The global craft vodka market is expected to post a CAGR close to 30% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio has published a new market research report on the global craft vodka market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the rising number of craft distilleries worldwide. The rise in the number of craft distilleries worldwide, especially in the US and the UK, has led to the increasing availability of craft vodka globally, which is driving the growth of the global craft vodka market. Market players are developing innovative products using a wide variety of ingredients to cater to changing consumer preferences.
As per Technavio, the ethnic and indigenous appeal associated with craft vodka will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global craft vodka market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global craft vodka market: Ethnic and indigenous appeal associated with craft vodka
Among all craft spirits, craft vodka has an ethnic and indigenous appeal, which attracts consumers. The country of origin still holds a key place among consumers when they buy craft vodka. For instance, consumers in the US often associate Poland as a leader in producing artisanal and handcrafted vodkas. Demand for ethnic premium and super-premium vodkas, which primarily include the craft and artisanal varieties, has increased among consumers, prompting several countries to import ethnic, handcrafted, and artisanal vodkas. Thus, such a demand for ethnicity and indigenous appeal is expected to drive the growth of the overall global market during the forecast period.
“Apart from the ethnic and indigenous appeal associated with craft vodka, the frequent number of product launches is one other factor that is expected to drive the growth of the global market. Market players focus strongly on innovating their products by incorporating new ingredients to meet changing consumer preferences. Potatoes, corn, oats, honey, and fruit flavors are some major ingredients vendors use to offer innovative craft vodka. For example, in September 2018, a new brand of craft vodka, 404 vodka, was launched in Georgia, the US. This vodka is touted as being distilled over six times and has a smooth, velvety texture. Thus, with such product launches the market is expected to witness a positive outlook over the next few years,” says a senior analyst at Technavio.
Global craft vodka market: Segmentation analysis
This market research report segments the global craft vodka market by distiller type (large craft distiller, medium craft distiller, and small craft distiller) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to maintain its lead over the market and register the highest incremental growth. This can be attributed to the significant increase in the number of new product launches and rise in M&As in the region. Major players in the region are acquiring mid-sized to small-sized craft spirit and craft vodka distillers in a bid to increase their presence in the market.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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