Tequila Market Size, Share, Growth, Trend, 2032

𝐌𝐚𝐫𝐤𝐞𝐭 𝐎𝐯𝐞𝐫𝐯𝐢𝐞𝐰:
The global tequila market size was valued at USD 11.04 billion in 2023 and is projected to grow from USD 11.69 billion in 2024 to USD 18.58 billion by 2032, exhibiting a CAGR of 5.97% during the forecast period. Tequila is a distilled spirit from Mexico made from the juices of the Weber blue agave plant. According to the International Wine and Spirit Research (IWSR), blue agave plant distilled beverage has been the category's second-fastest-growing spirit in recent years, says Fortune Business InsightsTM in its report titled, "Tequila Market, 2024-2032".

𝐆𝐞𝐭 𝐀 𝐅𝐫𝐞𝐞 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐏𝐃𝐅: https://www.fortunebusinessinsights.com/enquiry/sample/tequila-market-104172

𝐋𝐢𝐬𝐭 𝐨𝐟 𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:
● Pernod Ricard S.A. (France)
● Diageo Plc (U.K.)
● Bacardi Limited (Bermuda)
● Suntory Holdings Limited (Japan)
● Heaven Hill Distilleries, Inc. (U.S.)
● Campari Group (Italy)
● Sazerac Company Inc. (U.S.)
● Brown-Forman Corporation (U.S.)
● Casa Aceves (México)
● Constellation Brands, Inc. (U.S.)

𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧:
𝐁𝐲 𝐓𝐲𝐩𝐞, 𝐁𝐥𝐚𝐧𝐜𝐨 𝐭𝐨 𝐀𝐜𝐜𝐨𝐮𝐧𝐭 𝐟𝐨𝐫 𝐌𝐚𝐣𝐨𝐫 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐡𝐚𝐫𝐞
On the basis of type, the market is divided into blanco, reposado, anejo, and others. Blanco variants account for a sizable portion due to their earthy, semi-sweet, distinct agave flavor. Its smoother taste and wide availability result in widespread consumption. The widespread use of blanco variants in various cocktails such as margaritas and Palomas contributes to the market's dominance.

𝐁𝐲 𝐆𝐫𝐚𝐝𝐞, 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐕𝐚𝐫𝐢𝐚𝐧𝐭 𝐭𝐨 𝐛𝐞 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐒𝐞𝐠𝐦𝐞𝐧𝐭
The premium variant will lead the tequila market share as consumers demand high-quality craft spirits. The premium-grade spirit combines desirable characteristics that consumers value, such as sensory appeal, mouthfeel, and texture. The demand for such luxury spirit variants is primarily driven by millennials and young adults.

𝐁𝐲 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥, 𝐎𝐧-𝐓𝐫𝐚𝐝𝐞 𝐒𝐚𝐥𝐞𝐬 𝐭𝐨 𝐛𝐞 𝐭𝐡𝐞 𝐌𝐚𝐣𝐨𝐫 𝐃𝐢𝐬𝐭𝐫𝐢𝐛𝐮𝐭𝐢𝐨𝐧 𝐂𝐡𝐚𝐧𝐧𝐞𝐥
The on-trade sales channel is one of the most prominent alcohol sales channels, and it is expected to dominate the market share. Consumers prefer quick servings, entertainment, and ambiance in developed economies, driving on-trade sales. However, the off-trade channel is expanding rapidly because purchasing alcohol from supermarkets, and brick-and-mortar stores is much more cost-effective.
Geographically, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.

𝐆𝐞𝐭 𝐚 𝐐𝐮𝐨𝐭𝐞: https://www.fortunebusinessinsights.com/enquiry/get-a-quote/tequila-market-104172

𝐑𝐞𝐩𝐨𝐫𝐭 𝐂𝐨𝐯𝐞𝐫𝐚𝐠𝐞:
The market research report contains both qualitative and quantitative information about the market. It also provides a detailed analysis of the market size and growth rate for all possible market segments. The key insights presented in the tequila market report are an overview of related markets, recent industry developments such as mergers and acquisitions, the regulatory scenario in critical countries, and key industry trends.

