How Has The Tequila Market Size Evolved In Recent Years?
The tequila market has seen considerable growth due to a variety of factors.
• Over the past few years, the size of the tequila market has experienced significant expansion. It's projected to grow from a worth of $14.13 billion in 2024 to a value of $15.83 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 12.1%.
This considerable growth during the historic period is reportedly due to factors such as evolving cultural and lifestyle patterns, the increasing demand for cocktails, trends towards premiumization and craft, the global spread of tequila consumption, and efficient marketing and branding strategies.
What Does the Future Hold for the Tequila Market?
The tequila market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of tequila is projected to experience a swift expansion in the approaching years, with expectations to reach a valuation of $24.21 billion in 2029, at a compound annual growth rate (CAGR) of 11.2%.
This acceleration during the forecasted period is attributable to the increasing consumption among millennials and Generation Z, a growing cocktail culture, premiumization and diversification of brands, and an intensified global liking for Mexican spirits focused on sustainable and ethical production. Noteworthy trends within this period include the examination of non-agave spirits, the globalization and growth of international markets, innovations in packaging and design, the expansion of digital marketing and e-commerce, coupled with cultural and educational initiatives.
What Main Forces Are Fueling Expansion In The Tequila Market?
The escalating preference of consumers for spirits made from agave is anticipated to boost the tequila market's expansion. Agave alcohol, a beverage produced from the fermented sap of the maguey (agave) plant, has its roots in central Mexico, where it has been produced for hundreds of years and forms a central part of their tradition. The demand for agave spirits is on the rise in the United States, due to an increase in the purchase of Mexican imports. Retailers are also adjusting their offerings to create more room for the swelling sales of tequila. For instance, as reported by CNBC, a US news channel, the sales of agave-based spirits rose by 30.1% year on year to USD 5.2 billion in February 2022. Consequently, the increasing preference of consumers for agave-based spirits propels the growth of the tequila market.
What Are The Primary Segments In The Global Tequila Market?
The tequila market covered in this report is segmented –
1) By Type: Blanco, Reposado, Anejo, Other Types
2) By Purity: Premium Tequila, Value Tequila, Premium And Super-Premium Tequila, Ultra-Premium Tequila
3) By Distribution Channel: On-Trade, Off-Trade
Subsegments:
1) By Blanco: Silver Blanco, Unaged Blanco
2) By Reposado: Oak Aged Reposado, Barrel Aged Reposado
3) By Añejo: Standard Añejo, Extra Añejo
4) By Other Types: Cristalino, Flavored Tequila, Mezcal
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Which Key Trends Are Driving Changes In The Tequila Market Size?
A significant trend emerging in the tequila market is product innovation. This is chiefly being embraced by big companies working in the tequila sphere, who are keen to create new products to solidify their market standing. For example, in April 2022, Diageo, a multinational alcoholic beverage company based in the UK, introduced Astral Tequila in the US, a top-shelf product made entirely from blue Weber agave. Diageo is presently rebranding the product with exceptional and classic new packaging, refreshing and unique recipe developed in a novel distillery, resulting in a new formulation, supplemented by fresh marketing strategies.
Who Are the Key Players in the Tequila Market?
Major companies operating in the tequila market include:
• Pernod Ricard SA
• Suntory Holdings Limited
• Asahi Group Holdings Ltd.
• Diageo plc
• Kirin Holdings Co Ltd.
• El Grado Tequila LLC
• Jose Cuervo S.A. de C.V.
• Dos Lunas Spirits LLC
• The Molson Coors Brewing Company
• Constellation Brands Inc.
• Thai Beverage Public Company Limited
• Casamigos Spirits Co
• Bacardi Limited
• Brown-Forman Corporation
• Clase Azul Tequila S.A. de C.V.
• Ambhar Global spirits LLC
• Patron Spirits International LLC
• Proximo Spirits LLC
• Milagro Tequila LLC
• Tres Agaves Productos LLC
• Tequila Don Julio S.A. de C.V.
• Tequila Avion LLC
• Sauza Tequila S.A. de C.V.
• Tequila Fortaleza S.A. de C.V.
• Cazadores Tequila S.A. de C.V.
• Grupo Industrial Herradura S.A. de C.V.
• Familia Camarena Tequila S.A. de C.V.
• Espolon Tequila S.A. de C.V.
What Is The Most Dominant Region In The Tequila Market?
North America was the dominated region in the tequila market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global tequila market during the forecast period. The regions covered in the tequila market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
