Market Size of Global Craft Vodka Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Craft Vodka Market Analysis
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.
Craft Vodka Industry Segmentation
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 vodkamarket in the emerging and established markets across the globe, including North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
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| Flavored craft vodka | |
| Unflavored craft vodka |
| Distribution Channel | |
| On-trade channel | |
| Off-trade channel |
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Global Craft Vodka Market Size Summary
The craft vodka market is experiencing significant growth, driven by increasing consumer demand for unique, small-batch, and handcrafted vodka with diverse flavor profiles. This trend is supported by the frequent introduction of new products, such as gluten-free and flavored craft vodkas, by key industry players. Despite the positive growth trajectory, the market faces challenges due to the volatility of raw material prices, which can impact production costs. North America leads the market, with the United States holding a substantial share, followed by Europe and Asia-Pacific. The concentration of production and the rising number of craft distilleries, particularly in Australia, contribute to the market's expansion in these regions.
The global craft vodka market is characterized by its fragmented nature, with numerous regional and domestic players competing for market share. Companies are focusing on strategic initiatives such as mergers, acquisitions, partnerships, and new product development to enhance their brand presence and capture a larger consumer base. The market's growth is further fueled by the increasing popularity of ethnic premium and super-premium vodkas, including artisanal varieties, which are gaining traction among consumers. This growing demand has led to a rise in imports and has encouraged regional players to launch new products frequently, thereby driving the market forward.
Global Craft Vodka Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Bargaining Power of Suppliers
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Threat of New Entrants
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Type
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2.1.1 Flavored craft vodka
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2.1.2 Unflavored craft vodka
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2.2 Distribution Channel
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2.2.1 On-trade channel
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2.2.2 Off-trade channel
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.1.4 Rest of North America
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2.3.2 Europe
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2.3.2.1 Spain
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2.3.2.2 United Kingdom
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2.3.2.3 Germany
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2.3.2.4 France
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2.3.2.5 Italy
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2.3.2.6 Russia
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2.3.2.7 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 Rest of Asia-Pacific
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2.3.4 South America
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2.3.4.1 Brazil
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2.3.4.2 Argentina
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2.3.4.3 Rest of South America
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2.3.5 Middle East and Africa
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2.3.5.1 South Africa
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2.3.5.2 Rest of Middle East and Africa
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Global Craft Vodka Market Size FAQs
What is the current Global Craft Vodka Market size?
The Global Craft Vodka Market is projected to register a CAGR of 5% during the forecast period (2024-2029)
Who are the key players in Global Craft Vodka Market?
Sazerac Company, Beam Suntory Inc., William Grant & Sons Limited, Fifth Generation, Inc.- Tito鈥檚 Handmade Vodka and Diageo plc-The Smirnoff Co. are the major companies operating in the Global Craft Vodka Market.
