The increasing prominence of private-label brands to drive the market growth - Technavio
NEW YORK, NY, November 22, 2023 /24-7PressRelease/ -- The US - Vodka Market size is estimated to grow by USD 5.28 billion from 2023 to 2028, according to Technavio. The market is estimated to grow at a CAGR of 4.45% during the forecast period. The market is experiencing significant growth driven by the increasing presence of private-label brands. In the United States, retailers are concentrating on private-label vodkas, capitalizing on the high demand for flavored vodkas and vodka-based cocktails, particularly among millennials. This strategy, offering various vodka types under their own brands, is enhancing profitability and consequently fueling the expansion of the US vodka market. Retailers, especially grocery stores, view private label products as lucrative due to 10%-15% higher profit margins compared to national and global brands. These private-label vodkas are either exclusively produced for a single retailer or by a third-party manufacturer for a specific brand. Notably, major grocery retailers like Walmart Inc. and Costco Wholesale Corp. have introduced their own vodka brands, indicating the increasing influence of private labels in the US. Therefore, the growing prevalence of private-label vodkas is set to witness a remarkable market growth during the forecast period. For more insights on the historic (2018 to 2022) and forecast market size (2024 to 2028) - Request a sample report
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US - Vodka Market - Segmentation Assessment
Technavio has segmented the market based on price (premium and value), distribution channel (on-trade and off-trade), product (unflavored and flavored), and geography (North America).
There will be notable market share growth in the premium segment during the forecast period in the US vodka market. This segment comprises vodkas priced above USD 25, encompassing premium, high-end premium, and super-premium vodkas in 2023. The segment's expansion will be mainly fueled by consumers' growing belief that premium vodka offerings are crafted from superior quality ingredients compared to value vodkas.
Insights on the market contribution of various segments including country and region wise, historic (2018 to 2022) and forecast market size (2024 to 2028) - Download a Sample Report
US - Vodka Market – Market Dynamics
Leading trends influencing the market
Urbanization and social engagement are the market trends of the US Vodka Market. The rise in urban living and social interactions, especially among young adults, has led to increased vodka consumption in recent years. The ready-to-drink (RTD) beverage segment has experienced rapid growth, driven by consumer demand for convenient, diverse, and high-quality beverage options. Notably, ready-to-drink vodka has significantly expanded, capturing nearly 46% of the category by 2023. To strengthen brand identity, establish distinct market segments, and enhance profit margins, companies face ongoing pressure to innovate, introducing novel products or services.
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What are the key data covered in this US - Vodka Market report?
• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the US - Vodka Market between 2024 and 2028
• Precise estimation of the size of the US - Vodka Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the US - Vodka Market industry across APAC, Europe, North America, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of US - Vodka Market vendors
Vodka Market: The Global Vodka Market size is projected to increase by 422.1 million L, exhibiting a CAGR of 2.49% between 2022 and 2027. In 2017 the size of the market was valued at 3,042.17 million L.
Craft Vodka Market: The craft vodka market is estimated to grow at a CAGR of 6.05% between 2022 and 2027. The size of the market is forecast to increase by USD 760.09 million.
1. Executive Summary
2. Market Landscape
3. Market Sizing
4. Historic Market Size
5. Five Forces Analysis
6. Market Segmentation by Price
7. Market Segmentation by Distribution Channel
8. Market Segmentation by Product
9. Customer Landscape
10. Geographic Landscape
11. Drivers, Challenges, and Trends
12. Company Landscape
13. Company Analysis
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