Global Vodka Market, By Flavor Type (Flavored and Non-flavored), By Distribution Channel (Restaurants & Bars, Specialty Stores, Supermarkets & Hypermarkets, Online Stores, and Others), ByRegion (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Trend Analysis, Competitive Market Share & Forecast, 2021-2027
- Published Date: August 2021
- Report ID: BWC2132
- Available Format: PDF
- Page: 200
Report OverviewGlobal vodka market is driven by the rising interest in cocktails culture among millennial consumers. The companies are now experimenting with innovative flavors for vodka cocktails, which is attracting consumers to try more expensive alcoholic beverages. Moreover, fast-changing consumer preferences are driving players to launch new products to align with those changes, which is driving demand for vodka.
The Global Vodka Market was worth USD46.2 Billion in 2020 and is further projected to reach USD57.4 Billion by 2027, at a CAGR of 3.1% during 2021-2027 (forecast period). Vodka is made primarily from water and ethanol alcohol derived from grains, such as wheat, potato, corn, rye, and barley. Vodka is a mixture of average alcohol and water. Gin is a flavored vodka with spice extracts such as juniper berries. The two most popular drinks in the world are Vodka and Gin. The rising interest in cocktails culture among millennial consumers is driving the global vodka market. There are many innovative vodka flavors available in the market. Moreover, companies are experimenting with many innovative vodka flavors.In response to the rapid changes in consumer preferences, several key market players are also launching new products, which are contributing to increasing demand for vodka.
Source: BlueWeave Consulting
Global Vodka Market Overview
Vodka originated in Russia and Poland.It is a colorless liquor with a crisp, clean taste that pairs well with any kind of flavor and is commonly used in cocktails.The raw materials used for vodka production include starch, wheat, and different fruits for adding flavor.Vodka is often flavored with berries, peppercorns, lemon peel, buffalo grass, and caraway.Traditionally brewed vodkas have a 38% alcohol content.Bloody Mary, vodka and tonics, vodka martinis, and Screwdrivers are among the most popular vodka drinks.
Growing Demand from Millennials
Millennials make up the largest segment of the U.S. population.Millennials have become more aware of the reliability of various types of alcoholic beverages, mainly premium vodkas, after widespread usage of social media and the growth of pubs and nightlife.This has resulted in an increase in spending on alcoholic beverages, such as vodka, in on-trade channels worldwide.With social events and social gatherings on the rise and millennials being high-inclined towards drinking alcohol, sales of Vodka have increased as well.
Increased Demand for Flavored Vodka
Rising demand for small-batch handcrafted vodka with different flavor profiles and the change in taste of consumers are contributing to the growth of the vodka market. A brand of Heaven Hill Brands, and Deep Eddy Vodka— an American-made and family-owned spirits brand, offers a varied range of flavored vodkas such as tea vodka, cranberry vodka, lemon vodka, orange vodka, and many more. Due to this rising demand, the number of craft distilleries and spirit producers manufacturing craft vodkasis witnessing substantial growth in the global market.
Effective Alcohol Digital Marketing Strategy
Effective use of the digital channel to drive sales is the primary digital transformation challenge facing the global vodka market. Vodka companies face a lot of difficulty in having efficient, effective, and measurable marketing channels like paid media, enterprise SEO, local SEO, and social media.Vodka companies have many challenges to overcome, including the development of digital experiences, website designs, and brand presentations.Vodka brands have taken this very seriously and are working to build better awareness of it.
Impact of COVID-19 in the Industry
The outbreak of the COVID-19 pandemic has majorly affected several industries. The food and beverage companies also suffered enormous losses, which in turn affected the world economy.The COVID-19 has disrupted the transportation network and disruptions in the supply of raw materials have harmed the growth of the vodka market globally. It is expected that as the economy recovers, the demand for vodka will also increase. Consumers are purchasing food and beverages through online retailers, which is why the demand for vodka is predicted to increase in the post-COVID-19 era.
Global Vodka Market: By Flavor Type
Based on flavor types, the Global Vodka Market has been segmented into Flavored and Non-flavored. The favored vodka segment holds the largest market share. This segment is growing because companies are experimenting with many different flavors for vodka cocktails that are attracting consumers towards learning more about premium alcoholic beverages.Moreover, new products are being introduced by major players to meet the rapid change in consumer preferences.Additionally, the market has noted significant growth due to the variety of vodkas available to consumers.
