Vodka industry heading for growth

The global vodka industry is poised for growth, as indicated by a recent report from Technavio. Between 2022 and 2027, the vodka market is projected to experience a steady compound annual growth rate (CAGR) of 2.5 percent.

The expansion of the Vodka category can be attributed to the increasing demand for flavored options, especially among women and Millennials. Forecasts suggest a 1.57 percent growth in the category between 2022 and 2023, with an impressive increase of 422.1 million liters expected between 2022 and 2027, translating to a CAGR of 2.49 percent.

The report covers various companies in this sector, including Alcohol Siberian Group, Bacardi, Becle, Beluga Group, BrewDog, Brown-Forman, Campari Group, Cardinal Spirits, Constellation Brands, Diageo, Eastside Distilling, and Beam Suntory.

According to Technavio, the off-trade market share is set to see substantial growth throughout the forecast period. The report also highlights the Asia Pacific region, which is projected to account for 32 percent of the global vodka market in the coming five years.

Notably, there's a burgeoning market for craft vodka in countries such as the Philippines, India, Japan, Pakistan, China, Australia, Indonesia, South Korea, Malaysia, and Taiwan. This segment of the market could experience a robust CAGR of 6.05 percent between 2022 and 2027, with a projected market size growth of US$760.09 million.