The Business Research Company’s report on the Tequila Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the tequila market in recent years?
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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What is the projected market size of the tequila industry, and how is it expected to grow?
The tequila market size has grown rapidly in recent years. It will grow from $14.13 billion in 2024 to $15.83 billion in 2025 at a compound annual growth rate (CAGR) of 12.1%. 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 $24.21 billion in 2029 at a compound annual growth rate (CAGR) of 11.2%. 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.
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Who are the key players driving competition in the tequila market?
Major companies operating in the tequila market include Pernod Ricard SA, Suntory Holdings Limited, Asahi Group Holdings Ltd., Diageo plc, Kirin Holdings Co Ltd., El Grado Tequila LLC, Jose Cuervo S.A. de C.V., Dos Lunas Spirits LLC, The Molson Coors Brewing Company, Constellation Brands Inc., Thai Beverage Public Company Limited, Casamigos Spirits Co, Bacardi Limited, Brown-Forman Corporation, Clase Azul Tequila S.A. de C.V., Ambhar Global spirits LLC, Patron Spirits International LLC, Proximo Spirits LLC, Milagro Tequila LLC, Tres Agaves Productos LLC, Tequila Don Julio S.A. de C.V., Tequila Avion LLC, Sauza Tequila S.A. de C.V., Tequila Fortaleza S.A. de C.V., Cazadores Tequila S.A. de C.V., Grupo Industrial Herradura S.A. de C.V., Familia Camarena Tequila S.A. de C.V., Espolon Tequila S.A. de C.V.
What key trends are expected to drive the tempeh market during the forecast period?
Product innovation is a key trend gaining popularity in the tequila market. Major companies operating in the tequila market are focused on developing innovative products to strengthen their position in the market. For instance, in April 2022, Diageo, a UK-based multinational alcoholic beverage company, launched Astral Tequila in the US, a premium tequila made from 100% blue Weber agave. Diageo is now reintroducing the product with beautiful and timeless new packaging, a fresh and distinctive recipe made in a new distillery that results in a new liquid, and new marketing initiatives.
Which key geographies are driving the growth of the tequila market?
North America was the dominated region in the tequila market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global tequila market during the forecast period. The regions covered in the tequila market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the tequila market?
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
Subsegments:
1) By Blanco: Silver Blanco, Unaged Blanco
2) By Reposado: Oak Aged Reposado, Barrel Aged Reposado
3) By Añejo: Standard Añejo, Extra Añejo
4) By Other Types: Cristalino, Flavored Tequila, Mezcal
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How is the tequila market defined, and what are its core characteristics?
Tequila is a distilled alcoholic drink made from the Agave Tequilana plant. It is fermented along with other sweets such as fructose and glucose, as well as synthetic flavorings. It is a common base component in cocktails and is popular among young individuals around the world.
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