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Report Overview
The global vodka market is expected to reach a value of more than USD 40.12 Billion in 2023. The industry is expected to grow at a CAGR of 6.70% during the forecast period of 2024-2032. The growing popularity of flavored vodka and premium offerings is driving the vodka market, particularly among younger consumers seeking unique experiences and higher-quality products, thus boosting the market to attain a valuation of USD 71.92 Billion by 2032.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
- The increasing percentage of alcohol consumption in the United States, where more than half of adults consume alcohol, directly affects vodka demand. Among the drinkers, 17% binge drink, which mostly involves vodka as the chosen spirit. As binge drinking becomes more common, demand for vodka, especially in larger quantities, continues to increase, making it a significant market segment in the United States, propelling the growth of the vodka market.
- In Australia, 26.8% of adults exceeded the national alcohol consumption guidelines in 2022, which further propels vodka demand. This behavior suggests a growing acceptance of alcohol consumption beyond recommended limits, especially in social and recreational settings. As vodka remains a popular alcoholic choice, the increasing alcohol consumption in Australia indicates a significant growth trajectory for the vodka market, benefiting brands targeting higher consumption rates.
- According to the Central Intelligence Agency, in China, spirits are 2.9% of the average household expenditures. This is an increasing investment in alcohol, including vodka, with growing disposable income. Increasing alcohol expenditure signified that vodka is up for grabs and amongst middle-class households. As the house now becomes wealthy, then demand for premium and flavored vodka will grow.
Vodka Market Regional Insights
North America Vodka Market Opportunities
The North American vodka market is driven by the growing demand for premium and flavored vodka. Increasing innovation and sustainable practices in the region are helping to fuel growth, especially among the younger population. In the United States, the market is likely to reach a considerable valuation as consumers increasingly trend towards craft spirits and artisanal and organic products.
Asia Pacific Vodka Market Trends
Asia Pacific is also witnessing increasing vodka consumption, mainly in countries such as China and India. With the increasing disposable income and the prevalence of Western drinking habits, this market will grow. Popular trends for flavored vodka and health-conscious options are expected to continue growing. As the hospitality sector in this region expands, vodka sales will grow in the near future.
Europe Vodka Market Dynamics
Europe's vodka market remains a leading player in the world, with Russia, Poland, and Sweden being among the highest consumers. The European market is challenged by growing health concerns and government restrictions on alcohol advertising. Premium vodka innovations and regional specialties, however, continue to drive market growth.
Middle East and Africa Vodka Market Drivers
The vodka market in the Middle East and Africa is driven by the growing demand for premium alcohol from the younger population, though there are regulatory challenges. Growing global tourism and liberalization of alcohol policies in some countries are expected to drive demand.
Latin America Vodka Market Insights
Brazil and Argentina see increasing consumption of vodka; it is becoming popular for younger drinkers. Increasing disposable income and tourism have made consumers open to brands innovating to suit the local palate.
Vodka Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 40.12 Billion.
The vodka market is assessed to grow at a CAGR of 6.70% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach a value of around USD 71.92 Billion by 2032.
The major market drivers are the increasing preference of flavoured vodka among the young generation, the use of vodka in cocktails, and the rising consumer disposable income, along with the growing culture of clubbing.
Companies are actively shifting towards the production of flavoured vodkas and procurement of quality materials to make vodkas or infused cocktails and spirits, which are the key trends guiding the market growth.
Russia is known to consume more vodka than any other country in the world.
Vodka accounts for a healthy share of the global alcohol market, with its sales volume increasing by several million cases and contributing to the total liquor sales.
The market key players are Diageo PLC, Pernod Ricard Group, Grey Goose, Polmos Zyrardów Sp. z o.o., William Grant & Sons Ltd., Stoli Group USA, LLC, Russian Standard Vodka LLC, Brown-Forman, Fifth Generation, Inc., and Wodka Company Ltd, among others.
The market is categorised according to the type, which includes plain vodka, flavoured vodka, and fruit vodka.
Based on the distribution channel, the market is divided into off-trade and on-trade.
The market is broken down into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124