USD 8.99 billion
Report ID: SQMIG30C2072 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 90 | Figures: 76
Global Tequila Market size was valued at USD 8.99 billion in 2021 and is poised to grow from USD 9.5 billion in 2022 to USD 14.69 billion by 2030, growing at a CAGR of 5.6% in the forecast period (2023-2030).
Tequila is a distilled spirit produced in Mexico by fermenting Weber blue agave plant juices. The blue agave plant distillate is the second-fastest-growing spirit in the category in recent years, according to the International Wine and Spirit Research (IWSR). The soil in and surrounding this region is ideal for growing blue agave. There are more than 399 million plants planted there annually. Depending on the place that it is gathered in, agave for tequila grows in different ways. The blue agave grows larger and has a richer flavour and aroma in the highland region. The flavour and scent of agaves harvested in the lowlands are stronger. Tequila is a word that Mexico claims to be exclusively its. The majority of tequilas are 80 proof, although some distillers will distil to 100 proof before diluting with water to lower the strength. The most reputable manufacturers distil the booze to 80 proof without adding water. Instead of being drunk in shot form with a wedge of lemon, it has evolved into a spirit to be sipped and enjoyed. Spirits are becoming more popular all around the world, which has encouraged international liquor producers to market the beverage's barrel-aged varieties. Additionally, it is anticipated that fresh celebrity endorsements of the spirit would boost demand during the projection period.
The COVID-19 pandemic's effects have been startling and unprecedented on a global scale, with demand for tequila falling short of expectations in every region when compared to levels before the pandemic. According to our data, the global market grew slowly in 2020 compared to 2019, by a rate of 4.54 %.
US Tequila Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 8.99 billion
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Global tequila market has been segmented based on type, grade, distribution channel, and region. Based on type, the global tequila market is segmented into blanco, reposado, anejo, and others. Based on grade, the market is segmented into value, premium, high-end premium, and super-premium. By distribution channel, the market is segmented into Off-Trade and On-Trade. Based on region, the tequila market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Type
Blanco varieties make up the largest portion of the tequila market due to their characteristic agave flavour and earthy, semisweet. Due to its greater availability and nicer taste, it is widely consumed. Holding the largest proportion of the market is a result of the widespread use of blanco variations in numerous cocktails, including margaritas and Palomas.
Variants of reposado and Anejo have seen tremendous growth in recent years as customers have become more aware of the spirit and open to trying new kinds. Reposado and Anejo, in contrast to Blanco, are finished with distinctive honey and smokey flavour by being matured in oak barrels for a month to a year.
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Due to very widespread tequila consumption, North America holds the highest share of the global tequila market. In North America, industries like restaurants, bars, and pubs are expanding rapidly, which could be a driver for the tequila market. Due to the enormous increase in tequila consumption in the region, North America follows Western Europe in the worldwide tequila market. Due to changes in consumer behaviour, the Asia-Pacific region, except Japan, accounts for a disproportionately high volume share of the global tequila market.
Over the forecast period, Eastern Europe and Japan will also hold a sizeable value share of the global tequila market. People in these regions have started to favour tequila over other alcoholic beverages because of the widespread belief that it is more sophisticated and less harmful than other alcoholic beverages.
As alcohol consumption is often restricted in MEA due to the dominance of Islamic culture, the outlook for the expansion of the tequila market is not promising. The tequila market has been thriving in Latin America. Since quality and genuine tequila originates in Mexico, most Latin countries are more likely to have a preference for tequila than other countries. Latin America is experiencing rapid market expansion.
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Due to the presence of significant players, the global tequila market is very competitive. As a way to get an advantage over rivals, players are now concentrating on releasing new products. New tastes have just entered the market and are being introduced as a result of cooperative agreements including mergers and acquisitions, joint ventures, and others. For instance, in April 2021, Bacardi's tequila brand Cazadores in the United States now includes a premix RTD. The 5.9 percent% alcohol by volume (abv) RTDs are available in a fiery margarita, margarita, and Paloma tastes. They are manufactured entirely from blue agave. The firm hopes to provide the consumer with an intelligently designed and contemporary on-the-go experience with the launch.
Top Players in Global Tequila Market
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 robust Secondary Desk research.
According to our global tequila market analysis, by type, Blanco dominated the market in 2021 and is anticipated to maintain its dominance over the forecast period. In 2021, North America dominated the market owing to the region's widespread tequila consumption.
|Market size value in 2021||USD 8.99 billion|
|Market size value in 2030||USD 9.5 billion|
|Forecast Unit (Value)||USD Billion|
|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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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Tequila 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 Tequila 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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