Vodka Market Size, Recent Trends, Future Growth, High Demand and Forecasts by 2030 | Belvedere, Brown-Forman, Diageo, Gruppo Campari

The Vodka Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Vodka is a clear distilled alcoholic beverage with a characteristic taste and flavour. It is produced by the distillation of fermented substances such as grains, potatoes or sometimes fruits or sugars. Vodka is consumed as a beverage or used in cocktails and mixed drinks.

Market Dynamics:

The Vodka Market is witnessing high growth owing to increasing consumption among millennial population across the globe. As per a study, nearly 50% of vodka consumers are aged between 21 to 39 years. Their preference for experimenting with flavored and premium vodka drinks is supporting the market growth. Furthermore, the growing number of vodka-based cocktail recipes and online videos are fueling the interest of millennials in vodka drinks. Changing lifestyle and increasing socializing and consumption in bars and lounges are also propelling the vodka market growth. Launch of organic and natural vodkas by key players are attracting health-conscious younger consumers.

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Top Key Players are Covered in this Report:

★ Belvedere
★ Brown-Forman
★ Diageo
★ Gruppo Campari
★ Pernod Ricard
★ Russian Standard
★ Bacardi
★ Central European Distribution
★ Constellation Spirits, Tito's Handmade
★ Grand Teton
★ Deep Eddy.

Detailed Segmentation

By Flavor Type:

★ Flavored
★ Non-flavored

By Distribution Channel:

★ Restaurants and Bars
★ Specialty Stores
★ Supermarkets and Hypermarkets
★ Online Stores
★ Others

Key Region/Countries are Classified as Follows:

» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)

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Vodka Market Drivers: Increasing Demand for Premium and Super Premium Vodkas

One of the major drivers of the vodka market is the increasing demand for premium and super premium vodkas across the globe. Consumers are increasingly opting for higher quality vodkas made from better ingredients like wheat, rye or regular grain instead of just potatoes or corn. Premium vodkas offer a smoother taste and finer experience. This has encouraged various vodka brands to launch new premium offerings targeting those looking for a luxurious drinking experience. Market leaders like Grey Goose, Belvedere and Chase have dominated this segment with their craft vodkas. Besides tasting superior, premium vodkas have also built an image of sophistication and status symbolism which further attracts more affluent consumers. The premiumization trend ensures higher profit margins for vodka producers and is expected to remain a key driver of future market growth.

Vodka Market Drivers: Innovation leading to Development of Flavored and Colored Vodkas

Another major driver has been the constant innovation and development of new product varieties like flavored and colored vodkas by players. This was done to attract younger consumers who prefer variety over regular vodka. Flavored vodkas infused with fruits, herbs or spices offer more excitement and experimentation. Colored vodkas also add to the visual appeal and intrigue. Popular flavored varieties include citrus, coffee, chocolate and bakery inspired vodkas. Manufacturers creatively promote their concoctions to leverage the growing interest in novel experiences. Product innovation has kept vodka sales engaging and helped gain new users. The color splash and flavor wave introduced by leading brands is expected to remain an important driver shaping future demand trends in the vodka market.

Vodka Market Restrain: Stringent Regulations on Marketing and Promotion

One major restrain hampering the growth of vodka industry is the implementation of strict laws and regulations regarding vodka marketing and promotion across various jurisdictions. Due to health concerns over alcohol abuse, many countries and states have put restrictions on advertising of vodka products especially targeting the younger demographic. They have limited sponsorship activities, point of sale promotions as well as digital and outdoor advertisements of vodka brands. Some have even mandated large health warnings on labels to discourage irresponsible drinking. Complying with such regulations involves additional costs for companies. It also negatively impacts their brand visibility and new customer acquisition efforts. Differing and tightening norms globally pose a challenge. The regulatory clampdown is seen as a restraint constraining the natural expansion potential of the vodka market.

Vodka Market Opportunity: Growing Online Purchase and Delivery Channels

One of the key opportunities for vodka producers and sellers is the rising popularity of online purchase and delivery channels. With growing internet and smartphone penetration world over, more people are purchasing groceries, beverages and other items conveniently through e-commerce platforms and apps. During the pandemic, online alcohol sales got a tremendous boost with on-premise channels like bars and clubs shut. Many first time home buyers of vodka were acquired this way. Easing rules on online liquor deliveries across states in the US and parts of Europe also helped. Vodka brands see a massive chance to expand their reach into new markets and audiences digitally without constraints of traditional retailing. They can offer specialized services like subscription, personalized recommendations and curated gift baskets. Leveraging the power of online retail will remain an important opportunity area for growth of vodka market in the coming years.

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The report answers a number of crucial questions, including:

✦ Which companies dominate the global Vodka market?
✦ What current trends will influence the market over the next few years?
✦ What are the market's opportunities, obstacles, and driving forces?
✦ What predictions for the future can help with strategic decision-making?
✦ What advantages does market research offer businesses?
✦ Which particular market segments should industry players focus on in order to take advantage of the most recent technical advancements?
✦ What is the anticipated growth rate for the Vodka market economy globally?

Some of the Major Points of TOC cover:

Chapter 1: Techniques & Scope

1.1 Definition and forecast parameters
1.2 Methodology and forecast parameters
1.3 Information Sources

Chapter 2: Latest Trends Summary

2.1 Regional trends
2.2 Product trends
2.3 End-use trends
2.4 Business trends

Chapter 3: Industry Insights

3.1 Industry fragmentation
3.2 Industry landscape
3.3 Vendor matrix
3.4 Technological and Innovative Landscape

Chapter 4: Vodka Market, By Region

Chapter 5: Company Profiles

5.1 Company Overview
5.2 Financial elements
5.3 Product Landscape
5.4 SWOT Analysis
5.5 Systematic Outlook

Chapter 6: Assumptions and Acronyms

Chapter 7: Research Methodology

Chapter 8: Contact (Continue . . .)

Contact Us:

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About Us:

Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.

This release was published on openPR.