Dublin, June 28, 2023 (GLOBE NEWSWIRE) -- The "Global Tequila Market Overview, 2023-28" report has been added to ResearchAndMarkets.com's offering.
Global Tequila Market Overview, 2023-28 the market is anticipated to cross USD 20.40 Billion market size by 2028, increasing from USD 14.40 Billion in 2022. The market is projected to grow with 6.10% CAGR by 2023-28.
Tequila has gained popularity beyond its traditional markets, driven by increased consumer awareness, changing taste preferences, and improved availability. The demand for tequila is rising in regions such as North America, Europe, and Asia-Pacific. Governments, notably the Mexican government, have an importance in controlling tequila production, labelling, and export.
The Tequila Regulatory Council (CRT) in Mexico is in charge of ensuring that the severe rules and regulations regulating tequila manufacture are followed. This involves ensuring that real agave is used, checking quality, and safeguarding the tequila designation of origin. Tequila producers participate in international trade shows and expos to showcase their products and connect with buyers and distributors from around the world.
Events like Vinexpo, ProWein, and Bar Convent are platforms where tequila brands can network, explore new markets, and build business relationships. To commemorate and promote tequila, several tequila festivals and tasting events are held across the world. These events provide tequila manufacturers a chance to display their goods, educate consumers about tequila production and culture, and offer sampling experiences.
Tequila and Mezcal Fest in London, Tequila & Agave Experience in Mexico, and Tequila Fest in the United States are a few examples. Tequila firms are broadening their reach through strong marketing campaigns and strategic alliances with distributors and retailers. Tequila's global development has been aided by efforts to educate customers about its history, production processes, and different flavors characteristics.
North America, primarily Mexico, is the global leader in the tequila sector. Mexico is the origin of tequila and has a long heritage and competence in the manufacturing of tequila. Outside of Mexico, the United States is the greatest importer and consumer of tequila. Tequila demand has been continuously expanding, with a special emphasis on premium and artisanal brands.
Germany is one of Europe's major tequila users. With a rising interest in high-quality tequilas and premium brands, the industry has been developing. Tequila consumption has increased in the United Kingdom, with a particular emphasis on premium and super-premium tequilas. While Spain has historically preferred other spirits, tequila usage has increased in recent years.
The popularity of cocktails and the emergence of premium tequila brands are driving the industry. Tequila consumption in China is increasing, mainly to increased interest in Western spirits and the popularity of cocktails. The popularity of Mexican food in Japan has increased the availability of tequila in bars and restaurants, which has helped to the market's rise.
Brazil's tequila industry is expanding, with rising demand for high-quality tequilas. The popularity of tequila-based drinks, as well as the launch of premium brands, are driving the industry. In comparison to other locations, the Middle East has a minor tequila market.
However, there is a growing consumer interest in tequila, notably in nations such as the United Arab Emirates and Saudi Arabia. Tequila usage in Africa is modest in comparison to other areas. However, as tequila and cocktails gain popularity across the world, there is potential for rising demand in particular African countries.
Competitive Landscape
- Diageo plc
- The Edrington Group Ltd.
- Davide Campari-Milano N.V.
- Bacardi Limited
- Brown-Forman Corporation
- Pernod Ricard SA
- Suntory Holdings Limited
- Constellation Brands, Inc.
- Sazerac Company, Inc.
- Lucas Bols N.V.
Aspects covered in this report
- Global Tequila market with its value and forecast along with its segments
- Region-wise Tequila market analysis
- Various drivers and challenges
- On-going trends and developments
- Top profiled companies
- Strategic recommendation
Considered in this report
- Geography: Global
- Historic year: 2017
- Base year: 2022
- Estimated year: 2023
- Forecast year: 2028
By Type
- Blanco
- Reposado
- Anejo
- Others
By Grade
- Value
- Premium
- High - End Premium
- Super Premium
By Distribution Channel
- Off-Trade
- On-Trade
By off-trade Distribution Channel
- Supermarkets and Hypermarkets
- Discount Stores
- Online Stores
- Others
By On-trade Distribution Channel
- Restaurants and Bars
- Liquor Stores
- Others
For more information about this report visit https://www.researchandmarkets.com/r/53ufej
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
