Tequila Market Size, Outlook And Industry Analysis Report 2024 To 2033

The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Tequila Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $21.79 billion In 2028 At A CAGR Of 11.1% :

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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Tequila Market Major Segments
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

Key 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.

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Prominent Trend - Diageo Elevates Tequila Market Presence With Astral Tequila Relaunch

Product innovation is a key trend gaining popularity in the tequila market. Major companies operating in the tequila market are focused on developing innovative products to strengthen their position in the market. For instance, in April 2022, Diageo, a UK-based multinational alcoholic beverage company, launched Astral Tequila in the US, a premium tequila made from 100% blue Weber agave. Diageo is now reintroducing the product with beautiful and timeless new packaging, a fresh and distinctive recipe made in a new distillery that results in a new liquid, and new marketing initiatives.

Tequila Market Players
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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Largest And Fastest Growing Region In The Market
North America was the dominated region in the tequila market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global tequila market during the forecast period. The regions covered in the tequila market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Tequila Market Report Structure
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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