Global Vodka Market: By Distribution Channel
Based on distribution channels, the global vodka market is grouped into restaurants &bars, specialty stores, supermarkets &hypermarkets, online stores, and others. Among these distribution channels, the specialty stores segment holds a dominant position in the global vodka market. The online stores’ segment, on the other hand, is anticipated to grow steadily during the forecast period. There will be tremendous momentum for the segment in the future due to the ever-expanding penetration rates of special apps, the sway of major third-party online retailers, and initiatives from major vodka brands.
Global Vodka Market – Regional Insights
Based on the regions, the global vodkamarket is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these regions, North America is the dominant player in the global vodka market with the highest market share in terms of revenue compared to other markets in other regions. Several factors are contributing to the growth of vodka consumption in North America, including rising urbanization and increased disposable incomes in the region.The Asia Pacific region also has seen the fastest growth in terms of revenue due to factors such as changing lifestyles, increased demand for alcoholic beverages, increasing willingness to spend on alcoholic products, and the popularity of pubs and parties.
Source: BlueWeave Consulting
- April 2021 - Grey Goose launched the Essences line, which includes three variations of vodka infused with real fruit and botanicals: Strawberry and Lemongrass, Watermelon and Basil, and White Peach and Rosemary.
- August 2020- Diageo Plc, the world's largest spirits company, has written down £1.3 billion due to disruptions caused by coronaviruses, with India accounting for half of this impairment charge.
- The key players in the global vodkamarketareStoli, Proximo Spirits, Canadian Iceberg Vodka Corporation, Distell, Constellation Brands Inc., Central European Distribution Corporation, Brown-Forman, Bacardi & Company Limited, Pernod Ricard, Campari Group, Diageo plc, Soyuz-Viktan, Tilaknagar Industries Ltd, Suntory, Russian Standard, Gray Goose, Nemiroff, The Absolut Company AB, The UB group, and other manufacturers.
- There are several large domestic and regional players in the global vodka market.Leading companies regularly engage in mergers, acquisitions, partnerships, and expansions, along with launching new products as strategic approaches accepted by consumers to increase their brand recognition and gain a competitive edge in the market.
Scope of the Report:
Historical data – 2017-2020
Base Year – 2020
Forecast – 2021 – 2027
Revenue in USD Million
U.S, Canada, Germany, UK, France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, Argentina, UAE, South Africa, Saudi Arabia
By FlavorType,By Distribution Channel, By Region
Key players for Global Vodka Marketare Stoli, Proximo Spirits, Canadian Iceberg Vodka Corporation, Distell, Constellation Brands Inc., Central European Distribution Corporation, Brown-Forman, Bacardi & Company Limited, Pernod Ricard, Campari Group, Diageo plc, Soyuz-Viktan, Tilaknagar Industries Ltd, Suntory, Russian Standard, Gray Goose, Nemiroff, The Absolut Company AB, The UB groupand other key manufacturers.
- By Flavor Type
- By Distribution Channel
- Restaurants & Bars
- Specialty Stores
- Supermarkets & Hypermarkets
- Online Stores
- OthersTea Bags
- By Region
- North America
- Latin America
- The Asia Pacific
- The Middle-East
- What is the current size of the Global Vodka Market?
Answer: Global Vodka Marketreached USD46.2 Billionin 2020.
- What are the major factors driving the growth of the Global Vodka Market?
Answer: The global vodka market is driven by the rising interest in cocktails culture among millennial consumers. Moreover, companies constantly experiment with new vodka cocktail flavors, resulting in consumers' interest in more expensive alcoholic beverages.Consumer preferences are rapidly changing, which drives the demand for vodka. Thus, leading players are developing new products to take advantage of these changes.
3. Who are the key players in the Global Vodka Market?
Answer: The key players in the Global Vodka MarketareStoli, Proximo Spirits, Canadian Iceberg Vodka Corporation, Distell, Constellation Brands Inc., Central European Distribution Corporation, Brown-Forman, Bacardi & Company Limited, Pernod Ricard, Campari Group, Diageo plc, Soyuz-Viktan, Tilaknagar Industries Ltd, Suntory, Russian Standard, Gray Goose, Nemiroff, The Absolut Company AB, The UB group,andother key manufacturers.
4. Based on flavor types, whichsegment accounted for the largest share in the Global Vodka Market?
Answer: The flavored segmentaccounted for the largest share in the Global Vodka Market.
5. Which distribution channelaccounted for the largest share in the Global Vodka Market?
Answer: The specialty stores segment is growing at a higher rate in the Global Vodka Market.
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