What is the global market size of Vodka Market?

Global vodka market was valued USD 35.9 billion in 2021 and is projected to reach USD 52.22 billion by 2028, at a CAGR of 5.5% during the forecast period (2022–2028). Read More

Global Vodka Market Size, Share, Growth Analysis, By Type(Flavored, non-flavored), By Quality(Ultra-premium, super-premium) - Industry Forecast 2024-2031

Report ID: SQSG30F2009 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 63 | Figures: 75

Global Vodka Market Dynamics

Vodka Market Drivers

With the rising demand for alcoholic beverages and cocktail drinks in millennials and working professionals in urban cities, tremendous growth has been seen in the alcohol industry especially in the vodka segment. Drinks have a status symbol in terms of socializing formally or professionally.
Vodka has taken the market by storm due to various preferences of usage in raw or in cocktails which has a large variety and trending in young crowd, Premium Brands are coming up with flavoured vodkas which are tasty on the taste palette and have become very popular in a short time. Brands like Smirnoff, Absolute, and Russian Standards have various flavours like Coffee, Chocolate, Apple, Orange, and peach.

Vodka Market Restraint

Growing popularity of craft beer among consumers, as well as the availability of alternatives in the market, are expected to limit the growth of the global vodka market. Furthermore, the government's stringent regulations and heavy taxation are impeding the growth of the global vodka market.

Global Vodka Market Report Snapshots

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Vodka Market size was valued at USD 11.63 billion in 2019 and is poised to grow from USD 12.99 billion in 2023 to USD 31.09 billion by 2031, growing at a CAGR of 11.52% in the forecast period (2024-2031).

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. 'Absolut Vodka', 'Belvedere Vodka', 'Cîroc Vodka', 'Crystal Head Vodka', 'Grey Goose Vodka', 'Ketel One Vodka', 'Khortytsa Vodka', 'Luksusowa Vodka', 'Nemiroff Vodka', 'Pinnacle Vodka', 'Reyka Vodka', 'Russian Standard Vodka', 'Skyy Vodka', 'Smirnoff Vodka', 'Stolichnaya Vodka', 'Svedka Vodka', 'Tito's Handmade Vodka', 'Ultimat Vodka', 'Van Gogh Vodka', 'Wyborowa Vodka'

With the rising demand for alcoholic beverages and cocktail drinks in millennials and working professionals in urban cities, tremendous growth has been seen in the alcohol industry especially in the vodka segment. Drinks have a status symbol in terms of socializing formally or professionally.

The main focus of the company is launching white spirits with natural ingredients and authenticity to meet the rising demand for Vodka. Major key players are focus to maintain the less bitter taste of the white spirits in several flavoured format. Absolute Vodka is updating its flavour portfolio as it begins its next phase of innovation. However, expanding the offline sales methodologies with the help of advanced technology has its unique challenges and limitations. Multiple companies are targeting the expansion and launches of premium flavoured vodka products in the market.

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.

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Global Vodka Market Size, Share, Growth Analysis, By Type(Flavored, non-flavored), By Quality(Ultra-premium, super-premium) - Industry Forecast 2024-2031

Global Vodka Market Dynamics

Global Vodka Market Report Snapshots

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