Market Research Report
Global Tequila Market Forecast 2021-2028
|Global Tequila Market Forecast 2021-2028|
Published: July 19, 2021
Content info: 210 Pages
Delivery time: 2-3 business days
The global tequila market is set to grow with a CAGR of 4.32% over the forecasted period of 2021 to 2028. The market growth is linked to chief factors such as the increased demand for premium tequila, product innovations, and the perception of tequila as a healthier drink.
Tequila is made from the blue agave plant found in Mexico. Agave can be grown only in Jalisco, Tamaulipas, Nayarit, Michoacan, as well as Guanajuato. However, blue agave is grown only in the Jalisco state of Mexico, utilized to prepare 100% tequila. The two primary categories of tequila include Mixted (Mixto) and 100% de agave.
Several people across Europe, North America, and the Asia-Pacific are attempting to curb their alcohol consumption or stop it entirely, owing to health concerns. However, tequila has relatively lesser sugar and calories compared to similar liquors, thereby making it a fairly healthier option. The low calorie and carbohydrate content of tequila has made it particularly popular among health-conscious individuals. Besides, it does not cut alcohol entirely from their diets, as well. The beverage is also gluten-free and compatible with popular diets such as keto. Hence, the perception of tequila as a healthier drink plays an important role in propelling market growth.
The global tequila market growth evaluation entails the assessment of North America, the Asia-Pacific, Europe, and the Rest of World. The Asia-Pacific is set to be the fastest-growing region across the global market due to key drivers, including the surging population, the rise in disposable incomes, premiumization, the increasing adoption of western culture, and lifestyle changes.
Companies with undifferentiated products and more extensive product portfolios generate intense competition within the global tequila market. While firms spend millions of dollars on expanding their facilities, the substantial investments in the research and development (R&D) department further amplify the competition. Besides, some companies are also acquiring smaller companies in order to create larger product portfolios.
Some of the leading enterprises operating in the market are: Brown-Forman Corporation, Jose Cuervo (Becle SAB De CV), Bacardi & Co Ltd, etc.