The Latin America, Middle East and Africa Vodka Market would witness market growth of 8.3% CAGR during the forecast period (2023-2029).
Flavored vodka is one of the highly demanded drinks. Citrus (either a blend of many fruits or a single fruit) and vanilla are some of the most widely used flavors. Vodkas are also flavored with various kinds of berries, melon, pomegranate, pineapple, and other fruits. Popular vodka flavors include chocolate and espresso, and a more recent category mimics the flavors of other chocolates and pastries. There are even more unusual varieties, such as salmon, bacon, tobacco, and hemp, though these happen to be novelty flavors that are short-lived.
The classic infusion method, which involves steeping items like herbs or fresh fruits in a finished vodka, is used to create some flavored vodkas. To make up for this, many vodkas only add extracts of natural or synthetic flavors. The majority are packaged at 70 proof due to flavor additions.
The alcohol business has experienced remarkable development, particularly in the Vodka segment, as a result of the growing demand for cocktail drinks and alcoholic beverages among millennials and working professionals in big centers. In terms of formal or professional socializing, drinks have a social symbol. Due to the wide diversity of usage preferences among young people for raw or blended drinks, vodka has completely overtaken the market.
The increase of the market value is primarily driven by the rise in disposable income as well as the stability of the economy. The most populous country in Latin America is Brazil, which has experienced significant economic growth during the previous ten years. Alcohol is the most commonly consumed psychoactive substance by Brazilians. There are many retail and licensed establishments where the sale of alcoholic beverages is permitted, including some nightclubs, bars, restaurants, hotels, and athletic clubs. The demand for vodka in LAMEA is anticipated to increase over the forecast period as the region's consumption of alcoholic beverages rises.
The Brazil market dominated the LAMEA Vodka Market by Country in 2022, and would continue to be a dominant market till 2029; thereby, achieving a market value of $815 million by 2029. The Argentina market is exhibiting a CAGR of 8.7% during (2023 - 2029). Additionally, The UAE market would experience a CAGR of 7.1% during (2023 - 2029).
Based on Type, the market is segmented into Non-Flavored and Flavored. Based on Distribution Channel, the market is segmented into On-Trade and Off-Trade. Based on countries, the market is segmented into Brazil, Argentina, UAE, Egypt, South Africa, Nigeria and Rest of LAMEA.
Free Valuable Insights: The Worldwide Vodka Market is Projected to reach USD 35.4 Billion by 2029, at a CAGR of 5.3%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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.
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