Vodka, like other segments of the alcoholic beverages industry is recovering from the downturn in the industry caused first by the pandemic lockdown and then the inflation in the wake of the Ukraine war. Compounding vodka's troubles is the fact that it has lost market share to whiskey in the United States for the first time. New innovations in the segment have stalled as well with product introductions yet to rebound to pre-pandemic levels. Nevertheless, vodka remains one of the largest segments in the U.S. spirits industry.
World market
The
global market for vodka was worth about 42.45 billion U.S. dollars in 2022, up only slightly compared to the previous year. By year's end in 2023, the value of the market is expected to reach over 46 billion, roughly on par with pre-pandemic figures. Smirnoff is currently the world’s
leading vodka brand by a wide margin. Sales volume reached over 38 million cases, more than double that of number two Absolut. Founded in Moscow in 1864, Smirnoff is produced by the British company Diageo, which is also the leading
vodka supplier in the U.S., accounting for a 16.3 percent share of vodka sales volume in 2022.
U.S. market
Until 2022, vodka had generated the greatest
sales volume within the U.S. spirits industry. Whiskey, with sales of 77.9 million cases, overtook vodka with its 76.9 million cases sold. In the same year,
retail dollar sales were valued at 30.2 billion dollars. The
volume of vodka imported into the United States continued its downward trend sinking to 29.4 million proof gallons while
exports grew by 88 percent in 2022. Though it is the world leader, Smirnoff is the second leading vodka brand in the United States, accounting for an 10.8 percent
share of vodka volume sales in 2022. That year, Tito's Handmade Vodka commands the greatest share of the market at 14.4 percent.
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