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Tequila Market to Reach USD 15.57 billion by 2029; Growing Interest of Consumers toward New and Exotic Flavors to Drive Demand and Drive the Market Growth

May 18, 2022 | Food & Beverages

The tequila market size is predicted to reach USD 15.57 billion by 2029 and exhibit a CAGR of 5.89% during the forecast period. Fortune Business InsightsTM in its report titled “Tequila Market Size, Share & COVID-19 Impact Analysis, By Type (Blanco, Reposado, Anejo, and Others), Grade (Value, Premium, High-end Premium, and Super Premium), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2022 - 2029”, observes that the market size stood at USD 9.89 billion in 2021 and USD 10.43 billion in 2022.


Heaven Hill Brands Announced the Acquisition of Samson & Surrey


Heaven Hill Brands has announced the acquisition of Samson & Surrey, including Tequila Ocho and five other brands and facilities. As a result of the acquisition, Heaven Hill's portfolio will be expanded with high-growth, super-premium brands in several of the industry's fastest-growing categories.


Market growth is driven by Consumer Preference for New and Exotic Flavors


One of the major factors driving demand for blue agave plant-based distilled spirits is the growing popularity of various artisanal spirits among consumers worldwide. Consumers worldwide want fresh and delicious exotic drinks with a distinct flavor, propelling the market growth. To attract consumers and explore new flavors, key manufacturers such as Patron Spirits International introduced floral, black pepper, turmeric, and pumpkin flavors.


However, in recent years, the market witnessed an increase in spirits consumption, particularly in developing regions. Developed countries have predicted a shift in consumer preferences toward low and no alcoholic beverages. Their growing awareness of the negative effects of alcohol consumption has led them to seek out low or no alcohol drinks that taste just like alcoholic beverages but without the negative consequences. This factor may hinder the tequila market growth.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/tequila-market-104172


COVID-19 Pandemic Boosted Tequila sales through Off-trade Channels


The COVID-19 pandemic has halted various industries, including food and beverage, machinery, and pharmaceutical, and has had a negative effect on the economy following the closure of various production facilities, labor shortages, and raw material supply volatility. The leading market players experienced a slight drop in spirits sales during the first months of the lockdown due to a reduction in travel retail, which gradually retrieved due to the partial re-opening of the on-trade channel.


To Remain Competitive, Market Players focus on Introducing Innovative Variants


The tequila market share is moderately consolidated because of the extensive production of the product in Mexico and the U.S. Along with this, prominent players are innovating and launching their products worldwide. Companies like Bacardi & Company Ltd., Diageo Plc, and Pernod Ricard S.A. focus on new product development and increasing exports to diversify their product portfolio and maintain a competitive advantage.


Key Industry Development-



  • December 2021: Expresiones del Corazón, a collection of limited-edition barrel-aged tequilas, has been released by Sazerac Company Inc.'s Corazón Tequila brand. William Larue Weller, George T. Stagg, and Elmer T. Lee Barrels are among those who will take part in the launch.


List of Key Market Players:



  • Pernod Ricard S.A. (France)

  • Diageo Plc (U.K.)

  • Bacardi Limited (Bermuda)

  • Suntory Holdings Limited (Japan)

  • Heaven Hill Distilleries, Inc. (U.S.)

  • Campari Group (Italy)

  • Sazerac Company Inc. (U.S.)

  • Brown-Forman Corporation (U.S.)

  • Casa Aceves (Mexico)

  • Constellation Brands, Inc. (U.S.)


Further Report Findings-


North America dominated the market in 2021, with a market value of USD 6.09 billion. This is due to a growing consumer preference for agave-based spirits in the United States and Mexico. According to the Distilled Spirits Council of the U.S., agave-based spirits sales will increase 30.1 percent to USD 5.2 billion in 2021. Tequila was the second-fastest-growing spirits category, trailing only premixed cocktails in terms of growth. Tequila is one of the fastest-growing alcoholic beverages in the U.S., with consumption increasing by 40% in the last five years, according to International Wine and Spirits Research (IWSR). The spirit's popularity has increased significantly in recent years, with the category evolving to meet a variety of tastes and preferences.


Table of Segmentation


















































  ATTRIBUTE



  DETAILS



Study Period



2018-2029



Base Year



2021



Estimated Year



2022



Forecast Period



2022-2029



Historical Period



2018-2020



Unit



Value (USD billion)



By Type




  • Blanco

  • Reposado

  • Anejo

  • Others



By Grade




  • Value

  • Premium

  • High-end Premium

  • Super Premium



By Distribution Channel




  • On-trade

  • Off-trade



By Geography




  • North America (By Type, Grade, Distribution Channel, and By Country)

    • U.S. (By Grade)

    • Canada (By Grade)

    • Mexico (By Grade)



  • Europe (By Type, Grade, Distribution Channel, and By Country)

    • Germany (By Grade)

    • U.K. (By Grade)

    • Spain (By Grade)

    • France (By Grade)

    • Italy (By Grade)

    • Rest of Europe (Grade)



  • Asia Pacific (By Type, Grade, Distribution Channel, and By Country)

    • China (By Grade)

    • South Korea (By Grade)

    • Australia (By Grade)

    • Japan (By Grade)

    • Rest of Asia Pacific (By Grade)



  • South America (By Type, Grade, Distribution Channel, and By Country)

    • Brazil (By Grade)

    • Argentina (By Grade)

    • Rest of South America (By Grade)



  • Middle East and Africa (By Type, Grade, Distribution Channel, and By Country)

    • South Africa (By Grade)

    • Turkey (By Grade)

    • Rest of ME&A (By Grade)




Global Tequila Market
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  • 2018-2020
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