(Entertainment-NewsWire.com, March 30, 2020 ) Market Overview • The Global Craftvodka Market is expected to grow at a CAGR of 7% during the forecasting period (2019-2026). • Vodka is a clear distilled alcoholic beverage that originates from Poland and Russia. It is composed primarily of water and ethanol, but sometimes with traces of impurities and flavorings. Traditionally it is made by distilling the liquid from cereal grains or potatoes that have been fermented, though some modern brands use fruits or sugar as the base. • Craft Vodka may be distilled from any starch- or sugar-rich plant matter; most vodka today is produced from grains such as sorghum, corn, rye or wheat. Among grain vodkas, rye and wheat vodkas are generally considered superior. Some vodkas are made from potatoes, molasses, soybeans, grapes, rice, sugar beets and sometimes even byproducts of oil refining or wood pulp processing. • American Distilling Institute and American Craft Spirits Association defines a craft blender as independently-owned and operating a facility that uses any combination of traditional and/or innovative techniques such as fermenting, distilling, re-distilling, blending, infusing or warehousing to create products with a unique flavor profile.
Market Dynamics • The global Craft Vodka Market is primarily driven due to 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. • The growth of the alcoholic beverages such as craft vodka is driven by increase in global young‐adult demographic, surge in disposable income, and rise in consumer demand for premium/super premium craft vodka. In addition, new market strategies and creative packaging have been introduced by manufacturers. For instance, Finlandia uses Austrian Glass in order to denote an appearance of class in their vodka. Grey Goose, from the Cognac region in France, distributes their bottles with a long thick neck. • However, high cost of premium/super premium products and escalation of nonalcoholic beverages market, owing to increase in health concerns are expected to restrict the market growth in the near future.
Market Segmentation • By Distiller type, the global Craft Vodka Market is segmented into large distiller type, Medium distiller type, and small distiller type. • The large craft distiller segment will account for the highest craft vodka market share because of the benefits such as high production volume which help in generating high revenues. Craft vodka is distilled at a high proof from a fermented vegetable or grain mash. Proof is a measurement of the alcohol content. Each degree of proof equals a half percent of alcohol. Thus, 100 proof is that which contains 50% alcohol, 90 proof contains 45%, and so on. Because distilled vodka can have a proof as high as 145, all taste and odor has been eliminated, making vodka a neutral spirit. Water is added to bring the proof down to a range between 80 and 100. • By Product type, the global Craft Vodka Market is segmented into flavored craft vodka and unflavored vodka. Flavored have become very popular in las decade and therefore, holds significant share in the market. The craft distillers focus on the use of different spices, fruits, herbs, and botanicals to produce innovative craft vodka. They procure raw materials from family-owned farming houses that have strong experience in producing grains and fruits.
Geographical Analysis • By geography, the global Craft Vodka market is segmented into North America, Asia-Pacific (APAC), Europe, South America, and Middle East and Africa (MEA). • Consumption of alcoholic beverages in North America is expected to increase due to growth in young‐adult population and elevated consumption of high-quality alcoholic beverages. On the other hand, emerging markets such as China and India are expected to witness significant increase in demand for alcoholic beverages during the forecast period in Asia-Pacific. This is attributed to substantial growth in disposable income in this region. However, Europe is expected to grow at the highest rate, closely followed by South America and MEA, owing to increase in alcohol drinking demographics. • The growing demand for premium craft vodka is considered to be one of the primary drivers for this market. Efforts by manufacturers for strengthening distribution channels and extension of purchase channels, such as online stores, and convenience stores, is also contributing substantially to the growth of the global market.
Competitive Analysis • Craft Vodka market is highly competitive and thus manufacturers continuously focus on developing new strategies in order to grab more number of customers across the globe. Over the coming years, companies are expected to focus on potential growth markets for Craft Vodka. To that end, besides expanding their presence, companies are expected to formulate effective distribution strategies to make their presence felt in the upcoming markets for Craft Vodka. Merger, acquisition and product development are key strategies adopted by leading players. • The major players include The Absolut Company, Heaven Hill Brands, St. George Spirits, Suntory Holdings Limited, and, Tito’s Handmade Vodka. Other prominent players in the market are William Grant & Sons Ltd., Ethical Wine & Spirits (Fair), Phillips Distilling Company, 21st Century Spirits, LLC, and Zodiac Spirits, LLC.
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