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Vodka sector could grow 2.5% by 2027
The global vodka category is predicted to rise by a compound annual growth rate (CAGR) of 2.5% from 2022 to 2027, a new report revealed.
A report by Technavio predicted that the vodka market would grow by 422.1 million litres from 2022 to 2027 – a CAGR of 2.49%.
Between 2022 and 2023, the category is expected to grow by 1.57%.
The report covered companies including Alcohol Siberian Group, Bacardi, Becle, Beluga Group, BrewDog, Brown-Forman, Campari Group, Cardinal Spirits, Constellation Brands, Diageo, Eastside Distilling, and Beam Suntory.
The report noted that the increased demand for flavoured variants is driving the category’s growth, particularly among Millennials and women.
It also said a considerable portion of consumers identify themselves as creative and unique, showing an inclination to explore new products and flavours.
Technavio also noted that the off-trade’s market share growth will be ‘significant’ over the forecast period.
The report highlighted the Asia Pacific region, which is expected to account for 32% of the global vodka market over the next five years.
‘Craft’ vodka holds a significant presence in the Philippines, India, Japan, Pakistan, China, Australia, Indonesia, South Korea, Malaysia, and Taiwan, the report noted.
Another report by Technavio predicts that the craft vodka market could grow at a CAGR of 6.05% between 2022 and 2027. The size of the market is forecast to increase by US$760.09 million.
A report by Research and Market estimated the global vodka market could be worth US$40.25 billion by 2030, with a projected CAGR of 5.6% for the forecast period.