Product Innovations to be a Key Driver Facilitating the Global Tequila Market Growth

According to the estimations put forth by Inkwood Research, the Global Tequila Market is projected to develop with a CAGR of 4.32% in terms of revenue during the forecasting years of 2021-2028.

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Tequila is produced from the blue agave plant grown in Mexico. Agave can be cultivated only in Jalisco, Tamaulipas, Michoacán, Nayarit, and Guanajuato. However, blue agave is found only in the Jalisco state of Mexico, used to make 100% tequila. Tequila is classified into two main categories, including Mixted (Mixto) as well as 100% de agave. In addition, the drink observes renewed application, particularly as a spirit that can hold its own during premium occasions and events.

Product Innovations to Fuel Market Growth
The demand for tequila is boosted through the introduction of new flavors by leading players in order to cater to consumers' altering taste preferences. Customers also demand exotic and innovative flavors in their drinks. As a result, companies respond by adding a fresh range of flavors into their product lines. For instance, Dulce Vida Spirits added a new line of flavored tequilas into its product portfolio, in addition to two new flavors, namely, lime and grapefruit.
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Super-Premium is the Fastest-Growing Type
Super-premium tequila constitutes 100% agave and only utilizes high-quality ingredients. The drink is packaged in high-quality materials and is priced at more than $40 per liter. Moreover, the demand for super-premium tequila continues to observe a growing trend. The popular brands within the super-premium segment include DeLeón Diamante, Patrida Eleganate Extra Añejo, Patrón Silver, Casamigos, Peligroso, Jose Cuervo, and others.

North America to Dominate the Global Market by 2028
As the first distilled drink in North America as well as its first commercially-produced alcohol, tequila is highly popular in the region. The alcoholic beverage is classified under one of the fastest-growing spirit categories, with growth projections expected to develop substantially, given its minimal penetration across the world. Besides, approximately 90% of tequila produced is predominantly consumed in North America. Several celebrities have also launched tequila brands in Canada and the United States. Furthermore, Canada's increased alcohol consumption is accredited to deregulation and the weakening alcohol laws across the country. However, the region's market growth is likely to be restrained due to the overdependence on the United States and the elevating raw materials prices.
Companies with undifferentiated products and more extensive product portfolios result in high competition across the global market. While firms spend millions of dollars on augmenting their facilities, the increased investments in the research and development (R&D) department further heighten the overall competition.
Key operating in the market are Jose Cuervo (Becle SAB De CV), Brown-Forman Corporation, Bacardi & Co Ltd, etc.

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