Vodka Market size is estimated to reach $100.3 million by 2026, growing at a CAGR of 2.1% over 2021-2026. Vodka is a kind of distilled alcoholic beverages that contains 40-50% of ethanol and obtained through grains or vegetables or any other raw carbohydrates like potatoes, sugar beet, etc. Vodka contains fusel oils and are mostly used as a mixer in cocktails which has no color and does not contain any added sugar. Vodka is obtained from high purity of ethyl alcohol and water which are essentially the only factors governing the mouthfeel and flavor of vodka that is fairly tasteless. Vodka is famous in Russia, Poland and Sweden where it is used in cocktails to enhance the taste. In Slavic cultures, vodka is mostly consumed and can be used in various other non-alcoholic beverages such as cola, orange, lime, cranberry and soda/tonic water and many more. The vodka cocktail such as vodka tonic is mostly consumed as it contain less calories as compared to beer and wine and are mostly preferred by the health conscious people. Vodka is strong drinks which are mostly used in parties for celebration and enjoyment. There are various types of vodka such as belvedere vodka, absolut, chopin potato vodka, haku vodka and many more that are consumed mostly among consumers. Among adult population, the consumption of alcoholic beverages is growing and rising number of bars, pubs and restaurants serving alcohol is the major factor driving the growth of Vodka Market. Furthermore, changing lifestyle of consumers increases the trends of consuming vodka and growing innovation of flavored vodka among manufacturers is set to further enhance the overall market demand for Vodka Market for the period 2021-2026.
Vodka Segment Analysis – By Type
The Vodka Market based on Type can be further distributed into Flavored, and Non Flavored. The Flavored segment is the major segment generating revenue in 2020. This is mainly owing to its flavoring taste that enhances the texture of vodka which attracts consumers to consume flavored vodka. Moreover, many consumers are not able to consume drinks with alcoholic smell and prefer mostly the flavored vodka that includes flavors like citrus, orange, peach and cucumber that helps them to enjoy a drink with enhancing taste and thus propelling the market growth. The Unflavored segment is estimated to register the fastest CAGR of 3.1% for the period 2021-2026. This is mainly owing to rising adoption of modern culture that includes alcoholic beverages for every celebration purpose which rising the use of unflavored vodka. Moreover, unflavored vodka provides strong taste which is mostly preferable among consumers that rising the adoption of vodka and further propelling the growth of Vodka Market.
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Vodka Segment Analysis – By Distribution Channel
The Vodka Market based on Distribution Channel can be further segmented into Restaurants & Bars, Speciality Stores, Supermarkets & Hypermarkets, and Others. The Restaurants & Bars segment registers for the highest Vodka Market share in 2020. This is mainly owing to the rising demand of alcohol among population increasing and growing trends of celebration in restaurants, bars and pubs and increasing the availability of alcoholic beverages. Moreover restaurants, bars and pubs also provides food so there is no need to visit separate place for consumers who needs both foods and alcoholic beverages that rising the demand of Vodka Market. The Speciality Stores segment is forecasted to register the fastest CAGR of 3.9% over 2021-2026. Speciality stores of alcohol providing variety of vodka so people are preferring to buy alcoholic products in speciality stores. Moreover, purchasing alcohol from a speciality stores seems to be more economical as it offers a complete bottle where in pubs, small amount of alcohol is costly which in turn propelling the growth of Vodka Market.
Vodka Segment Analysis – By Geography
North America dominated the Vodka Market with major share of 45% in 2020. This is owing to rising consumption of alcoholic beverages in daily basis that rising the sales of vodka. Moreover, people are also taking drinks during their meals that rising the consumption rate of vodka and boosting the growth of Vodka Market. According to World Health Organization, in 2017 about 39 litres of alcohol are consumed among the U.S. population on daily basis that rising the need of vodka and thus enhancing the growth of Vodka Market.
However, Asia Pacific is projected to be the growing market during the forecast period 2021-2026 owing to growing adoption of western culture and growing alcohol serving restaurants and bars. In China and India, alcohol beverage are consumed more so, manufacturers are also increasing the production of vodka that are further enhancing the market growth.
Vodka Market Drivers
The consumption of Alcoholic Beverages Increases
Changing lifestyle among consumers increases the consumption of alcohol that further rising the production of alcoholic beverages among manufacturers which is rising the demand of Vodka market. According to World Health Organization, in 2017 the average consumption of alcohol is 6.4 litres per person worldwide and therefore rising the growth of the Vodka Market over the period 2021-2026.
Rising Number of Alcohol Serving Bars, Pubs, and Restaurant
Rising trends of celebration in restaurants or pubs rising the number of alcohol serving restaurants, bars and pubs that is further driving the market growth. Moreover, people are preferring more alcohol serving restaurants so, the restaurants which are non-alcohol based are adding alcohol as consumers are preferred alcohol serving places more which is rising the demand of vodka and thus boosting the growth of Vodka Market over the period 2021-2026.
Covid-19 Impact:
COVID-19 pandemic had greatly impacted the growth of Vodka Market. During pandemic, there is a lockdown that shut down the restaurants, bars and pubs which creates a huge loss in alcohol serving places. Moreover, the disruption in the production and supply chain are negatively impacted the growth of Vodka Market.
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Vodka Market Challenges
Strict Government Regulations
The factors that is set to impede the growth of the Vodka Market are strict government regulation regarding the quality of alcoholic beverages which is set to restrain the growth of Vodka Market.
Vodka Landscape
Product launches, acquisitions, collaboration, joint ventures, and geographical expansions are key strategies adopted by players in the Vodka Market. Vodka top 10 companies are Pernod Ricard, UB Group, Brown-Forman Corporation, Global Spirits, Nemiroff Holding, Bacardi Limited, Canadian Icebery Vodka Corporation, Campari Group, LVMH Group, and Diageo Plc.
Development
In 2019, Pernod Richard launched vodka called a Lorbe, which is rising the sales of vodka and thus enhancing the market growth.
Key Takeaways
In 2020, North America dominated the Vodka Market owing to rising consumption of alcoholic beverages in daily basis which is rising the sales of vodka. Moreover, people are also taking drinks during their meals and this is rising the consumption rate of vodka and boosting the growth of Vodka Market.
Among adult population, the consumption of alcoholic beverages is growing and rising number of alcohol serving bars, pubs and restaurants are enhancing the growth of the Vodka Market.
The prominent manufacturers operating in the market will be provided detailed analysis of Strength, Weakness, and Opportunities in the Vodka Market report.
Strict government regulations regarding alcoholic beverages is set to create hurdles for the Vodka Market.
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