New York, USA, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Tequila Market Overview
Market Research Future (MRFR) 's report highlights “Tequila Market Research Report Information Type, Grade, Distribution Channel, And Region – Market Forecast Till 2032”, the market value will escalate from USD 18.4 Billion by 2032 , 6.90% CAGR during the review period (2023-2032).
The global tequila market is likely to grow rapidly due to rising disposable income levels and shifting consumer choices and lifestyles. The rising demand for premium spirits would drive the tequila market growth.
Growing consumer interest in new & exotic flavors and the vast expansion of distribution channels are key factors contributing to the tequila market revenues. Millennials, with significant spending power, are the largest consumers of tequila. Additionally, the growing demand for super-premium drinks & crafted beverages, expanding consumer access & choices, reformed alcohol regulations & restrictions on hospitality taxes, and the development of "cocktail culture" substantiate the market size.
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The Covid-19 outbreak impacted the market with the global shutdown of numerous hotels, eateries, and liquor stores, constraining tequila sales. The tequila business also saw a major decline due to a 65% decrease in global tourist spending and exports. However, post-pandemic, the tequila industry recovered much more quickly and is expected to reach its pre-Covid level.
Report Scope:
| Report Attribute | Details |
| Market Size 2032 | USD 18.4 Billion |
| CAGR | 6.90%% (2023 to 2032) |
| Base Year | 2022 |
| Forecast Period | 2023–2032 |
| Historical Data | 2020, 2021 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, Grade, Distribution Channel, And Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Increased celebrity endorsements and marketing |
Competitive Landscape
- 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 (Mexico)
- Constellation Brands, Inc. (U.S.)
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For instance, On Aug. 01, 2023, Ole Smoky Distillery, a leading spirits company, announced its merger with Tanteo Spirits, LLC, a leading ultra-premium tequila company, to enter the fast-growing tequila market, as it aims to diversify its portfolio across other high-growth spirits categories. The addition of Tanteo to the company's portfolio further exemplifies its quality and reputation while allowing it to leverage its sources to introduce the Tanteo brand to even more consumers nationwide.
Prominent players in the global tequila market research include Pernod Ricard S A (France), Diageo Plc (UK), Suntory Holdings Limited (Japan), Bacardi Limited (Bermuda), Heaven Hill Distilleries, Inc. (US), Campari Group (Italy), Sazerac Company Inc. (US), Brown-Forman Corporation (US), Casa Aceves (Mexico), Constellation Brands, Inc. (US), and others.
Industry Trends
The primary drivers of the global market's expansion are the rising accessibility and demand for premium liquors. The tremendous demand for premium and super-premium tequila in developing and developed nations is the main driver of the global market. A significant increase in per capita income worldwide has increased market demand. With the growing demand, retailers are increasingly stocking expensive tequila variants.
The rising competition among tequila manufacturers hampers the growth of the market. Moreover, the growing popularity of other alcoholic beverages like mezcal, vodka, and wine affects tequila sales. Also, American bourbon and Irish whiskey are the fastest-growing spirit categories globally. Rising demand for Irish whisky and American bourbon is anticipated to impede market growth.
Segments
The global tequila market report is segmented into product types, grades, distribution channels, and regions. The tequila type segment is sub-segmented into Blanco, Reposado, Anejo, and others. Of these, Blanco accounts for the largest share, contributing to the tequila market revenue. Blanco, also known as silver tequila, is the clear and purest form, as it is bottled directly after being distilled.
The growing popularity of Blanco tequila's earthy, semi-sweet, and distinctive agave flavors boosts the segment's growth. Besides, the growing preference for blanco tequila variants in cocktails & mocktails like margaritas, Paloma, and light, citrusy drinks substantiate the segment's market share. Also, the smoother taste and wide availability of blanco tequila variants contribute to its widespread consumption.
The grade type segment is sub-segmented into value, premium, high-end premium, and super premium. Of these, premium tequila is the largest segment in the market. Consumers seek high-quality spirits with a unique sensory appeal, mouthfeel, and texture. Besides, the growing demand for premium tequila from younger consumers and millennials for the excellent drinking experience the variant offers drives the market demand.
The distribution channel segment is sub-segmented into on-trade and off-trade. On-trade, which includes on-premises consumption in licensed establishments such as bars & nightclubs and, restaurants & hotels, is the largest distribution channel. The on-trade sales channel is the largest revenue-generating segment in the tequila market. By regions, the tequila market is segmented into North America, Europe, Asia-Pacific, and the rest of the world.
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Regional Analysis
Globally, North America is a leading market for tequila, witnessing premiumization tendencies, new consumer inclinations toward unique brands, and the availability of diversified product lines. Besides, the rising interest among Americans in premium liquors and widespread drinking tendencies drive the tequila market growth. The rising demand for spirits in on-trade channels, such as full-service restaurants and cafés/bars, boosts the tequila market size.
The tequila market in Asia-Pacific experiences the fastest growth rate. Moreover, the rapid economic growth and urbanization in emerging economies, such as Japan, China, and India, boost the tequila market sales. Growing socialization & weekend partying trends among youngsters and shifting consumer preferences for exotic alcoholic beverages escalate the tequila market value.
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