Vodka Market Size Worth $ 43.67 Billion By 2032 | CAGR: 5.40 %

The global vodka market size is expected to reach USD 43.67 billion by 2032, according to a new study by Polaris Market Research. The report “Vodka Market Share, Size, Trends, Industry Analysis Report, By Type (Flavored, & Non-Flavored), By Distribution Channel; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The rise in demand from millennials drives the market. Millennials have higher disposable income levels and are more likely to spend their money on experiences such as dining out and socializing with friends. As a result, they represent a significant percentage of consumers who frequent restaurants, bars, and pubs, which are important outlets for selling alcoholic beverages. Additionally, millennials tend to be more adventurous and experimental when trying new products and flavors, which has contributed to the rise of craft beer and spirits and the popularity of cocktails and other mixed drinks.

Millennials continue to influence the market as the industry adapts to their changing tastes and preferences. However, it is worth noting that younger generations, such as Gen Z, are also starting to emerge as important consumers of alcoholic beverages and may have different attitudes and behaviors towards drinking than their millennial counterparts.

Vodka-based Ready to Drink (RTD) beverages, which include pre-mixed cocktails, spirits, and hard seltzers, are experiencing significant growth in the market. This trend is expected to continue in the coming years, driven in part by the convenience and portability of RTD beverages and the increasing demand for low-alcohol and low-calorie options.

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The trend towards premiumization in the vodka market, with more consumers willing to pay a premium for higher quality and more unique products, is expected to drive growth in the off-premise market. This trend has led to the introduction of more artisanal and craft vodkas and flavored vodkas that cater to various tastes and preferences.

In recent years, vodka's off-premise consumption has been growing faster than on-premise consumption. This trend can be attributed to several factors, including the convenience of purchasing vodka at retail stores, the increasing popularity of at-home cocktail making, and the rise of online alcohol delivery services. According to a report by IWSR Drinks Market Analysis, off-premise vodka consumption in the U.S. increased by 6.3% in 2020, while on-premise consumption declined by nearly 44.5%. This indicates that while the pandemic significantly impacted the alcohol industry, off-premise consumption of vodka has been more resilient.

Vodka Market Report Highlights

• Non-flavored segment accounted for largest market share share in 2022, this is primarily due to encouragement of consuming alcohol made with the natural organic ingredients
• On-trade segment held the maximum market share, owing to the increase in the number of pubs, bars, and special restaurants
• Europe registered significant growth, due to premiumization of vodka, and the growing cocktail culture
• The global key market players include Brown-Forman, Diageo, Pernod Ricard, Belvedere Vodka, Bacardi Limited, Constellation Brands, Proximo Spirits, Distell Limited, Stoli Group, and Iceberg Vodka

Polaris Market Research has segmented the vodka market report based on type, distribution channel, and region:

Vodka, Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Flavored
• Non-Flavored

Vodka, Distribution Channel Outlook (Revenue - USD Billion, 2019 - 2032)

• Off-Trade
• On-Trade

Vodka, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America

• U.S.
• Canada

• Europe

• Germany
• UK
• France
• Italy
• Spain
• Russia
• Netherlands

• Asia Pacific

• China
• India
• Japan
• South Korea
• Indonesia
• Malaysia

• Latin America

• Argentina
• Brazil
• Mexico

• Middle East & Africa

• UAE
• Saudi Arabia
• Israel
• South Africa

Vodka Market Report Scope