Global Craft Vodka Market Size, Share, Opportunities, And Trends By Type (Flavored Craft Vodka, Unflavored Craft Vodka), By Distribution Channel (On-trade Channel, Off-trade Channel), And By Geography - Forecasts From 2023 To 2028
- Published : May 2023
- Report Code : KSI061615259
- Pages : 140
Craft vodka is a newly developed category of vodka which is produced in small quantities by a craft distillery, generally using rare or novel ingredients or manufacturing techniques. Craft distilleries are experimenting all around the world with innovative ingredients to manufacture craft vodka. Some of the top mentions include one Tasmanian distiller who uses whey, a byproduct of cheese, as the organic fermentable base, and another who uses a range of native Australian botanicals, such as seaweed and wattle seed, to help add subtle hints of flavour to the spirit, and finally, one in the UK who uses cow's milk to craft their unique vodka.
Vodka is an extremely versatile spirit and is used in a long list of cocktails. The premium and high-end craft vodka has experienced significant growth and development during the analysis period. Several recent premium launches particularly celebrity vodka brand launches have been taking place in the market. Other factors including favourable consumer feedback regarding the taste of craft vodka, growing demand for vodka, continuous innovative product launches by key market players such as gluten-free craft vodka, increased cocktail consumption, and the growing number of vodka distilleries are also expected to drive the growth of the global craft vodka market during the projection period.
However, the implementation of strict rules and regulations by the government, unstable prices and high pressure on the supply of raw materials along with a lack of knowledge are obstructing the growth of the global market for craft vodka during the analysis period.
During the anticipation period, the growing demand for vodka and continuous product launches will support the growth of the global craft vodka market.
The demand for craft vodka by consumers has been on the rise. According to the Distilled Spirits Council of the United States, Vodka has been the industry's backbone, accounting for 31 per cent of total volume. The continuous popularity of flavoured vodkas has been a significant growth driver, accounting for around 21 per cent of all vodkas sold. In the United States in 2019, 74.1 million 9-litre cases of vodka were sold, earning US$6.6 billion in revenue for distillers. Nowadays, craft vodkas can be infused with natural spices, pleasant citrus tastes, raspberry, vanilla, and other flavours. According to Drizzly an online alcohol e-commerce retail platform, vodka is the second-highest spirit sold on the platform after whisky.
Craft vodka and vodka-based drinks are becoming increasingly popular in bars across the world. According to MGM Resorts International's famous barman and executive director of beverage and corporate mixologist Julian Cox, vodka and tequila are the most sold spirits in their bars.
The proliferation of celebrity-owned companies has also contributed to the growth of craft vodka. The spirit's recognition increased as mega-celebrities like Jason Momoa and Jason Derulo became involved. In January 2023, international superstar Jason Mamoa announced the launch of his sustainable craft vodka brand called Meili.
The growing polarity of craft vodka has led to a continuous product launched by key market players. For instance, in October 2020, the Indian spirit company Alcobrew Distilleries launched its own brand of craft vodka called One More Pure Craft Vodka. The vodka comes in two new different flavours - Plain and Green Apple. The craft vodka was created utilising the most recent 'Eco-fine' technology, resulting in an incredibly pure combination.
North America is anticipated to hold a significant share of the global craft vodka market during the forecast period.
North America region is anticipated to hold a significant market share in craft vodka. This region will witness high growth during the forecast period owing to the high demand for vodka. Vodka’s popularity in the United States and Canada has grown thanks to martinis, but customers are increasingly spreading out to discover other usage situations, such as super-premium craft vodka. Vodka has been consumed in large quantities in countries like the United States. For instance, Vodka has been the industry's backbone, accounting for 31 per cent of the total volume. In the United States in 2019, 74.1 million 9-litre cases of vodka were sold, earning US$6.6 billion in revenue for distillers. The continuous popularity of craft vodkas has been a significant growth driver, accounting for around 22 per cent of all vodkas sold. This versatile beverage may be used in classic cocktails like vodka Martinis and the ever-popular Screwdriver. Prime markets in the North American region are Canada, the United States and Mexico.
Market Key Developments
- In February 2023, Beam Suntory plans to extend its product variety in the next 18 months by introducing four new items from its Japanese parent business House of Suntory's portfolio, according to Ruchika Gupta, Marketing Director, Beam Suntory India. The business will launch its single malt whisky Yamazaki, Jim Beam bourbon, Japanese craft vodka Haku and a super-premium tequila brand.
- In February 2021, Blisswater Industries Private Limited launched Rahasya, a craft vodka inspired by India's mysticism, legacy, and culture. It is now only accessible in Goa, where it is manufactured, but it will soon be available in other regions of India as well.
- By Type
- Flavored craft vodka
- Unflavored craft vodka
- By Distribution Channel
- On-trade channel
- Off-trade channel
- By Geography
- North America
- United States
- South America
- United Kingdom
- The Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
Frequently Asked Questions (FAQs)
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.7. Base, and Forecast Years Timeline
2. RESEARCH METHODOLOGY
2.1. Research Data
3. EXECUTIVE SUMMARY
3.1. Research Highlights
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter’s Five Force Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. GLOBAL GLOBAL CRAFT VODKA MARKET, BY TYPE
5.2. Flavored craft vodka
5.3. Unflavored craft vodka
6. GLOBAL GLOBAL CRAFT VODKA MARKET, BY DISTRIBUTION CHANNEL
6.2. On-trade channel
6.3. Off-trade channel
7. GLOBAL GLOBAL CRAFT VODKA MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.4.1. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
7.6.4. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9. COMPANY PROFILES
9.1. Sazerac Company
9.2. Beam Suntory Inc.
9.3. William Grant & Sons Limited
9.4. Fifth Generation, Inc.- Tito's Handmade Vodka
9.5. Diageo plc-The Smirnoff Co.
9.6. Heaven Hill Brands
9.7. St. George Spirits
William Grant & Sons Limited
Fifth Generation, Inc.- Tito's Handmade Vodka
Diageo plc-The Smirnoff Co.
Heaven Hill Brands
St. George Spirits
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