WASHINGTON, Aug. 24, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Tequila Market finds that the increasing consumer interest in exotic and new flavors is accelerating the market's growth. In addition, the significant increase in the popularity of cocktail culture both in and out of the house and the introduction of variations made from natural ingredients by top market players are likely to expand the Global Tequila Market growth during the forecast period.
The Global Tequila Market revenue is expected to reach a value USD 13.5 Billion in 2028.
The Global Market revenue was valued at USD 9.7 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 5.70% during the forecast period; states Vantage Market Research, in a report, titled “Tequila Market Size, Share & Trends Analysis Report by Type (Blanco, Reposado, Anejo, Other Types), by Grade (Value, Premium, High-End Premium, Super Premium), by Distribution Channel (On-Trade, Off-Trade), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
Key Industry Findings & Insights from the report:
- The global Tequila Market was valued USD 9.7 Billion in 2021 and is all set to surpass USD 13.5 Billion by 2028, exhibiting a CAGR of 5.70% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Tequila industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Increase in Demand for Premium Spirits to Drive the Market Growth
Premiumization is becoming a trend as customers prefer quality over quantity, and customers are turning towards fine and premium quality beverages, consequently generating a high demand for these products. Moreover, the preference for premiumization is increasing broadly in the European nation because of the customers shifting focus towards craft distilleries and locally produced drinks & beverages. These small craft distilleries also provide new flavors to the spirits, as a result of boosting the global Tequila Market expansion during the forecast period. Besides, the growing urbanization and the disposable income of middle-class customers have influenced their change in choices. Therefore, the new consumption habit is expected to propel the premium spirits, enhancing the Tequila Market development.
Rising Attention of Customers for New & Interesting Flavors to Stimulate Market Augmentation
A factor driving the demand for blue agave plant-based distilled spirits is the increasing popularity of several artisanal spirits among customers worldwide. Customers across the globe demand fresh and flavorful exotic drinks for a unique taste, which, in turn, is helping the global Tequila Market sales to grow in terms of revenue. Significant companies are introducing flavors such as turmeric, floral, black pepper, and pumpkin to draw consumers and explore fresh & new flavors. Also, the market players driving in this industry are starting new products that will allow the consumers to enjoy flavored drinks. As a result, the growing interest in fresh and new exotic flavors will drive the future growth of the Tequila Market.
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Segment Analysis:
- Type
- Blanco
- Reposado
- Anejo
- Other Types
- Grade
- Value
- Premium
- High-End Premium
- Super Premium
- Distribution Channel
- On-Trade
- Off-Trade
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Tequila Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominated the Global Tequila Market
In terms of region, North America dominated the Global Tequila Market and accounted for a significant market share in 2021. This is because of the growth in the popularity of agave-based spirits in Americans and Mexicans. In addition, there is a rise in demand for handcrafted Tequila Market in the United States region. Moreover, the increasing demand for Tequila Market in several business sectors together with bars, pubs, and restaurants is fuelling the regional market growth seeing consumption augmented in the region. For example, Casa Aceves brand Rock N Roll announced the new & fresh flavor, strawberry Tequila Market, to its line-up of award-winning spirits. This unique flavor will be the first premium strawberry-flavored Tequila Market released in the United States.
List of Prominent Players in Tequila Market:
- Pernod Ricard S.A. (France)
- Diageo PLC (U.K.)
- Bacardi Limited (Bermuda)
- Suntory Holdings Limited (Japan)
- Heaven Hill Distilleries Inc. (U.S.)
- Campari Group (Italy)
- Sazerac Company Inc. (U.S.)
- Brown-Forman Corporation (U.S.)
- Casa Aceves (México)
- Constellation Brands Inc. (U.S.)
Browse market data Tables and Figures spread through 142 Pages and in-depth TOC on "Tequila Market Size, Share & Trends Analysis Report by Type (Blanco, Reposado, Anejo, Other Types), by Grade (Value, Premium, High-End Premium, Super Premium), by Distribution Channel (On-Trade, Off-Trade), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
July 2022: The Suntory Group, a global leader in consumer-packaged goods, producing and distributing a uniquely diverse collection of beverages, beer & wine, and premium spirits worldwide, established a new domestic liquor company to promote integrated management of the entire domestic liquor business in response to changes in the alcohol consumption trends.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Tequila Market for the base year and forecast period?
This market titled “Tequila Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
|
| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
Customization of the Report:
The report can be customized as per client needs or requirements. For any queries, you can contact us on sales@vantagemarketresearch.com or +1 (202) 380-9727. Our sales executives will be happy to understand your needs and provide you with the most suitable reports.
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