𝐃𝐫𝐢𝐯𝐞𝐫𝐬 & 𝐑𝐞𝐬𝐭𝐫𝐚𝐢𝐧𝐭𝐬:
𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐬 𝐝𝐫𝐢𝐯𝐞𝐧 𝐛𝐲 𝐂𝐨𝐧𝐬𝐮𝐦𝐞𝐫𝐬' 𝐢𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐢𝐧 𝐍𝐞𝐰 𝐅𝐥𝐚𝐯𝐨𝐫𝐬 𝐚𝐧𝐝 𝐄𝐱𝐨𝐭𝐢𝐜 𝐓𝐚𝐬𝐭𝐞𝐬
One of the major factors driving demand for blue agave plant-based distilled spirits is the growing popularity of various artisanal spirits among consumers worldwide. Consumers worldwide want fresh and delicious exotic drinks with a distinct flavor, propelling the market growth. However, in recent years, as we have seen an increase in spirits consumption, particularly in developing regions, developed countries have predicted a shift in consumer preferences toward low and no alcoholic beverages. Their growing awareness of the negative effects of alcohol consumption has led them to seek out low or no alcohol drinks that taste just like alcoholic beverages but without the negative consequences. This factor may impede the tequila market growth.

𝐑𝐞𝐠𝐢𝐨𝐧𝐚𝐥 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐇𝐞𝐥𝐝 𝐭𝐡𝐞 𝐃𝐨𝐦𝐢𝐧𝐚𝐧𝐭 𝐏𝐨𝐬𝐢𝐭𝐢𝐨𝐧 𝐢𝐧 𝐭𝐡𝐞 𝐌𝐚𝐫𝐤𝐞𝐭
North America dominated the market in 2021, with a market value of USD 6.09 billion. This is due to a growing consumer preference for agave-based spirits in the U.S. and Mexico. According to the Distilled Spirits Council of the U.S., agave-based spirits sales will increase 30.1% to USD 5.2 billion in 2021.
The European market is expected to grow significantly due to the increasing popularity of artisanal spirits in Germany, Spain, and the U.K. with its craftsmanship, heritage, and protected status, tequila is well-positioned to benefit from the region's popularity of craft spirits, where more drinkers are looking to 'drink better and turning to premium brands.
In the Asia Pacific, the spirit has gained popularity among consumers, particularly millennials in China and Australia. Increased imports and consumers seeking quality over quantity and preferring small-batch spirits have fueled the market growth.
Alcohol consumption is increasing in Latin American countries such as Brazil and Argentina, which will likely contribute to the region's overall performance. Premiumization and innovation trends in white spirits are observed in the Middle East and Africa, supporting tequila market growth.

𝐀𝐬𝐤 𝐅𝐨𝐫 𝐓𝐡𝐞 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧: https://www.fortunebusinessinsights.com/enquiry/ask-for-customization/tequila-market-104172

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐋𝐚𝐧𝐝𝐬𝐜𝐚𝐩𝐞:
𝐓𝐨 𝐑𝐞𝐦𝐚𝐢𝐧 𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞, 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬 𝐍𝐞𝐞𝐝 𝐭𝐨 𝐈𝐧𝐭𝐫𝐨𝐝𝐮𝐜𝐞 𝐍𝐞𝐰 𝐕𝐚𝐫𝐢𝐚𝐧𝐭𝐬
Due to the product's extensive production in Mexico and the United States, the market is moderately consolidated. Along with this, prominent players are innovating and launching products worldwide. Companies like Bacardi & Company Ltd., Diageo Plc, and Pernod Ricard S.A. focus on new product development and increasing exports to diversify their product portfolio and maintain a competitive advantage.

𝐍𝐨𝐭𝐚𝐛𝐥𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭:
•𝐉𝐚𝐧𝐮𝐚𝐫𝐲 𝟐𝟎𝟐𝟒: Don Julio, a Diageo-owned tequila brand, launched Alma Miel, a blend of both añejo and blanco Tequilas with oven-roasted agave nectar.

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This release was published on openPR.