Craft Vodka Market Research Report – Segmented By Region (North America, Europe, Asia-Pacific, Middle-East & Africa, Latin America) – Analysis on Size, Share, Trends, COVID-19 Impact, Competitive Analysis, Growth Opportunities and Key Insights from 2019 to 2030.
Published date -30th Jan 2024
Formats -PDF, CSV
Craft Vodka Market Analysis
1. Market Size & CAGR of Craft Vodka Market in 2021
The craft vodka market is expected to witness a steady growth in 2021, with a Compound Annual Growth Rate (CAGR) of around 3.5%. The market size is projected to reach USD 2.5 billion by the end of 2021.
2. COVID-19 Impact on the Craft Vodka Market
The COVID-19 pandemic has had a mixed impact on the craft vodka market. While the closure of bars and restaurants led to a decline in on-premise consumption, there was a surge in off-premise sales as consumers shifted towards home drinking. Overall, the market witnessed a slight dip in revenue but is expected to bounce back as restrictions ease.
3. Craft Vodka Dynamics
The craft vodka market is driven by factors such as increasing consumer preference for premium and artisanal spirits, growing cocktail culture, and rising disposable incomes. Innovations in flavors and packaging are also contributing to the market growth.
4. Segments and Related Analysis
4.1 Types of Craft Vodka
The craft vodka market can be segmented into flavored vodka, organic vodka, and traditional vodka. Flavored vodka accounts for the largest market share, driven by the popularity of fruit and herbal-infused varieties.
4.2 Consumer Demographics
The craft vodka market caters to a diverse consumer base, including millennials who seek unique and authentic drinking experiences, as well as older consumers looking for high-quality spirits. The market also appeals to environmentally conscious consumers who prefer organic and sustainable products.
5. By Region Analysis
5.1 North America
The North American craft vodka market is the largest globally, driven by the presence of established craft distilleries in the US and Canada. Rising demand for artisanal spirits and craft cocktails is fueling market growth in the region.
Europe is a key market for craft vodka, with countries like Russia, Poland, and Germany being major producers. The market is characterized by a wide range of premium vodka brands and a growing trend towards craft and small-batch production.
5.3 Asia Pacific
The craft vodka market in Asia Pacific is witnessing rapid growth, driven by changing consumer preferences and increasing disposable incomes. Countries like China, Japan, and India are emerging as key markets for craft spirits.
6. Key Market Players and Competitive Landscape
The craft vodka market is highly competitive, with key players including Absolut Vodka, Tito's Handmade Vodka, Grey Goose, and Ketel One. These brands focus on product innovation, marketing, and distribution to maintain their market share.
7. Recent happenings in the Craft Vodka Market
In recent years, the craft vodka market has seen a surge in new product launches, with brands introducing unique flavors and limited-edition releases. Collaborations between distilleries and influencers have also become popular, driving brand visibility and consumer engagement.