The latest report published by IMARC Group, titled “Tequila Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, offers a comprehensive analysis of the industry, which comprises insights on the global tequila market share. The report also includes competitor and regional analysis, and contemporary advancements in the market. The global market size reached US$ 14.7 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.3 Billion by 2028, exhibiting a growth rate (CAGR) of 12.3% during 2023-2028.
Tequila is a distilled alcoholic beverage made primarily from the blue agave plant. Unlike other spirits, the production process of tequila is highly regulated to ensure quality and authenticity. The blue agave plant is harvested and its core is cooked to convert its starches into sugars. This is followed by fermentation, where yeast is added to convert these sugars into alcohol. Distillation typically occurs in two stages, and the resultant liquid may undergo aging in wooden barrels to develop additional flavors and complexity. Characteristics of tequila vary depending on factors such as the age, the type of barrels used for aging, and the specific production methods employed.
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Tequila Market Trends and Drivers:
The increasing appreciation for artisanal spirits and cultural beverages is one of the pivotal factors driving the growth of the tequila market globally. Alongside this, the versatility of tequila, which pairs well with various mixers and is used in a myriad of cocktails, enhances its appeal for both individual consumers and establishments such as bars and restaurants, thereby accelerating market expansion. In addition, advancements in production techniques have given rise to premium and ultra-premium tequilas that focus on quality, craftsmanship, and sustainable farming practices. This evolution is further bolstering market growth. Moreover, a growing emphasis on authentic and unique experiences in the realm of beverages is pushing the demand for high-quality tequila, which aligns with global trends emphasizing provenance and authenticity. The ease of access to tequila through well-established distribution channels, both in physical stores and online, makes it more convenient for consumers to explore a broad array of options, thus fueling market growth.
Additionally, e-commerce platforms specializing in alcoholic beverages have streamlined the procurement process for specialized and premium tequilas, providing a boost to the market. Tequila has also found increasing acceptance in culinary practices, further diversifying its use and bolstering its market standing. The beverage’s inherent characteristics, such as varying flavor profiles based on agave type and production process, allow it to be more than just a cocktail ingredient. This adds another layer of marketability and appeal. Other influential factors, such as heightened consumer awareness about the heritage of what they consume and regulatory labeling, are leading to more informed purchasing decisions.
Key Market Segmentation:
The report has segmented the global tequila market based on product type, purity, price range, distribution channel and region.
Breakup by Product Type:
- Blanco
- Joven
- Mixto Gold
- Reposado
- Anejo
- Extra Anejo
Breakup by Purity:
- 100% Tequila
- 60% Tequila
Breakup by Price Range:
- Premium Tequila
- Value Tequila
- Premium and Super-Premium Tequila
- Ultra-Premium Tequila
Breakup by Distribution Channel:
- Off-Trade
- Supermarkets and Hypermarkets
- Discount Stores
- Online Stores
- Others
- On-Trade
- Restaurants and Bars
- Liquor Stores
- Others
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape With Key Players:
The competitive landscape of the tequila market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Ambhar Tequila
- Bacardi Limited
- Beam Suntory Inc. (Suntory Beverage Food Ltd)
- Brown–Forman
- Diageo Plc
- Dos Lunas
- El Agave Artesanal
- El Grado Tequila
- Jose Cuervo
- Tequila Arette
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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