Global Tequila Market to Reach US$ 42.5 Billion by 2032, Bolstered by Rising Trend of Cocktail Culture

May 04, 2021 | Food & Beverages

According to the latest report by IMARC Group, titled “Tequila Market Report by Product Type (Blanco, Joven, Mixto Gold, Reposado, Anejo, Extra Anejo), Purity (100% Tequila, 60% Tequila), Price Range (Premium Tequila, Value Tequila, Premium and Super-Premium Tequila, Ultra-Premium Tequila), Distribution Channel (Off-Trade, On-Trade), and Region 2024-2032,” the global tequila market size reached US$ 16.5 Billion in 2023. 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.

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$ 42.5 Billion by 2032, expanding at a CAGR of 10.7% during the forecast period (2024-2032).

Market Summary:

  • 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.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Product Type, Purity, Price Range, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Ambhar Tequila, Bacardi Limited, Beam Suntory Inc. (Suntory Beverage & Food Ltd), Brown–Forman, Diageo Plc, Dos Lunas, El Agave Artesanal, El Grado Tequila, Jose Cuervo and Tequila Arette
Customization Scope 10% Free Customization
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Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Tequila Market to Reach US$ 42.5 Billion by 2032, Bolstered by Rising Trend of Cocktail Culture
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