Market Size of Vodka Industry
| Study Period | 2018 - 2028 |
| Market Volume (2023) | 3.15 Billion liters |
| Market Volume (2028) | 3.84 Billion liters |
| CAGR (2023 - 2028) | 4.03 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Vodka Market Analysis
The Vodka Market size is expected to grow from 3.15 billion liters in 2023 to 3.84 billion Liters by 2028, at a CAGR of 4.03% during the forecast period (2023-2028).
Government regulation regarding trade and mobility during the COVID-19 pandemic has significantly altered the places and patterns of vodka consumption across the worldwide market. As consumers were avoiding on-premise venues as a preventive measure, businesses witnessed a strong demand across off-premise channels such as convenience stores and liquor shops. For instance, Constellations Brands saw a 10% increase in sales volume of their vodka in the US off-premise channel in February 2020. One of the driving forces behind the market's ability to survive the epidemic has been domestic consumption, together with brand stocking.
The market is most likely to be pushed in the medium term by the rising global young adult population, high disposable income, and consumer desire for premium/super-premium alcoholic beverages.
The recent trend impacting the largest vodka market i.e. North America includes the Russia-Ukraine war. Even though not much vodka made in Russia is exported to overseas markets, the governors of North American states banned the sale of Russian vodka as a symbolic move to boycott Russia against its invasion of Ukraine. For instance, in February 2022, the governors of Utah, New Hampshire, and Ohio ordered state-owned liquor shops to discontinue the sales of Russian-made and branded vodkas.
