Global Tequila Market to Reach a Value of USD 14.89 billion by 2028

According to the latest research by SkyQuest Technology, the global tequila market was valued at USD 9.89 billion in 2021, and it is expected to reach USD 14.89 billion by 2028, with a CAGR of 5.89% during the forecast period of 2022 - 2028. The research provides up-to-date tequila market analysis of the current market landscape, latest trends, drivers, and overall market environment.

Since the Middle Ages, people have continuously worked to create these drinks using a variety of fruits and a natural fermentation process. Whether it be the Greeks or the Turks, they have all perfected their unique method. Tequila was also discovered as a result of such an endeavor from a far less well-known civilization in South America.

In the lowlands of Mexico, an Aztec civilization first fermented it as a treasured beverage. It is manufactured from agave plant sap, which is mostly only found in the dry, arid parts of Mexico. The alcohol content of the beverage ranges from 50% to 70%. Consumer demand for tequila has increased, which will boost the market's expansion. Throughout the projected period, the market will rise. Various societies have seen an increase in the popularity of cocktails. The cocktail culture has been fueled by people's improving economic circumstances. Tequila has become more popular in home-hosted events as well as pubs and restaurants due to its popularity in cocktails. Another trend that has been noticed is a market shift away from binge drinking and toward more sophisticated beverages like tequila, particularly among younger people.

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Moreover, tequila consumption has become gender-neutral in the twenty-first century due to changes in attitude and a wider range of human thought. The demand for hand-crafted tequila has increased in nations like the US.

Improvements in infrastructure worldwide and personal economic growth are a few such examples, which are contributing to the tequila market growth.

Read market research report, " global tequila market has been segmented based on type, grade, and region. Based on vehicle type, the market is segmented into blanco, reposado, anejo, and others. Based on the grade, the market is segmented into value, premium, high-end premium, and super-premium, and by region" -Forecast and Analysis 2022-2028" by SkyQuest

One of the key factors boosting demand for distilled spirits made from blue agave plants is the increasing acclaim that various artisanal spirits are receiving from consumers all over the world. For a distinctive taste, consumers around the world seek fresh and delectable exotic drinks resulting in the rise of the tequila market. Important producers like Patron Spirits flavors from abroad, including flowery, black pepper, turmeric, and pumpkin draw customers and discover new flavors, the United States' Distilled Spirits Council In the United States (DISCUS), the spirit sector expanded quickly in 2021, with eateries that recently reopened having an increase in sales with 41.3 percent of the alcoholic beverages market U.S. Tequila sales increased by 30.1 percent in 2021, which was the main factor driving the market.

Despite the coronavirus pandemic's breakout, the handmade spirits market did well throughout important consumer nations like the United States, India, and Vietnam. The outbreak has bolstered the market for premium spirits with unique flavors, and businesses. New products in the market are starting to be released, catering to clients who wish to share these drinks with their loved ones. By way of illustration, Casa introduced strawberry tequila as a new taste to its Aceves brand Rock N Roll award-winning spirits lineup. The distinctive flavor will be the country's first premium strawberry-flavored tequila.

The tendency of premiumization has emerged in recent years as customers choose quality above quantity. Consumers' preference for sophisticated and high-end beverages consequently increases demand for these goods. International Wine and Spirit Research (IWSR), 2021, predicts that the demand from consumers for high-end sipping spirits and cocktails would cause the premium-and-above spirits category to expand exponentially globally, reaching a volume market share of 13% by 2024.

The premiumization movement is gaining a lot of traction in European nations as customers turn their attention to artisan distilleries and regionally made beverages. Tequila, which is propelling the craft spirits sector in Europe, is one of the new flavors and propositions that these tiny craft distilleries are adding to the spirits.

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Their shifting choices have also been influenced by rising urbanization and middle-class consumers' discretionary income. Therefore, the premium spirits category continues to be driven by new consumption patterns, which also support market expansion. The developed countries are anticipating consumer predilection as spirits consumption has increased recently, especially in developing regions toward alcoholic and nonalcoholic drinks, their growing understanding of the negative impacts so they now choose these low- or no-alcohol drinks because they taste just as good as alcohol, enjoy alcoholic beverages without the negative consequences. Additionally, manufacturers are investigating this market by presenting a variety of alcoholic and low-alcohol beverages, which is likely to reduce the sales effectiveness of the product.

The report published by SkyQuest Technology Consulting provides in-depth qualitative insights, historical data, and verifiable projections about the tequila market revenue. The projections featured in the report have been derived using proven research methodologies and assumptions.

What does this Report Deliver?

Market Estimation for 20+ Countries
Tequila demand by Region, Sub-Region, and Country
Customization on Segments, Regions, and Company Profiles
100+ tables, 150+ Figures
Global, Regional, and Country-specific tequila Market Trends
Comprehensive Mapping of tequila Industry Parameters
Attractive Investment Proposition in the Global tequila Industry
Competitive Strategies Adopted by tequila Market Key Players
Drivers, Restraints, Opportunities, Challenges, and the impact on the tequila Market Size
Market growth rate till 2028
Regulatory scenario, regional dynamics, and tequila market insights of leading countries in each region
In-depth Market insights by Region and Country
Market Segmentation Trend Analysis, Opportunities, and Growth
Porter's five force analysis to know the market's condition
Pricing Analysis and tequila Market Sales
Parent market analysis
Product portfolio benchmarking

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SkyQuest has segmented the Global tequila market based on Type, Grade, and Region:
Global tequila Market by Type (Revenue, USD billion, 2021 - 2028)
Blanco
Reposado
Anejo
Others
Global tequila Market by Grade (Revenue, USD billion, 2021 - 2028)
Value
Premium
High-end Premium
Super-Premium
Global Tequila Market By Region (Revenue, USD billion, 2021 - 2028)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
China
India
Japan
Rest of Asia Pacific
Central & South America
Brazil
Rest of CSA
Middle East & Africa
GCC Countries
South Africa
Rest of MEA

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