The global tequila market size was USD 9.87 Billion in 2021 and is expected to register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data.
Tequila demand is significantly increased by cocktail culture. The younger generation’s growing preference for high-end cocktails over binge drinking is propelling industry expansion. Growth in market revenue is being driven by rapid urbanisation and rising disposable incomes in developing countries.
Tequila’s expanding market revenue growth is a result of the producers’ increased product development advances. Spirits are becoming more and more popular among drinkers throughout the world, which has increased demand for fresh and unusual tequila cocktails with distinctive flavours and fuelled market revenue growth. The top players on the market offer a variety of flavours, including floral, turmeric, pumpkin, jalapeno, and black pepper. To accommodate a range of consumer preferences, they also do research on novel flavours. In the next years, the premiumization trend is anticipated to increase demand for creative tequila drinks.
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Companies profiled in the market report 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.
Some Key Highlights from the Report
- The global tequila market has been divided into segments based on product type, including blanco, reposado, aejo, and others. By product type, Blanco segment’s revenue share was highest in 2020. Blanco tequila is made entirely from agave. The health advantages of blanco tequilas are thought to be the best of all product varieties. A freshly distilled alcohol with agave flavour is blanco tequila. The significant market revenue share of this sector is due to the widespread use of Blanco versions in numerous cocktails, including Paloma and Margarita.
- Due to rising tequila consumption in nations including the US, Canada, and Mexico, North America’s market provided the greatest revenue share in 2020. High market growth is also being fueled by the presence of top tequila manufacturers and rising demand for their products at corporate events. Due to its larger consumer base and developing cocktail culture, countries like Australia and China are likely to experience the quickest revenue CAGR in the Asia Pacific market throughout the forecast period. Additionally, a surge in the region’s middle class’s discretionary income is fueling market expansion.
- For the purpose of this report, Reports and Data has segmented the global tequila industry into Product Type Outlook, Grade Outlook, Application Outlook, Distribution Channel Outlook, Regional Outlook:
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Product Type Outlook (Revenue, USD Billion; 2019-2030)
Grade Outlook (Revenue, USD Billion; 2019-2030)
- High-end Premium
- Super Premium
Application Outlook (Revenue, USD Billion; 2019-2030)
- Corporate Hospitality
- Family Dinner
Distribution Channel Outlook (Revenue, USD Billion; 2019-2030)
- On-trade Sales
- Off-trade Sales
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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