The Global Tequila Market to Expand at CAGR of 4.71% by 2028

Triton Market Research presents the Global Tequila Market segmented by Distributors (Online Retailing, Supermarkets & Hypermarkets, Liquor Specialist Stores, Other Distributors), Product (Super Premium, Value, High-End Premium, Premium), and by Geography (North America, Europe, Asia-Pacific, Latin America, Middle East and Africa). The report further discusses the Market Summary, Industry Outlook, Impact of COVID-19, Key Insights, Porter's Five Forces Analysis, Market Attractiveness Index, Vendor Scorecard, Key Market Strategies, Drivers, Challenges, Opportunities, Competitive Landscape, Research Methodology & Scope, Global Market Size, Forecasts & Analysis (2021-2028).

Triton's report estimates the global tequila market to grow at a CAGR of 4.71% over the forecast period of 2021-2028.

Tequila is a spirit drink produced from blue agave plants found in Mexico. The rising demand for tequila, specifically premium tequila, supports the overall market.

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With the rise in the beverage industry, there is a growing trend of tequila startups, especially in the US and Mexico. In addition, several celebrities have introduced their tequila startups. For instance, in 2020, Elon Musk launched Tesla Tequila, a premium tequila produced from sustainably sourced high and low land agaves. Hence, the growing number of tequila startups creates new opportunities for the tequila market globally. However, the over-dependency on the US and Mexico and rising raw material costs restrict the market's development.

Globally, the Asia-Pacific is likely to emerge as the fastest-growing in the tequila market. This growth can be attributed to the high population base, creating immense opportunities for the market vendors. Along with this, the rise in disposable income, changes in lifestyle, and rising adoption of western culture support the demand for tequila. Therefore, all these factors are supplementing the progression of the tequila market in the APAC region.

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The prominent companies in the tequila market are E and J Gallo Winery Inc, Brown Forman Corporation, Jose Cuervo, Asahi Group Holdings Ltd, Diageo Plc, Anheuser Busch Inbev, Constellation Brands, Sazerac Company Inc, Bacardi and Co Ltd, Beam Suntory Inc, La Martiniquaise, Pernod Ricard SA, Tequila Centinela, and Luxco Inc.

Several established players, such as Diageo Plc and Constellation Brands, are dominating the tequila market. It is essential for new players to invest heavily in R&D. Moreover, high investment is necessary for manufacturing plants to expand product portfolio, catering to global demand. This has led major companies to enter into joint ventures to launch new flavors. For instance, Anheuser Bush InBev introduced seltzer-based tequila products, named Cacti, in a joint venture with Travis Scott. Hence, these factors indicated the threat of new entreated to range from low to moderate, while the competition among current players is likely to be high.

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