Published Date: 31-May-2023
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According to a new report, published by KBV research, The Global Vodka Market size is expected to reach $35.4 billion by 2029, rising at a market growth of 5.3% CAGR during the forecast period.
The Flavored segment is showcasing a CAGR of 6.1% during (2023 - 2029). One of the key elements propelling growth around the world is the continually rising demand for premium flavored vodka, particularly among millennials. Due to increased customer readiness to spend money on desired goods, consumers' fascination with high-end flavored vodka cocktails has increased as nations throughout the world experience robust economic expansion. In order to meet the growing demand, spirits producers throughout the world are concentrating on releasing premium flavored vodka goods in the market.
The On-Trade segment is leading the Global Vodka Market by Distribution Channel in 2022 thereby, achieving a market value of $23.7 billion by 2029. Nightclubs, lodging establishments, quick service restaurants (QSRs), lounges, and bars are all part of the on-trade distribution channel category. Due to the increasing number of pubs and the developing hospitality sector worldwide, there is a high demand for vodka mixes, ready-to-drink (RTD) beverages, and other premium vodka goods. As a result, the entire cocktail experiences offered by hotels, bars, and restaurants have substantially improved.
The North America market dominated the Global Vodka Market by Region in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $12.4 billion by 2029. The Europe market is poised to grow at a CAGR of 4.9% during (2023 - 2029). Additionally, The Asia Pacific market would witness a CAGR of 5.7% during (2023 - 2029).
Full Report: https://www.kbvresearch.com/vodka-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Brown-Forman Corporation, Diageo plc, Pernod Ricard S.A., Bacardi Limited, Constellation Brands, Inc., Distell Group Limited, Proximo Spirits, Inc. (BECLE, S.A.B. DE C.V.), Belvedere Vodka (LVMH SE), Stoli Group (SPI Group) and Iceberg Vodka Corporation.
By Distribution Channel
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