel (off-trade and on-trade), price (premium and value), product (unflavored and flavored), and geography (Europe, North America, APAC, South America, and Middle East and Africa). 

• The market share growth by the off-trade segment will be significant during the forecast period. This market segment encompasses a diverse array of retail formats, encompassing supermarkets, hypermarkets, specialty stores, and alternative platforms like online sales. Notably, supermarkets and hypermarkets typically allocate dedicated sections to house alcoholic beverages, including vodka, within their premises. These retail giants curate extensive inventories encompassing a diverse spectrum of brands such as Grey Goose, Belvedere, Ciroc, Absolut Elyx, Ketel One, and Stolichnaya Elit. Consequently, the sales of alcoholic beverages, including vodka, within supermarkets and hypermarkets are poised for growth in conjunction with the inauguration of new outlets. As a result, the off-trade channel, encompassing the sale of vodka through these retail formats, is anticipated to experience an increase in demand during the forecast period.
• APAC is estimated to account for 32% of the global market during the forecast period. Craft vodka holds a significant presence in the Philippines, India, Japan, Pakistan, China, Australia, Indonesia, South Korea, Malaysia, and Taiwan, encompassing key markets in the region. A notable proportion of local and regional vendors in these areas specialize in producing budget-friendly products, intensifying the competition landscape alongside global contenders. This dynamic, however, contributes to a competitive environment driven predominantly by pricing considerations. For instance, regulations dictate the timing of alcohol sales in grocery stores, permitting sales until 8 p.m. on weekdays and until 6 p.m. on Saturdays, with restrictions on Sundays. In Germany, the alcoholic beverages industry is subject to diverse regulations involving factors such as legal drinking age, restaurant operation licenses, alcohol sales, and taxation policies.

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Related Reports: 

The craft vodka market is estimated to grow at a CAGR of 6.05% between 2022 and 2027. The size of the market is forecast to increase by USD 760.09 million.

The premium spirit market size is projected to increase by USD 49.85 billion and the market size is estimated to grow at a CAGR of 6.32% between 2022 and 2027. 

1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Distribution Channel
7. Market Segmentation by Price
8. Market Segmentation by Product
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, and Trends
12. Vendor Landscape
13. Vendor Analysis
14. Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides 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 across 50 countries. Their client base consists of enterprises of all sizes, including more than 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.

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SOURCE Technavio