A study, recently conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that Global Vodka Market was worth USD46.2 Billionin the year 2020. The market is estimated to grow at a CAGR of 3.1%, earning revenue of around USD57.4 Billionby the end of 2027.Vodka is a distilled alcoholic beverage that comes in a transparent liquid form.The raw ingredients for vodka production include starches such as wheat and vegetables such as potatoes.Millennial consumers’growing interest in cocktail culture is driving the growth of the global vodka market.Several key players are experimenting with innovative vodka cocktail flavors, which is encouraging consumers to explore more premium alcoholic beverages. Furthermore, many key market players are introducing new products to catch up with the fast changes in consumer preferences.
Increasing alcohol consumption among millennials
Millennials make up the largest segment of the US population.A good reason for the growth of the global vodka market is the rise of social media and the popularity of pubs and nightlife, both of which have increased the awareness of premium vodka products among millennials.Additionally, the increase in the spending power of consumers has boosted sales of alcoholic beverages across the world, including vodka.Moreover, due to Millennials' affinity for breweries, social events, and gatherings, vodka consumption has increased considerably across the globe.
Increasedmarketing and promotional activities
The growth of the global vodka market can be attributed to the increased marketing and promotional efforts of producers.Several players in the market have surplus capital to invest in campaigns for promoting their products and the image of their brands, as well as for developing strategies that help maximize their customer base.Parameters on which producers are promoting their products are flavor, calorie intake, packaging, variety, and others. Moreover, many key players in the market are planning new innovative marketing activities and strategies to endorse their brands, which is influencing the demand for vodka globally.
The major restraint in the growth of the global vodka market is the constant intake of alcoholic drinks which leads to long-term health problems like liver inflammation, rise in blood pressure, damage to heart muscles, problems related to kidney, weight gain, and much more. Additionally, strict regulatory framework and stringent approval process for alcoholic drinks in advanced countries are the major reasons, which are expected to restrict the growth of the global vodka market over the forecast period.
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Impact of COVID-19 in theGlobal VodkaMarket
The outbreak of COVID -19 has affected alcoholic beverage producers around the world.The pandemic has disrupted companies' supply chains and forced them to rethink their business models.As a result of the pandemic, the companies also started witnessing sales decrease.In the wake of the COVID-19 pandemic and the nationwide lockdowns imposed by the governments of different countries, many restaurants, food service providers, liquor stores, hotels, and bars had been shut down. Consequently, vodka sales witnessed a sharp decline across the globe.
Flavored type occupies the largest share of Global Vodka Market
Based on flavors, the global vodka market has been segmented into Flavored and Non-flavored. The flavored vodka segment holds the largest share in the market. The companies are experimenting with many new flavors for vodka cocktails that are attracting consumers towards discovering more premium alcoholic beverages.In order to keep up with the rapid changes in consumer preferences, many prominent companies are launching new products.As there are now more varieties of vodka available to customers, the global vodka market is experiencing strong growth.
North Americato Witness Significant Growth During the Forecast Period
Based on region, the global vodka market is categorized into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. The United States dominates North America's market share due to a growing demand for spirits among consumers and an increasing number of craft distilleries with regular product launches in the region.Moreover, there is a high demand for ethnic premium and super-premium vodkas, as well as flavored vodkas, which have craft and artisanal varieties, which has stimulated many countries to import the same, thereby boosting the region's growth in vodka.Moreover, regional players are also launchingproducts that are subsequently driving the market.
The key players in the global vodkamarket areStoli, Proximo Spirits, CANADIAN ICEBERG VIDKA 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 key manufacturers.
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