The Colombia market accounts for nearly 1% of the Latin American vodka market size. The market registered a compound annual growth rate (CAGR) of -7.0% during 2017-22 and 5% growth over 2021. According to GlobalData’s deep-dive analysis report, Colombia vodka market databook, flavored vodka accounted for a notable share of 68% among various vodka segments in the market in 2022, followed by unflavored vodka. The report also provides in-depth analysis and market forecast to 2027. Buy the report here.
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According to GlobalData’s company and brand analysis, Pernod Ricard Group, Diageo and Bacardi held significant shares in the Colombia vodka market in 2022. Concurrently, Absolut, Smirnoff and Wyborowa led in terms of brand market share. Pernod Ricard Group had the leading market share by volume in 2022. Companies operating in the Colombia vodka market continue to use innovation to target gaps in product offering. Continuous tracking of market size and company performance is important to help competitors capture and maximize profits.
GlobalData’s channel analysis reveals that on trade were the key channel of purchase for vodka, along with food & drinks specialists. Also, hypermarkets & supermarkets recorded a notable growth during the COVID-19 pandemic, as consumers were forced to stay at home due to restricted movement opportunities.
On trade constituted the highest market share by volume in 2022. Consumers preferred this channel for its product assortment and competitive pricing. Food & drinks specialists was the next preferred channel in the Colombia market.
Among the top Latin American markets, Brazil accounted for the highest volume share in 2022, followed by Chile, Peru, Mexico, Argentina, and Colombia.
With a growing number of consumers seeking to experiment with novel products, manufacturers and brands need to constantly innovate their flavours and formulations to remain relevant and competitive. Additionally, the popularity of e-commerce has made it easier for shoppers to compare product features and offerings across different brands.
To further understand and explore GlobalData’s insight into the vodka category and market forecast to 2027, buy the report here.
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