Tequila Market Overview 2024-2033 - Share, Size, Insights, Forecast

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2033

The Business Research Company offers in-depth market insights through Tequila Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
The tequila market size has grown rapidly in recent years. It will grow from $12.73 billion in 2023 to $14.32 billion in 2024 at a compound annual growth rate (CAGR) of 12.4%. The growth in the historic period can be attributed to cultural and lifestyle trends, rising popularity of cocktails, premiumization and craft trends, globalization of tequila consumption, marketing and branding strategies.

The tequila market size is expected to see rapid growth in the next few years. It will grow to $21.79 billion in 2028 at a compound annual growth rate (CAGR) of 11.1%. The growth in the forecast period can be attributed to rising millennial and Gen Z consumers, expanding cocktail culture, premiumization and brand diversification, increasing global affinity for Mexican spirits, sustainable and ethical practices. Major trends in the forecast period include exploration of non-agave spirits, globalization and international market growth, innovation in packaging and design, digital marketing and e-commerce growth, cultural and educational initiatives.

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Market Segmentation:
The tequila market covered in this report is segmented -
1) By Type: Blanco, Reposado, Anejo, Other Types
2) By Purity: Premium Tequila, Value Tequila, Premium and Super-Premium Tequila, Ultra-Premium Tequila
3) By Distribution Channel: On-Trade, Off-Trade

Major Driver - Rising Consumer Preference For Agave-Based Spirits Fuels Robust Growth In The Tequila Market
Growing consumers' inclination towards agave-based spirits is expected to propel the growth of the tequila market. A drink termed agave alcohol is brewed from the fermented maguey (agave) plant's sap. It has been manufactured for centuries in central Mexico, where it is traditional. The popularity of agave spirits is growing in the United States as more Americans buy Mexican imports. Even retailers are making changes to make more shelf space available for tequila's growing sales. For instance, in February 2022, according to CNBC, a US-based news channel, sales of agave-based spirits increased by 30.1% year on year to USD 5.2 billion. Therefore, growing consumers' inclination toward agave-based spirits is driving the growth of the tequila market.

Competitive Landscape:
Major companies operating in the tequila market report are Pernod Ricard SA, Christian Dior SE, Suntory Holdings Limited, Asahi Group Holdings Ltd., Diageo plc, Kirin Holdings Co Ltd., El Grado Tequila LLC, Jose Cuervo S.A. de C.V., Dos Lunas Spirits LLC, The Molson Coors Brewing Company, Constellation Brands Inc., Thai Beverage Public Company Limited, Casamigos Spirits Co, Bacardi Limited, Brown-Forman Corporation, Clase Azul Tequila S.A. de C.V., Ambhar Global spirits LLC, Patron Spirits International LLC, Proximo Spirits LLC, Milagro Tequila LLC, Tres Agaves Productos LLC, Tequila Don Julio S.A. de C.V., Tequila Avion LLC, Sauza Tequila S.A. de C.V., Tequila Fortaleza S.A. de C.V., Cazadores Tequila S.A. de C.V., Grupo Industrial Herradura S.A. de C.V., Familia Camarena Tequila S.A. de C.V., Espolon Tequila S.A. de C.V.

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Top Trend - Sustainable Innovation In Tequila Market Are Strategic Partnerships And Smart Packaging Solutions
Major companies operating in the tequila market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the tequila market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in October 2021, Identiv Inc. a US-based provider of physical security and secure identification solutions partnered with OTACA Tequila, a US-based ultra-premium, boutique agave spirits brand made from 100% Blue Weber agave piñas. This collaboration is to enhance smart packaging innovations with near field communication (NFC)-enabled authentication, product provenance and transparency, customer loyalty, and brand recognition. The purpose of the smart packaging solution is to provide brand exposure, consumer loyalty, transparency, and authentication. During the testing, Identiv's tap-and-go NFC technology powered by the highly effective NTAG 210u NFC tags digitized over 5,000 OTACA Tequila bottles.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tequila Market Characteristics
3. Tequila Market Trends And Strategies
4. Tequila Market - Macro Economic Scenario
5. Tequila Market Size And Growth
…..
27. Tequila Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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