Market Research Report
North America Tequila Market Forecast 2021-2028
|North America Tequila Market Forecast 2021-2028|
Published: July 19, 2021
Content info: 137 Pages
Delivery time: 2-3 business days
The North America tequila market is projected to grow with a CAGR of 4.37% during the forecasted period of 2021 to 2028. Key factors such as the increased production of agave, the rising alcohol consumption due to weakened alcohol laws and deregulation, as well as the growing demand for tequila are primarily associated with the regional market's growth.
The North America tequila market growth assessment includes the analysis of Canada and the United States. In 2020, Canada imported over 2.20 million liters of tequila from Mexico. Moreover, the demand for spirit distilled from the Blue Weber agave plant continues to observe a growing trend in the country. Canada also harbors an increased need for spirits produced from the desert succulent, agave, including tequila. Besides, more than 19% of Canadian consumers aged 12 years and above were heavy drinkers in 2020.
On the other hand, in 2020, Amber Beverage Group (ABG), an alcohol manufacturer and distributor, launched its tequila brand, KAH Tequila, in Canada. Similarly, Villa One, Nick Jonas' tequila brand, was launched in the country in 2021. The number of tequila products available in Canada increased since 2018. Furthermore, the country's alcohol consumption between the age bracket of 35 and 54 witnessed a rise in 2020, as well. Hence, the factors mentioned above are anticipated to propel the tequila market growth in Canada during the forecasting years.
Some of the top companies operating in the market are: Constellation Brands, Brown-Forman Corporation, Sazerac Company Inc, Jose Cuervo, etc.