The global tequila market was valued at $12.89 billion in 2021, and is projected to reach $24.19 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031.Tequila is a distilled liquor and is made from blue agave plants that only grow in specific regions of Mexico such as Jalisco and Tamaulipas. Tequila is made by distilling the fermented juices of the Weber blue agave plant. It was discovered by a lesser-known civilization from the South American continent. It has a unique earthy flavor with an alcoholic kick. Dependent on where the agave was grown and the style, tequila is a common liquor in Mexico as it originated in Mexico. Four types of tequilas are available in the market such as blanco, reposado, anejo, and joven.
The global tequila market has been witnessing notable growth, owing to increase in cocktail culture and surge in demand for tequila in developed countries as consumers are adopting western culture. The inclination of consumers toward cocktail culture and parties drives the growth of the global tequila market. In addition, development of the global alcohol industry and increase in instances of general lifestyle and consumer shifting their preference to drinking more to sophisticated drinking such as tequila are the factors contributing toward the market growth.
The Asia-Pacific tequila market is projected to witness the fastest growth during the forecast period, owing to availability of alcohol products through e-commerce sites in the region. Furthermore, launch of new and exciting flavors is anticipated to fuel the demand for tequila across the globe. However, several aspects such as concerns related to health, increase in use of alternatives, such as nonalcoholic beverages, and stringent government policies related to tequila are projected to hamper the growth of the global tequila market during the forecast period Conversely, increase in investment in R&D activities and rise in number of manufacturers are expected to pose lucrative opportunities in the upcoming years.
The global tequila market is segmented into product type, price range, distribution channel, and region. On the basis of product type, the market is fragmented into tequila blanco, tequila reposado, tequila anejo, and tequila joven. By price range, it is classified into premium and economy. Depending on distribution channel, it is categorized into B2B and B2C. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the market focus on key market strategies, such as agreements, product launches, acquisitions, and partnerships. They have been focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the tequila industry include Diageo Plc, Eastside Distilling, Bacardi Limited, Brown-Forman Corporation, Constellation Brands Inc., Becle, S.A.B DE C.V., Pernod Ricard, Proximo Spirits, Ambhar Global Spirits LLC, California Tequila Inc.
The global tequila market has been witnessing notable growth, owing to increase in cocktail culture and surge in demand for tequila in developed countries as consumers are adopting western culture. The inclination of consumers toward cocktail culture and parties drives the growth of the global tequila market. In addition, development of the global alcohol industry and increase in instances of general lifestyle and consumer shifting their preference to drinking more to sophisticated drinking such as tequila are the factors contributing toward the market growth.
The Asia-Pacific tequila market is projected to witness the fastest growth during the forecast period, owing to availability of alcohol products through e-commerce sites in the region. Furthermore, launch of new and exciting flavors is anticipated to fuel the demand for tequila across the globe. However, several aspects such as concerns related to health, increase in use of alternatives, such as nonalcoholic beverages, and stringent government policies related to tequila are projected to hamper the growth of the global tequila market during the forecast period Conversely, increase in investment in R&D activities and rise in number of manufacturers are expected to pose lucrative opportunities in the upcoming years.
The global tequila market is segmented into product type, price range, distribution channel, and region. On the basis of product type, the market is fragmented into tequila blanco, tequila reposado, tequila anejo, and tequila joven. By price range, it is classified into premium and economy. Depending on distribution channel, it is categorized into B2B and B2C. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The major players operating in the market focus on key market strategies, such as agreements, product launches, acquisitions, and partnerships. They have been focusing on strengthening their market reach to maintain their goodwill in the ever-competitive market. Some of the key players in the tequila industry include Diageo Plc, Eastside Distilling, Bacardi Limited, Brown-Forman Corporation, Constellation Brands Inc., Becle, S.A.B DE C.V., Pernod Ricard, Proximo Spirits, Ambhar Global Spirits LLC, California Tequila Inc.
KEY BENEFITS FOR STAKEHOLDERS
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the tequila market analysis from 2021 to 2031 to identify the prevailing tequila market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the tequila market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global tequila market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Type
- Tequila Blanco
- Tequila Reposado
- Tequila Anejo
- Tequila Joven
By Price Range
- Premium
- Economy
By Distribution Channel
- B2B
- B2C
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- Russia
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Australia And New Zealand
- Rest of Asia-Pacific
- China
- Japan
- India
- South Korea
- LAMEA
- Brazil
- Turkey
- South Africa
- UAE
- Rest of LAMEA
Key Market Players
- DIAGEO PLC
- EASTSIDE DISTILLING
- BACARDI LIMITED
- BROWN-FORMAN CORPORATION
- CONSTELLATION BRANDS INC.
