Tequila Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Tequila Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Tequila Global Market Report 2024, 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.

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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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

Major companies operating in the tequila market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the tequila market foster innovation, leverage complementary expertise, and accelerate the development and commercialization of advanced therapies by combining resources and capabilities. For instance, in October 2021, Identiv Inc. a US-based provider of physical security and secure identification solutions partnered with OTACA Tequila, a US-based ultra-premium, boutique agave spirits brand made from 100% Blue Weber agave piñas. This collaboration is to enhance smart packaging innovations with near field communication (NFC)-enabled authentication, product provenance and transparency, customer loyalty, and brand recognition. The purpose of the smart packaging solution is to provide brand exposure, consumer loyalty, transparency, and authentication. During the testing, Identiv’s tap-and-go NFC technology powered by the highly effective NTAG 210u NFC tags digitized over 5,000 OTACA Tequila bottles.

The tequila market report table of contents includes: