Market Research Report
Asia-pacific Tequila Market Forecast 2021-2028
|Asia-pacific Tequila Market Forecast 2021-2028|
Published: July 19, 2021
Content info: 140 Pages
Delivery time: 2-3 business days
The Asia-Pacific tequila market is anticipated to grow with a CAGR of 4.59% during the projected years of 2021 to 2028. Key factors like the increased market potential for alcohol and spirits, the surging population, the rising e-commerce, and the growing adoption of western culture are evaluated to facilitate the region's market growth.
The Asia-Pacific tequila market growth analysis includes the study of South Korea, Indonesia, Thailand, India, China, Australia & New Zealand, Vietnam, Japan, and the rest of the Asia-Pacific. Tequila is a minor but augmenting market in India. Although the domestic consumption of tequila has continued to grow on account of the increasing popularity of cocktails, it has witnessed a rising trend towards intake through 'shots' - primarily at youth parties and nightclubs. Furthermore, Indian consumers are beginning to appreciate tequila, gin, and vodka. Millennials perceive them as refreshing drinks to be consumed with tonic water and juice rather than carbonated beverages.
On the other hand, South Korea is the "most attractive" market across the Asia-Pacific in terms of alcohol manufacturers. The country is also the 10th largest spirits market worldwide. Patron Tequila signed an agreement with SBK, a liquor distributor in South Korea, and thus introduced Patron tequila as well as Pyrat rum in the South Korean market space. In addition, the country's millennials primarily consume foreign beers, soju, tequila, and vodka, especially in modern clubs and bars. As a result, these factors are set to play a crucial role in fueling the Asia-Pacific tequila market growth during the forecasted period.
Some of the major firms operating in the market are: Bacardi Limited (Patron), Beam Suntory, Asahi Group Holdings, Diageo PLC, etc.