- BECEL, S.A.B. DE C.V.
- PERNOD RICARD
- CALIFORNIA TEQUILA INC
- Ambhar Global Spirits, LLC
- Proximo
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: TEQUILA MARKET, BY TYPE
CHAPTER 5: TEQUILA MARKET, BY PRICE RANGE
CHAPTER 6: TEQUILA MARKET, BY DISTRIBUTION CHANNEL
CHAPTER 7: TEQUILA MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, titled, “Tequila Market," the tequila market size was valued at $12.89 billion in 2021, and is estimated to reach $24.19 billion by 2031, growing at a CAGR of 6.6% from 2022 to 2031.Surge in demand for tequila in developing countries is serves as a potential opportunity for the expansion of the global tequila market. In the developing countries such as India and Brazil, many consumers have adopted western culture and are attracted to alcoholic spirits. In bars and pubs and house parties, tequila is getting more popularity due to its new flavors and vast taste. The developing countries like India and China have a huge youth base that is creating major tequila market opportunities as youngsters are getting inclined toward alcohol and adopting the party culture. There are ongoing tequila market trends such as people of these countries are following the trend of parties and outings, they are being more sophisticated about drinking. Manufactures are further focusing on investing in developing countries due to government support and increase in disposable income.
Moreover, due to the outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement of consuming tequila products to reach a large consumer base. However, implementation of lockdown and curfew practices globally are affecting the domestic as well as international production of tequila products, which, in turn, hampers the growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the tequila industry in 2020, as sales of companies have reduced and operations have been halted.
The global tequila market is segmented into product type, price range, distribution channel, and region. On the basis of product type, the tequila market is segregated into tequila blanco, tequila reposado, tequila anejo and tequila joven. The Tequila Blanco segment accounted for a major tequila market share in 2021 and is expected to grow at a significant CAGR during the tequila market forecast. Blanco tequilas is used for mixing into cocktails due to its crisp, bright, and unadorned expression of agave.
By price range, the global market is segmented into premium and economic. The economic segment accounted for a major share in the global market in 2021 and it is expected to grow at a significant CAGR during the forecasted period. Economic priced tequila may not have pure 100% blue agave but it is still in demand due to its easy availability.
As per the distribution channel, the B2B segment accounted for a major share of the market in 2021, and is expected to grow at a significant CAGR during the forecast period. THE B2B segment is getting popularity due to the increasing culture of parties all over the world and the demand for alcohol.
In 2021, North America accounted for 41.5% share in the global market and is expected to maintain its dominance during the forecast period. However, LAMEA and Asia-Pacific are expected to possess the highest CAGRs, owing to increase in population and strong economic growth of an individual.
Numerous manufacturers indulge in producing of strong and flavorful tequila across the globe. Moreover, the flavors such as lime, turmeric, flotel, and black pepper have attracted large customer base. Furthermore, the continuous innovation in the ingredient, flavor, and packaging of tequila has increasingly appealed to customers worldwide. In addition, easy availability of flavored tequila in bars, restaurant, and wine shops has boosted the market growth. Moreover, increase in youth interest toward flavored and strong tequila is expected to boost the tequila market growth.
The key players profiled in the tequila market analysis are Diageo Plc., Eastside Distilling, Bacardi Limited, Brown-Forman Corporation, Constellation Brands Inc., Becle, S.A.B DE C.V., Pernod Ricard, Proximo Spirits, Ambhar Global Spirits LLC, and California Tequila Inc.
Key Findings of the Study
- By type, the tequila blanco segment dominated the global market with $5,284.3 million in 2021 and is estimated to reach $9,088.5 million by 2031, with a CAGR of 5.6%.
- On the basis of price range, the economy segment accounted for a major share in the market with $8475.1 million in 2021, and is estimated to reach $15,276.8 million by 2031, with a CAGR of 6.1%.
- Depending on distribution channel, the B2B segment accounted for a major share of the market with $8,381.3 million in 2021, and is estimated to reach $15,032.9 million by 2031, with a CAGR of 6.1%.
- North America accounted for highest market share with $5,349.6 in 2021, and is estimated to reach $9,046.9 million by 2031, with a CAGR of 5.4%.
Companies Mentioned
- Diageo plc
- Eastside Distilling
- Bacardi Limited
- Brown-Forman Corporation
- Constellation Brands Inc.
- Becel, S.A.B. De C.V.
- Pernod Ricard
- California Tequila Inc
- Ambhar Global Spirits, LLC
- Proximo
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 275 |
| Published | July 2022 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 12.89 billion |
| Forecasted Market Value ( USD | $ 24.19 billion |
| Compound Annual Growth Rate | 6.5% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
