NEWARK, Del, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The vodka market is anticipated to reach a value of US$ 39.96 billion in 2023 and is expected to expand at a CAGR of 5.5% between 2023 and 2033. It is projected that the vodka industry would be worth US$ 68.25 billion by 2033.
The use of high-end vodka cocktails has increased in developed economies, which can be the cause of this. Sales of vodka are being helped by the rising popularity of flavored vodkas including cranberry, lime, and raspberry. The rise of alcoholic beverage offline commerce is anticipated to speed up market expansion throughout the projection period.
An Increase in Demand for Premium Vodka
Global consumers today have more discriminating tastes than they did five years ago. To enhance both their overall appeal and functionality, premium vodkas go through numerous stages of distillation, setting them apart from more common variants.
The popularity of healthier alcoholic beverages, which feature a blend of natural ingredients, reduced calories, and sugar-free formulation, is being encouraged by the rise in health consciousness. Due to rising consumer interest in living a sustainable and healthy lifestyle, the premium vodka category has better possibilities, particularly in the foreign market.
As consumers continue to demand flavored, light beverages like hard seltzers, RTD vodka innovation is rising in developing nations. This is projected to fuel the expansion of the vodka market throughout the forecast period.
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Customer Preferences have Changed Favoring Alcohol-free Drinks
The vodka market expansion is anticipated to be constrained by the increasing consumer influence of craft beer and the accessibility of substitutes. The government's stringent regulations and high taxes are preventing the global vodka industry from growing.
Despite this, the worldwide vodka industry is likely to have considerable growth throughout the forecasted period due to consumer trends and numerous developments, such as fruit-based healthy vodka. In contrast, non-alcoholic beverage substitutes are putting pressure on the vodka industry, which is challenging the market significantly.
North America has Remained the Main Market
Sales of flavored vodkas including Texas Grapefruit, Blood Orange, Bartlett Pear, and Sun-Riped Watermelon are gaining in popularity in the United States The sector is expected to develop as a result of Canada's rising acclaim for sweet citrus flavors coupled with acidic cherry and limeade vodka flavors.
The vodka market rise is also anticipated to benefit from alcoholic beverages such as Pyat Ozar, Svedka, and Hlibny Dar. Market expansion is projected to be sparked by the Canadian government's help in improving the premium white spirits distribution system.
- To foster more innovation, broaden customer choice, and foster trade in the developing spirits industry in Canada, Marie-Claude Bibeau, Minister of Agriculture and Agri-Food, revealed in 2019 to 2020 that the compositional standard for vodka had been amended.
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Key Takeaways
- From 2023 to 2033, offline trading provided more than 75% of the total market revenue.
- With a CAGR of 4.4% throughout the projected period, online trading is anticipated to develop the fastest.
- The category for flavored vodka is anticipated to develop at the quickest rate, with a CAGR of 4.5% throughout the projected period.
- With a market share of over 35% through the projection period, North America is anticipated to contribute the most to the global market.
- The CAGR for the Asia Pacific vodka market is expected to be 6.4% between 2023 and 2033.
- Through 2033, Europe held the major market share, accounting for 38% of the total.
Competitor Analysis
Due to the existence of numerous regional and multinational firms that offer a wide variety of vodka variants with cutting-edge flavors while competing to preserve their dominance in the industry under study, the global vodka market is highly fragmented.
Several of the market's top participants include Diageo Plc, Brown Forman, LVMH Mot Hennessy Louis Vuitton, Pernod Ricard, and Constellation Brands Inc. These companies, along with others, are implementing business strategies such as product innovations, partnerships, and expansion of online and offline distribution networks to improve brand recognition and the portfolio of products they offer, which will ultimately spur market expansion.
Recent Development
- Brand Authorization Agreement
Leading beverage alcohol manufacturer Constellation Brands Inc. signed a brand permission deal with The Coca-Cola Company in the United States in 2022 introducing the FRESCA brand to beverage alcohol.
- Partnership
With the help of young businessmen Stas Karanikolaou and Zack Bia, Global Brand Equities debuted Sunny Vodka in March 2022 as the newest addition to their lucrative liquid portfolio.
- Collaboration
One of the top vodka makers, Roust Group, announced its collaboration with Beijing Soko in October 2020 to introduce Russian Standard vodka to China.
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Given Below are the vodka Market Segments
By Type:
- Plain Vodka
- Flavored Vodka
By Quality:
- Average
- Premium
- Ultra-premium
By Distribution Channel:
- Off Trade
- On Trade
By Region:
- North America
- Europe
- Asia Pacific
- Central & South America
- Rest of Central & South America
- The Middle East & Africa
Table of Content:
1. Executive Summary | Vodka Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
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