According to the latest report by IMARC Group, titled “Tequila Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global tequila market size reached US$ 10.80 Billion in 2020. Tequila is an alcoholic beverage produced from sugars that are naturally found in the blue agave plant. It is extracted, fermented, distilled, and aged to enhance the color and intensity of the flavors. Its moderate consumption helps weight loss and digestion, improve sleep and reduce the risk of diabetes. At present, there is a rise in the demand for tequila around the world on account of its extensive application as a cocktail ingredient.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Tequila Market Trends:
The rising trend of cocktail culture, especially among the young and working professionals, coupled with the growing popularity of mid-week and weekend parties, represents one of the key factors driving the global tequila market. Besides this, the key players are focusing on introducing product variants using natural ingredients, such as coconut tangerine, lemon, pineapple, strawberry, pear and mango. This, in confluence with the launch of cost-effective canned tequila cocktails, is positively influencing the overall sales. Other major factors, including the changing lifestyles of individuals, inflating income levels and the escalating demand for handcrafted tequila, are significantly contributing to market growth. Looking forward, the market value is projected to reach US$ 25.4 Billion by 2026, expanding at a CAGR of 14.4% during the forecast period (2021-2026).
- Based on the product type, the market has been classified into Blanco, Joven, Mixto Gold, Reposado, Anejo, and Extra Anejo.
- On the basis of purity, the market has been bifurcated into 100% and 60% tequila.
- Based on the price range, the market has been categorized into premium, value, premium and super-premium, and ultra-premium tequila.
- On the basis of the distribution channel, the market has been bifurcated into off-trade (supermarkets and hypermarkets, discount stores, online stores and others) and on-trade (restaurants and bars, liquor stores, and others).
- Region-wise, the market has been segmented into North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and Middle East and Africa.
- The competitive landscape of the market has been examined, with some of the key players being Ambhar Global Spirits, Bacardi & Company Limited, Beam Suntory, Inc., Brown-Forman Corporation, Diageo plc, Dos Lunas Spirits, LLC, El Agave Artesanal, El Grado Spirits, LLC, Jose Cuervo and Tequilla Arette.
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