November 22, 2021
According to the report titled ‘Global Tequila Market 2021-2028’ available with MarketStudyReport, global tequila market is expected to grow at a CAGR of 4.71% during the forecast period 2021-2028.
Surge in popularity of premium tequila, a shift in perception about the product due to its health benefits, and introduction of new experimental flavors are driving the growth of global tequila market.
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According to the report, increasing number of tequila startups, and rising penetration of Cristalino Tequila are likely to weave new market opportunities during 2021-2028.
However, reliance on the United States and Mexico due to concentrated production, rising raw material costs, and numerous anti-alcohol campaigns may impede the expansion of the market during the analysis period.
Based on product ambit, worldwide tequila industry is categorized into premium, super-premium, high-end premium, and value. Concerning distributors, the market is classified into online retailing, supermarkets & hypermarkets, liquor specialist stores, and others. Information pertaining to these sub-markets, inclusive of revenue share and growth rate predictions over 2021-2028 is provided in the report.
From the regional standpoint, the business intelligence report encompasses North America, Asia-Pacific, Latin America, Europe, and Middle East & Africa. Of these, Asia-Pacific market is anticipated to witness impressive growth trends during the projected timeframe, due to booming population in countries with high potential for spirits and alcohol, such as India and China, and adoption of the western culture in the region.
Furthermore, rise in disposable income, lifestyle modification, premiumization, trade treaties, and rising e-commerce platforms are poised to boost the regional market size by the year 2028.
The competitive landscape of global tequila market includes companies like Luxco Inc., Anheuser-Busch InBev SA/NV, Asahi Group Holdings Ltd., Sazerac Company Inc., Bacardi Limited, Constellation Brands Inc., E. & J. Gallo Winery Inc., La Martiniquaise-Bardinet, Brown-Forman Corporation, Beam Suntory Inc., Tequila Centinela S.A. de C.V., Pernod Ricard S.A., Jose Cuervo, and Diageo plc among others