Product ID: SQSG30F2009
Report ID: SQSG30F2009 | Region: Global | Published Date: September, 2022 | Pages: 157 | Tables: 63 | Figures: 75
Vodka Market size was valued at USD 11.63 billion in 2021 and is poised to grow from USD 12.99 billion in 2022 to USD 31.09 billion by 2030, growing at a CAGR of 11.52% in the forecast period (2023-2030).
Vodka is typically made from fermented potatoes and grain and has a standard alcohol content of 40% ABV. It is made up of ethanol and water. Growing demand for cocktails in both developed and developing countries is a major factor driving the global vodka market's expansion. Furthermore, rapidly changing lifestyles and growing urbanization, combined with their high disposable income, are propelling the global vodka market forward. Furthermore, rising demand for fruit-based and healthy vodka is expected to drive the global vodka market forward. Growing cocktail culture among consumers and increasing demand for premium vodka across the globe are likely to propel the vodka market.
Increasing investment from major player to acquire superior quality blueberry vodka products is propelling market growth. Major players are obtaining high-quality crushed ruby red grapefruit cocktails. Growing global demand for organic infusions of white spirits is propelling the industry forward. Furthermore, premium brands are focusing on introducing flavored vodkas that are both delicious and crispy in taste and have quickly gained popularity.
US Vodka Market is poised to grow at a sustainable CAGR for the next forecast year.
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Global vodka market is segmented based on type, quality, and region. Based on type, it is segment into flavored and non-flavored. Based on quality, it is segmented into Ultra-premium, super-premium, premium, and standard. Based on region, Vodka Market is segmented into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
Vodka Market Analysis by Type
In 2021, the flavored segment contributed the most revenue to the global market. The flavored segment includes cherry cola, cherry limeade slash, and the bitter raz with a special strawberry-lemonade vodka. Cucumber lime-flavored spirits are gaining popularity, which will drive market growth in the coming years. The rising demand for a fuzzy mule to aid digestion will boost sales of the flavored segment during the forecast period.
The non-flavored segment will grow the most during the forecast period. This is due to increased demand for Grainger's deluxe organic vodka in Europe. In Russia, the Kozuba & Sons Starkus Vodka is a rising trend to meet the demand for unflavored white spirits. During the assessment period, gluten-free vodka will increase non-flavored segment sales.
Vodka Market Analysis by Quality
Ultra-premium is the dominating segment in the global vodka market with more than 30% of the market share with brands like Smirnoff, Russian Standard, Absolute, and Grey goose producing ultra-premium vodkas which are of high quality for selected consumers who can afford such products. The super-premium and premium segment is running products in urban cities which are used in restaurants, pubs, bars, and lounges. Pricing of premium and super-premium are moderate to high. Standard vodka has a low price and compromised quality which is targeted at the low-income population.
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North America dominated the global market due to increased demand for Heritage 176 vodka in the United States and Canada, accounting for more than 35% of the market share in 2021. The rising consumption of flavored vodkas such as Sun-Ripened Watermelon, Blood Orange, Bartlett Pear, and Texas Grapefruit is driving the US market share. The growing popularity of tangy cherry and limeade vodka flavors with a sweet citrus fusion in Canada will drive industry growth. Alcoholic beverages such as Pyat Ozar, Svedka, and Hlibny Dar will contribute to market expansion. Furthermore, the Government of Canada's support to improve the distribution channel of premium white spirits is expected to boost the market growth.
From 2022 to 2028, Asia Pacific is expected to grow at a 6.4% CAGR. This can be attributed to emerging economies such as China and India increasing their demand for agave-based non-flavored vodka products in order to meet the demand for white spirits. The growing trend in China of drinking vodka flavored with mint and mixed with a bright blend of lemonade is propelling market growth. The rising popularity of flavored vodka soda in India is expected to grow at the fastest rate during the forecast period.
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Vodka Market Drivers
Vodka Market Restraint
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The main focus of the companies is to launch white spirits with natural ingredients and authenticity to meet the rising demand for Vodka. The major players are focusing on preserving the less bitter taste of white spirits in various flavored formats. Absolut Vodka, according to the survey, is updating its flavor portfolio as it enters its next phase of innovation. Absolut Passionfruit, an exotic flavor from the Absolut range, is now available in Australia and the United Kingdom. However, expanding offline sales methodologies with advanced technology comes with its own set of challenges and limitations. Several companies are aiming to expand and launch premium flavored vodka products in the market.
Top Players in the Global Vodka Market
Vodka Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, increased alcohol consumption and sweep modernization are said to be major factors driving the growth of the global vodka market. Growing cocktail culture among consumers and increasing demand for premium vodka across the globe are likely to serve as a factor in the forecast period for the vodka market. Rigid government policies and a preference for low-alcohol-by-volume drinks are expected to limit market growth.
|Market size value in 2021||USD 11.63 billion|
|Market size value in 2030||USD 12.99 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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MARKET DYNAMICS & OUTLOOK
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For the Global Vodka Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Vodka Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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