Rockville, Aug. 17, 2023 (GLOBE NEWSWIRE) -- According to a newly published research by Fact.MR, a market research and competitive intelligence provider, worldwide sales of mezcal are estimated at US$ 386.5 million in 2023. The global Mezcal Market is forecasted to advance at a stellar CAGR of 14.1% from 2023 to 2033. High demand for different types of premium alcoholic beverages across geographies is leading to the rising consumption of mezcal.
Evolving dietary patterns are leading to the growing demand for various premium craft beverages. The rising trend of consuming super-premium and high-end liquors, especially among millennials is boosting sales of mezcal. Increasing incidences of product innovations are also drawing various consumers to opt for more expensive liquors. Some prominent companies are grabbing opportunities and developing new beverages to capitalize on these trends.
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For instance,
- In March 2020, Bacardi-owned brand of scotch whiskey Dewar announced the launch of IIegal Smooth of Dewar. This newly produced drink is blended scotch whiskey in multiple mezcal casks of smooth and pleasant blend with a smoke wisp.
Key Takeaways from Market Study
- The global mezcal market is valued at US$ 386.50 million in 2023.
- Worldwide demand for mezcal is projected to accelerate at a CAGR of 14.1% through 2033.
- The market is expected to reach a valuation of US$ 1.45 billion by the end of 2033.
- Tequila accounts for 56.1% share of market revenue in 2023.
- The hotels/restaurants/cafes (HoReCa) segment contributes 61.1% share of the market in 2023.
- The United States holds 45.1% share of the North American market in 2023.
“More consumers are now attracted towards quality instead of quantity due to the rising premiumization trend, which is predicted to fuel the demand for premium beverages, including mezcal,” says a Fact.MR analyst.
Booming Demand for 100% Tequila-based Mezcal Gin with Natural Ingredients
Demand for 100% tequila-based beverages is estimated to generate a 56.1% revenue share in the industry. Manufacturers are concentrating on using natural ingredients instead of traditional ingredients to support growth. Mezcal is gaining traction among millennials due to the rising demand for different types of premium drinks manufactured with ethical sourcing.
Innovations and technological advancements in mezcal products are leading to potential opportunities for sustainable production. Various businesses are strengthening their supply chains for stable growth.
Decoding the Significance of the United States as a Mezcal Hub in North America
"Unveiling the Surge of Advanced Manufacturing Facilities by Tequila Producers"
The allure of mezcal, a renowned spirit with deep cultural roots, is captivating the United States with a force that promises transformative growth over the coming decade. What positions the United States as an indispensable market for mezcal in North America? The answer lies in a strategic evolution driven by the establishment of advanced manufacturing facilities by prominent tequila producers.
The landscape of mezcal is undergoing a profound shift in the United States, propelled by a demand trajectory that projects significant expansion. In this unfolding narrative, the United States claims a considerable share of the regional revenue, contributing to a substantial 45.1% in 2023.
A unique facet amplifying the United States' prominence is the discerning preference of American consumers for premium mezcal brands. Amid a plethora of options, premium brands hold sway, capturing the palates of enthusiasts who seek an elevated and nuanced mezcal experience. This consumer inclination has not gone unnoticed by key players within the market. Recognizing the untapped potential, industry giants are strategically channeling investments into the establishment of advanced manufacturing facilities. This forward-thinking approach paves the way for scaling production, meeting surging demand, and crafting premium mezcal expressions that resonate with the American audience.
The rise in demand for tequila, particularly among the millennial and Gen Z demographics, is further accentuating the United States' role as a critical mezcal market. As these cohorts embrace the nuances of mezcal, exploring its distinct flavors and cultural significance, the market experiences a steady expansion. This engagement is cultivating a community of mezcal enthusiasts, positioning the United States as a hub for both consumption and appreciation.
Winning Strategy
Key market players are investing in product launches to enrich their product portfolio and thus generate new leads and maintain an existing consumer base.
For instance,
- In August 2019, Xiaman Mezcal launched artisanal (according to specific rules and traditions) in the market of Mexico. This newly launched product was manufactured by using two different varieties of agave, including Wild Tepextate & Espadin.
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Key Market Players
Market players are concentrating on investments in strengthening their systems adopted for supply chain management, maintaining product standards, ensuring quality control, and others.
Prominent companies are concentrating on mergers & acquisitions, new product developments, etc., to expand their portfolio while strengthening their position across regions.
For instance:
- Sydney Block is a trader from Wall Street. In July 2022, Sydney launched Catedral Mezcal Artesanal with her father, Jeff. With a major in environmental economics, Sydney prepares mezcal products with sustainable practices by hand instead of machines.
- Codigo 1530 is a popular independent brand of tequila. In June 2022, the company introduced two mezcal products. It entered into a collaboration with a prominent mezcal master to manufacture mezcal.
Leading manufacturers of mezcal include Bacardi Limited, Craft Distiller, Familia Camarena Tequila, Destileria Tlacolula, Don Julio, Diageo Plc., S.A.de., Fidencio Mezcal, and EL Silencio Holdings INC.
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the mezcal market, presenting historical demand data (2018 to 2022) and forecast statistics for the period (2023 to 2033).
The study divulges essential insights into the market based on product type (joven, anejo, reposado), sales channel (specialty stores, online retailers, hotels/restaurants/cafes (HoReCa), modern trade), and concentrate (100% tequila, mixed tequila), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).
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