USD 275.69 million
Report ID: SQMIG30C2075 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 62 | Figures: 63
Global Mezcal Market size was valued at USD 275.69 million in 2021 and is poised to grow from USD 338 million in 2022 to USD 2115.07 million by 2030, growing at a CAGR of 22.6% in the forecast period (2023-2030).
Several maguey plants are used to make mezcal, a distilled alcoholic beverage. Mezcal typically imparts a smoky flavour to beverages. Additionally, it's frequently used with tequila to make smokey variations on traditional drinks like the Mezcal Margarita or Mezcal Paloma. Mezcal, a tequila made from the agave plant, has shown a considerable increase in demand over the last few years and is anticipated to continue doing so over the projection period. The vast global millennial consumer base is motivating suppliers to increase their regional reach, which is supporting the expansion of the mezcal market. Due to the wide range of flavours offered, consumers are choosing mezcal over other tequila alternatives.
Furthermore, distillers all around the world have been experimenting with various agave varieties, and some have implemented novel techniques. The strong growth of the mezcal market is expected to continue as governments implement favorable reimbursement policies, creating a favorable environment for growth globally.
US Mezcal Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 275.69 million
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The global mezcal market has been segmented based on age, distribution channel, and region. By type, the market is segmented into Joven, Reposado, and Añejo. Based on the Distribution Channel is classified as store-based and non-store-based. Based on region, the mezcal market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Mezcal Market Analysis by Age
In 2021, Mezcal Joven led the Global Mezcal Market, holding XX% of the overall market share. Young mezcal, also referred to as joven, is unmatured mezcal. Joven is the most popular beverage, followed by Reposado, which tastes a lot like tequila. Because it can be consumed immediately or after less than two months of maturation, mezcal Joven is less expensive than other varieties. Citrus, green apple, and white pepper are just a few of the flavours available. Cocktails frequently contain mezcal joven to impart the sacramental sweetness of agave. However, it is also grown and distilled in Oaxaca. Joven's heart is mostly produced in a traditional Palenque in Mazatlan (Mexico). Due to its more unique and crisper flavour than other mezcal varietals, the drink starts with a delicate and sparkling nose of wood smoke and savoury herbs, followed by citrus, crisp, acidic fruit, and a peppery tongue.
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Mezcal is very well-liked in Mexico, North America has dominated the global Mezcal market and is expected to rise rapidly. Mexico's national spirit is mezcal. It is anticipated that the market in the region will expand as a result of mezcal's rising popularity in the United States and Canada. It is anticipated that the increased advertising of mezcal and its expanding celebrity status will have a favourable impact on regional demand. For instance, Bryan Cranston and Aaron Paul, two actors from the United States, debuted the mezcal brand Dos Hombres. Consumer demand has increased as a result of the launch. Due to the growing trend of consuming premium craft beverages, Europe is predicted to experience strong development.
Companies are being encouraged to broaden their regional reach by the rising number of millennial consumers in the area. For instance, to diversify its product offering in Europe and other markets, the British multinational alcoholic beverage firm Diageo purchased the Mexican mezcal brand, Pierde Almas. Due to the very diversified consumption patterns, Asia Pacific is anticipated to experience strong development. The rising demand for premium alcohol is another factor contributing to the expansion of the mezcal market in the area. Shortly, a greater consumer base is anticipated for mezcal due to the availability of a wide range of flavours in comparison to other alcoholic beverages. The region is anticipated to increase as a result of the increasing number of pubs and liquor stores.
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Mezcal Market Driver
Mezcal Market Restraint
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To exploit the luxury spirits market and expand their product variety, major firms are spending money to buy tiny players in the mezcal sector. To meet the expectations of the consumer by providing a diversity of tastes and product quality to sustain premiumization, key companies are heavily concentrating on product development and product innovation. Mergers and acquisitions are crucial strategies for several of the big competitors. For instance, Minnesota Municipal Liquor has partnered with Patrón, El Tosoro, and Herradura to create its own single-barrel offerings to differentiate itself from other retailers. "It's popular with bourbons," Agnes says of the trend, but tequilas are also starting to offer single barrel selections. To communicate their exclusivity, each barrel is labelled "Hand Picked for Minnesota Municipal Liquor."
Mezcal Market Top Player's Company Profiles
Mezcal Market Recent Development
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, by product type, the Joven dominated the global Mezcal market in 2021 and is anticipated to maintain its dominance throughout the forecast period. In 2021, North America dominated the globe. The Mezcal market owing to the region's high population of people buying behaviour towards Mezcal.
|Market size value in 2021||USD 275.69 million|
|Market size value in 2030||USD 338 million|
|Forecast Unit (Value)||USD Million|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Mezcal Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Mezcal Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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