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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.
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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-
List of Key Market Players:
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 |
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By Grade |
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By Distribution Channel |
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By Geography |
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