Increasing innovations by tequila producers in product development and rise in cocktail culture are key factors driving market growth
Market Size – USD 9.36 Billion in 2020, Market Growth – at a CAGR of 5.4%, Market Trends – Growing demand of premium spirits
The global tequila market size is expected to reach USD 14.35 Billion in 2028 and register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of tequila can be attributed to increasing innovations by tequila producers in product development. Increasing popularity of spirits amongst alcoholic beverage consumers globally has boosted demand for fresh and exotic tequila cocktails owing to unique tastes, thus driving market revenue growth. Leading market players provide various flavors, including floral, turmeric, pumpkin, jalapeno, and black pepper and also research new flavors to cater to varying consumer preferences. Premiumization trend is expected to fuel demand for innovative tequila beverages in upcoming years.
Cocktail culture is of immense significance in boosting tequila demand. Growing preference for having sophisticated cocktails instead of binge drinking by younger generation is driving market growth. Furthermore, rapid urbanization and rising disposable income in developing nations is driving market revenue growth.
However, increase in demand for low and alcohol-free beverages by consumers owing to growing awareness pertaining to adverse health effects of alcoholic beverages may hinder market revenue growth over the forecast period.
Major companies in the market include Bacardi Ltd., Campari America LLC, Diageo PLC, Eastside Distilling Inc., Ambhar Global Spirits LLC, Becle SAB De CV, Constellation Brands Inc., Brown-Forman Corporation, E. and J. Gallo Winery, and Tequila Ocho.
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Some Key Highlights from the Report:
By product type, Añejo segment revenue is expected to grow at a rapid rate over the forecast period. Añejo tequila is aged for about one to three years in oak and has agave flavor, along with rich vanilla flavor, and floral fragrances. Extra Añejo tequila is aged for over three years. Market players are continuously experimenting with aging and packaging of this product type to increase demand.
By grade, high-end premium segment revenue is expected to grow at fastest rate over the forecast period, attributed to changing consumer preferences and their willingness to spend on quality spirits.
Market in Asia Pacific is expected to register fastest revenue CAGR over the forecast period, attributed to presence of a large consumer base and rising cocktail culture in countries such as Australia and China. In addition, rising disposable income of middle-class people in the region is driving market growth.
In March 2021, Ghost Tequila, a provider of spicy tequila products, made an announcement about entering into a distribution contract with Republic National Distributing Company for efficient distribution of its products to reach out to new consumers.
For the purpose of this report, Reports and Data has segmented the tequila market based on product type, grade, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
Grade Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
Regional Outlook (Revenue, USD Million; 2018-2028)
Middle East & Africa
Key Advantages of Tequila Report:
Identification and analysis of the market size and competition
Qualitative and quantitative analysis of the market data
Data validated by industry experts after extensive primary and secondary research
Extensive regional analysis of the Tequila industry
Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
Feasibility analysis and investment analysis to enable strategic investment decisions
Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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