NEW YORK, March 31, 2021 /PRNewswire/ --
The vodka market in US is expected to grow by 55.38 million liters during 2020-2024, expanding at a CAGR of almost 2%. The report throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect.
Consumers in the US are exhibiting an increased demand for flavored vodkas and cocktails. This is driving many retailers in the country to introduce different types of vodkas under their private-label brands to increase revenues. For instance, Walmart Inc. offers Rue 33 premium vodka under its subsidiary Sam's Club. Similarly, Costco Wholesale Corp. offers vodka under the brand, Kirkland Signature. Thus, the increasing prominence of private label brands is expected to foster the growth of the vodka market in the US during the forecast period.
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In this report, Technavio highlights the increasing demand for vodka from millennials as one of the key emerging trends in the vodka market in US.
Vodka Market in US: Growing Demand from Millennials
Millennials constitute a major segment of the population in the US. The impact of social media and the growing popularity of pubbing and nightlife have increased the awareness of the authenticity of different types of alcoholic beverages, such as value and premium vodka products among millennials. This has significantly increased the spending on alcoholic beverages such as vodka in on-trade channels across the country. Besides, the high inclination of millennials toward breweries, social events, and social gatherings has further increased the consumption and sales of alcoholic beverages such as vodka. All these factors are expected to positively influence the growth of the vodka market in the US during the forecast period.
"Growth of organized retail sector and new product launches will further boost market growth during the forecast period", says a senior analyst at Technavio.
Vodka Market in US: Segmentation Analysis
This market report segments the vodka market in US by product (unflavored and flavored), distribution channel (on-trade and off-trade), and price (premium and value).
The ulflavored vodka segment led the vodka market in 2019. The dominance of the segment can be attributed to the introduction of limited-edition unflavored vodkas by vendors in the US.
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Related Reports on Consumer Staples Include:
Global Vodka Market – Global vodka market is segmented by product (unflavored and flavored), distribution channel (off-trade and on-trade), price (premium and value), and geography (APAC, Europe, MEA, North America, and South America).
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Global Craft Spirits Market – Global craft spirits market is segmented by product (craft gin, craft whiskey, and other craft spirits), geography (North America, Europe, APAC, South America, and MEA), and distribution channel (on-trade and off-trade).
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Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
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Report: www.technavio.com/report/vodka-market-in-us-industry-analysis
SOURCE Technavio
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