The global craft vodka market is projected to register a CAGR of 5.0% during the forecast period (2019-2024).
- The market is mainly driven by the increasing demand for vodka and the frequent launches of newly formulated products, such as gluten-free different flavored craft vodkas in the market by the key players. However, in the room of high demand of the product, factors restraining the market is the volatility of raw material prices that are used for the manufacturing of craft vodka.
- Geographically, North America is dominating the market, followed by Europe and Asia-Pacific, owing to the production concentration and demand for craft vodka. In terms of countries, Australia has witnessed a rapid growth in the number of craft distilleries.
Scope of the Report
Global craft vodka market has been segmented by type into flavored and unflavored craft vodka; and by distribution channel into On-trade channels and Off-trade channels. Also, the study provides an analysis of the craft vodka market in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Key Market Trends
Increased demand for flavored vodka
The change in taste and the growing demand for small batch, handcrafted vodka with unique flavor profiles is contributing to the growth of the craft vodka market. For instance, Deep Eddy Vodka, a brand of Heaven Hill Brands, an American-made and family-owned spirits brand offers a wide range of flavored vodka including sweet tea vodka, cranberry vodka, lemon vodka, peach vodka, orange vodka and many more. The increased demand has therefore resulted into increased number of craft distilleries and spirit producers manufacturing craft vodkas. As per data revealed by TTB (Alcohol and Tobacco Tax and Trade Bureau), the number of craft spirit producers showed an increasing trend in the period 2013 to 2017.
North America to drive the market
North American countries, especially United States holds the largest share owing growing demand for craft spirits among the consumers and the rising number of craft distilleries around the region with frequent product launches. Also, rising number of craft distillers in the region further along with rising demand for ethnic premium, super-premium vodkas and flavored vodkas, which include the craft and artisanal varieties, has increased among consumers, prompting several countries to import the same has further fueled the craft vodka market growth in the region. Also, frequent number of product launches by the regional players are subsequently driving the market.
The global market for craft vodka is fragmented, owing to the presence of large regional and domestic players in different countries. Emphasis is given on the merger, expansion, acquisition and partnership of the companies along with new product development as strategic approaches adopted by the leading companies to boost their brand presence among consumers.
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