The global vermouth market is projected to reach USD 22.87 billion by 2028, at a CAGR of 9.8%from 2021 to 2028. The global vermouth market is growing steadily due to the increasing demand from the beverage industry. Vermouth is a fortified wine flavored with various herbs and spices and is used as an aperitif or cocktail ingredient.
The growing demand for alcoholic beverages, especially among millennials, is driving the growth of the global vermouth market. The increasing acceptance of alcoholic beverages, especially in emerging markets, is expected to further drive the growth of the global vermouth market. Additionally, the growing popularity of craft spirits is also boosting the demand for vermouth.
The increasing use of vermouth in the food and beverage industry is driving the growth of the global vermouth market. Vermouth is used as a key ingredient in various cocktails and is being increasingly adopted by bars and restaurants. The increasing availability of flavored and premium vermouths is also driving the growth of the global vermouth market.
Regional Insights
Europe is expected to dominate the global vermouth market. The region is a major producer and consumer of vermouth, with an increasing demand from the beverage industry. The growing popularity of craft spirits and the increasing availability of flavored and premium vermouths are some of the factors driving the growth of the vermouth market in Europe.
North America is expected to be the second-largest market for vermouth. The growing demand for alcoholic beverages, especially among millennials, is driving the growth of the vermouth market in the region. The increasing acceptance of alcoholic beverages, especially in emerging markets, is expected to further drive the growth of the global vermouth market.
Asia Pacific is expected to be the fastest-growing market for vermouth. The growing demand for alcoholic beverages, especially in emerging markets, is driving the growth of the vermouth market in the region. Additionally, the increasing availability of flavored and premium vermouths is also boosting the growth of the vermouth market in the Asia Pacific.
Competitive Landscape
The global vermouth market is highly competitive and consists of several major players. The market is fragmented, with the top five players accounting for a significant share of the market. The major players are Cinzano, Martini & Rossi, Boissiere, Noilly Prat, and Bols. These players are focusing on product innovation and expansion of their distribution networks to gain a competitive advantage in the market.
