Vodka Market Projected To Exhibit Robust CAGR of 5.5% For The Forecast Period From 2022 To 2028: Grand View Research Inc.

 

The global vodka market size is expected to reach USD 52.39 billion by 2028, registering a CAGR of 5.5% in the forecast period, according to a new report by Grand View Research, Inc. This can be credited to the rising consumption of fruit-flavored cocktails among developed countries such as the U.S. and UK. The popular trend of raspberry vodka in Europe is further anticipated to boost the market growth over the assessment period. Factors such as growth in the food and beverage industry, increasing social media and internet penetration, and improvement in distribution and retail channels are contributing to the market growth.

The cumulative procurement of natural and authentic flavors of vodka in the U.S. is a major factor to propel market growth. Moreover, the growing demand for value-added grain-based vodkas in China is anticipated to boost business growth. Rising demand to procure organic cocktail products is the upcoming opportunity for the market.

The trend of drinking alcohol on special occasions and parties is driving the consumption of the vodka market. In addition, the major focus of manufacturers is to offer different flavors of whey-based vodka to make it more appealing, giving a new way for the growth of the target market. Rising disposable income has led customers to buy more high-cost whey vodka. As a result, higher per capita disposable income tends to prompt calls from businesses to raise the price of whey vodka. On the other hand, restrictions on consumption and strict government regulation of alcohol consumption are restraining the growth of whey-based vodka in the near future.

The COVID-19 pandemic is affecting the offline trading of the beverages industry. The supply chain of the white spirit market had slightly hampered during the pandemic era. The distribution channels such as offline trading were obstructed due to the national lockdown enforced by the European Union and several South-East Asian countries. The non-flavored segment is projected to register the fastest growth during the assessment period. This can be credited to the rising demand for graingers deluxe organic vodka in the U.K. and Germany. The Kozuba & Sons Starkus Vodka is a popular trend in Europe. Premium vodka is majorly used to maintain the human digestion system. The gluten-free vodka will contribute to building the sales of the non-flavored segment which will turn to boost the market growth during the review period.

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The key players of the market are launching a superior product of the white spirit to meet the rising demand for premium vodka. At present, key players are adopting the ecological manufacturing process to maintain the less bitter taste of the drink. The rapid growth of online trading in the Asia Pacific will project to showcase significant market growth during the forecast period.

Vodka Market Report Highlights

• Asia Pacific is expected to register the fastest growth of 6.4% CAGR from 2022 to 2028 owing to the rising demand of non-flavored vodka across the region. The increasing demand of Belgian-style Flanders from the consumers of China and India is further anticipated to boost the market growth.
• Flavored segment contributed to the highest share of 60% in the global revenue in 2020 due to the growing demand for strawberry lemonade in Europe. The rising concern to consume the bright blend of lemonade vodka is a major factor of to accelerate the market growth in the upcoming years.
• North America dominated by contributing the 35% share in the global revenue in 2021 due to growing demand of tangy cherry and limeade vodka flavors in the U.S. and Canada.
• Offline trading held the largest share in 2021, contributed more than 75% of the total revenue. The local liquor stores is providing the diversify vodka portfolio such as citros cocktails at a reasonable cost is refueling the segmental growth.

Offline trading contributed a share of more than 75% in the global market revenue in 2021. The offline trading includes several suppliers such as supermarkets, liquor stores, specialty stores, and pub, bars & restaurants. The domestic restaurants are providing variety of white spirits at a reasonable cost which in turn will propel the segmental growth. The rising adoption of dinking practices in Asia Pacific will further propel market growth.

North America dominated with a revenue share of more than 35% in 2021. The growing consumption of cherry cola, cherry limeade slash, and the bitter raz in the U.S. and Canada is expected to propel the market growth. The growing prominence of private label vodka in countries such as the U.S. is driving market growth. Private label vodka is gaining popularity as demand for flavored vodka and vodka cocktails continues to grow. In addition, the availability of organic vodka will also influence the growth of the U.S. vodka market. Whereas, emerging countries such as India, Philippines, etc., are expected to witness significant growth in demand for vodka in Asia Pacific over the forecast period.

List of Key Players in Vodka Market

• Brown-Forman
• Diageo
• Pernod Ricard
• Belvedere
• Russian Standard, Bacardi
• Constellation Brands Inc.
• Proximo Spirits
• Distell Group,
• Savor Stoli
• IceBerg Vodka