The global Tequila Market size is expected to reach USD 14.35 billion in 2028 and register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of tequila can be attributed to surging demand for premium alcoholic beverages. In the U.S., increasing consumer preference for premium alcohol is a major factor driving demand for spirits, such as tequila. Increasing requirement for authentic tequila with diverse flavors, as well as rising inclination for innovative and quality products by millennials is pushing market players to include wide variety of products to meet the demand of diverse consumer tastes.
The competitive landscape section of the report discusses in detail the company overview, product and services portfolio, business expansion plans, production and manufacturing capacity, financial standing, and global market position. It further sheds light on the recent mergers and acquisitions, collaborations, partnerships, corporate and government deals, agreements, and product launches.
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The study also analyses the crucial market aspects, including RD, product launches and brand promotions, mergers and acquisitions, collaborations, joint ventures, and the growth pattern on both regional and global levels. The report offers an in-depth evaluation of factors such as cost, capacity, rates of production and consumption, gross revenue, profit margin, demand and supply ratio, import/export, market share, market size, and market trends.
Market revenue growth of tequila is due to increasing innovations by tequila producers in product development. Increasing popularity of spirits among alcoholic beverage consumers globally has boosted demand for fresh and exotic tequila cocktails for unique tastes, thus driving market revenue growth. Leading market players provide various flavors, including floral, turmeric, pumpkin, jalapeno, and black pepper. They also research on new flavors to cater to varying consumer preferences. Premiumization trend is expected to fuel demand for innovative tequila beverages in upcoming years.
Over the last 50 years, the food business has expanded significantly to fulfil the requirements of the population and to adapt to changing lifestyles. Because it has socioeconomic and health implications, the consumption of ready-to-eat foods makes food an important problem. Food scientists and the food industry are reacting by developing strategies and technology for speedy, sensitive, reliable, and cost-effective analytical methodologies that lead to less food waste and improved nutrition, as well as better business for the food and beverage sector as a whole.
Key Players:
Major companies in the market include Bacardi Ltd., Campari America LLC, Diageo PLC, Eastside Distilling Inc., Ambhar Global Spirits LLC, Becle SAB De CV, Constellation Brands Inc., Brown-Forman Corporation, E. and J. Gallo Winery, and Tequila Ocho.
Some Key Highlights from the Report:
- By product type, Blanco segment accounted for largest revenue share in 2020. Blanco tequila is 100% pure agave tequila. Blanco tequilas are considered to have superior health benefits among all product types. Blanco tequila is a freshly distilled spirit with just agave flavor. Extensive use of Blanco variants in several cocktails, including Paloma and Margarita is responsible for high market revenue share of this segment.
- By grade, premium segment contributed for a significant revenue share in 2020. Premium-grade tequila comprises all features, such as mouthfeel, sensory appeal, and texture, that are much in demand from consumers. Increasing demand for premium varieties of spirits amongst millennials is fueling revenue growth of this segment.
- By distribution channel, on-trade sales segment accounted for larger revenue share in 2020. On-trade distribution channel is major means to serve alcoholic beverages. In developed economies, consumers desire faster servings and better ambience of bars, clubs, restaurants, and hotels.
- Market in North America accounted for largest revenue share in 2020, due to increase in tequila consumption in countries such as the U.S., Canada, and Mexico. In addition, presence of leading tequila producers and growing demand for the product in corporate parties are causing high market growth.
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For the purpose of this report, Reports and Data has segmented the tequila market based on product type, grade, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
- Blanco
- Reposado
- Añejo
- Others
Grade Outlook (Revenue, USD Million; 2018-2028)
- Value
- Premium
- High-end Premium
- Super Premium
Application Outlook (Revenue, USD Million; 2018-2028)
- Corporate Hospitality
- Family Dinner
- Others
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
- On-trade Sales
- Off-trade Sales
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Israel
- Rest of MEA
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Reasons for Buying this Report:
- This report provides pin-point analysis for changing competitive dynamics
- It provides a forward-looking perspective on different factors driving or restraining market growth
- It provides a six-year forecast assessed on the basis of how the market is predicted to grow
- It helps in understanding the key product segments and their future
- It provides pin point analysis of changing competition dynamics and keeps you ahead of competitors
- It helps in making informed business decisions by having complete insights of market and by making in-depth analysis of market segments
- PEST analysis of the market in the five major regions.
Thank you for reading this article. You can also get chapter-wise sections or region-wise report coverage for North America, Europe, Asia Pacific, Latin America, and Middle East Africa.
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