Mezcal Market Size, Share, Growth Analysis, By Age(Joven, Reposado, Añejo), By Distribution Channel(Store-Based, Non-Store-Based), By Region - Industry Forecast 2024-2031

Mezcal Market size was valued at USD 275.69 million in 2019 and is poised to grow from USD 338 million in 2023 to USD 2115.07 million by 2031, growing at a CAGR of 22.6% in the forecast period (2024-2031).

To exploit the luxury spirits market and expand their product variety, major firms are spending money to buy tiny players in the mezcal sector. To meet the expectations of the consumer by providing a diversity of tastes and product quality to sustain premiumization, key companies are heavily concentrating on product development and product innovation. Mergers and acquisitions are crucial strategies for several of the big competitors. For instance, Minnesota Municipal Liquor has partnered with Patrón, El Tosoro, and Herradura to create its own single-barrel offerings to differentiate itself from other retailers. "It's popular with bourbons," Agnes says of the trend, but tequilas are also starting to offer single barrel selections. To communicate their exclusivity, each barrel is labelled "Hand Picked for Minnesota Municipal Liquor." 'Casa Lumbre', 'Pernod Ricard SA', 'Ilegal Mezcal', 'William Grant & Sons Ltd.', 'Rey Campero', 'Mezcal Vago', 'Del Maguey Single Village Mezcal', 'El Silencio Holdings, Inc.', 'Mezcal Amores', 'Mezcales de Leyenda', 'Los Danzantes', 'Sombra Mezcal', 'Mezcal San Cosme', 'Wahaka Mezcal', 'Mezcal Union', 'Mezcal Real Minero', 'La Venenosa Raicilla', 'Gracias a Dios', 'Mezcal Koch El', 'Mezcaloteca', 'In July 2021, Pernod Ricard announced its collaboration with Ojo de Tigre, The premium mezcal that sells the fastest is Ojo de Tigre. The major objective of the agreement, according to Pernod Ricard, is to increase the business' position in the mezcal market.', 'In August 2021, Diageo PLC, through the purchase of Casa UM, obtained mezcal union. One of the top brands of mezcal produced is Mezcal Union. This transaction was made by Diageo PLC to grow its mezcal beverage business.'

Due to the rising disposable income in developed nations like North America and Western Europe, they are willing to spend a lot of money on high-end and super-premium goods. The market is anticipated to expand over the forecast period as mezcal demand has grown dramatically over the last few years. Wealthier consumers in established spirit markets are increasingly gravitating toward novel, intriguing goods and upgrading to speciality beverages with unusual flavour profiles.

With a shift in consumer priorities toward premium and organic goods brought about by increased health awareness, mezcal cocktails are becoming more and more popular among drinkers as alternatives to various alcoholic beverages. Succulent agave plants are used to make mezcal. Many consumers prefer agave-based mezcal due to its less sweet effects because agave has a lower glycemic index (GI), which ranges from 10% to 15% depending on the product. Over time, agave-based products have become more and more popular. For instance, Mexico has seen a sharp increase in the market for distilled agave-based goods. Because pinas (agave hearts), which are used to make mezcal, is smoked for three to four days in large pits, the taste of mezcal is different from that of tequila. This process ultimately gives consumers premium quality and a different taste, and this is one of the main factors driving the mezcal market because it allows alcohol consumers to obtain premium quality with better flavour from an organic product.

Mezcal is very well-liked in Mexico, North America has dominated the Mezcal market and is expected to rise rapidly. Mexico's national spirit is mezcal. It is anticipated that the market in the region will expand as a result of mezcal's rising popularity in the United States and Canada. It is anticipated that the increased advertising of mezcal and its expanding celebrity status will have a favourable impact on regional demand. For instance, Bryan Cranston and Aaron Paul, two actors from the United States, debuted the mezcal brand Dos Hombres. Consumer demand has increased as a result of the launch. Due to the growing trend of consuming premium craft beverages, Europe is predicted to experience strong development.