USD 8.99 billion
Tequila Market Size, Share, Growth Analysis, By Type(Blanco, Reposado, Anejo, Others), By Grade(Value, Premium, High-end Premium, Super-Premium), By Distribution Channel(Off-Trade and On-Trade), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30C2130 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
90
|Figures:
76
Tequila Market Insights
Global Tequila Market size was valued at USD 8.99 billion in 2019 and is poised to grow from USD 9.5 billion in 2023 to USD 14.69 billion by 2031, growing at a CAGR of 5.6% in the forecast period (2024-2031).
Tequila is a distilled spirit produced in Mexico by fermenting Weber blue agave plant juices. The blue agave plant distillate is the second-fastest-growing spirit in the category in recent years, according to the International Wine and Spirit Research (IWSR). The soil in and surrounding this region is ideal for growing blue agave. There are more than 399 million plants planted there annually. Depending on the place that it is gathered in, agave for tequila grows in different ways. The blue agave grows larger and has a richer flavour and aroma in the highland region. The flavour and scent of agaves harvested in the lowlands are stronger. Tequila is a word that Mexico claims to be exclusively its. The majority of tequilas are 80 proof, although some distillers will distil to 100 proof before diluting with water to lower the strength. The most reputable manufacturers distil the booze to 80 proof without adding water. Instead of being drunk in shot form with a wedge of lemon, it has evolved into a spirit to be sipped and enjoyed. Spirits are becoming more popular all around the world, which has encouraged international liquor producers to market the beverage's barrel-aged varieties. Additionally, it is anticipated that fresh celebrity endorsements of the spirit would boost demand during the projection period.
The COVID-19 pandemic's effects have been startling and unprecedented on a global scale, with demand for tequila falling short of expectations in every region when compared to levels before the pandemic. According to our data, the global market grew slowly in 2019 compared to 2019, by a rate of 4.54 %.
US Tequila Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Blanco
Fastest Growth
Blanco
Growth Rate
5.6% CAGR
Global Tequila Market, 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Tequila Market Segmental Analysis
Global tequila market has been segmented based on type, grade, distribution channel, and region. Based on type, the global tequila market is segmented into blanco, reposado, anejo, and others. Based on grade, the market is segmented into value, premium, high-end premium, and super-premium. By distribution channel, the market is segmented into Off-Trade and On-Trade. Based on region, the tequila market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Tequila Market Analysis by Type
Blanco varieties make up the largest portion of the tequila market due to their characteristic agave flavour and earthy, semisweet. Due to its greater availability and nicer taste, it is widely consumed. Holding the largest proportion of the market is a result of the widespread use of blanco variations in numerous cocktails, including margaritas and Palomas.
Variants of reposado and Anejo have seen tremendous growth in recent years as customers have become more aware of the spirit and open to trying new kinds. Reposado and Anejo, in contrast to Blanco, are finished with distinctive honey and smokey flavour by being matured in oak barrels for a month to a year.
Global Tequila Market By Type , 2021(%)
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Tequila Market Regional Insights
Due to very widespread tequila consumption, North America holds the highest share of the global tequila market. In North America, industries like restaurants, bars, and pubs are expanding rapidly, which could be a driver for the tequila market. Due to the enormous increase in tequila consumption in the region, North America follows Western Europe in the worldwide tequila market. Due to changes in consumer behaviour, the Asia-Pacific region, except Japan, accounts for a disproportionately high volume share of the global tequila market.
Over the forecast period, Eastern Europe and Japan will also hold a sizeable value share of the global tequila market. People in these regions have started to favour tequila over other alcoholic beverages because of the widespread belief that it is more sophisticated and less harmful than other alcoholic beverages.
As alcohol consumption is often restricted in MEA due to the dominance of Islamic culture, the outlook for the expansion of the tequila market is not promising. The tequila market has been thriving in Latin America. Since quality and genuine tequila originates in Mexico, most Latin countries are more likely to have a preference for tequila than other countries. Latin America is experiencing rapid market expansion.
Global Tequila Market By Geography, 2021 - 2028
- Largest
- Fastest
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Tequila Market Dynamics
Tequila Market Driver
- One of the key factors boosting demand for distilled spirits made from blue agave plants is the increasing acclaim that various artisanal spirits are receiving from consumers all over the world. Tequila market expansion is fueled by consumers' need for excellent exotic beverages with a fresh taste across the globe. To draw customers in and experiment with new flavours, major producers like Patron Spirits International developed flavours including flowery, black pepper, turmeric, and pumpkin.
- The tendency of premiumization has emerged in recent years as customers choose quality above quantity. Consumers' preference for sophisticated and high-end beverages consequently increases demand for these goods.
Tequila Market Restraint
- Consumers are looking for low- or no-alcohol drinks that taste just like alcoholic beverages but don't have the bad effects as a result of their growing understanding of these adverse effects. This aspect can limit the expansion of the tequila market. There are a few obstacles that could prevent the global tequila market from expanding, including a decline in agave plant cultivation, unrest in Mexico, and rising gasoline and energy prices.
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Tequila Market Competitive Landscape
Due to the presence of significant players, the global tequila market is very competitive. As a way to get an advantage over rivals, players are now concentrating on releasing new products. New tastes have just entered the market and are being introduced as a result of cooperative agreements including mergers and acquisitions, joint ventures, and others. For instance, in April 2021, Bacardi's tequila brand Cazadores in the United States now includes a premix RTD. The 5.9 percent% alcohol by volume (abv) RTDs are available in a fiery margarita, margarita, and Paloma tastes. They are manufactured entirely from blue agave. The firm hopes to provide the consumer with an intelligently designed and contemporary on-the-go experience with the launch.
Top Players in Global Tequila Market
- Jose Cuervo
- Sauza
- Patrón
- Don Julio
- Hornitos
- Casa Noble
- 1800 Tequila
- Avion Tequila
- El Tesoro Tequila
- Milagro Tequila
- Tequila Herradura
- Tequila Ocho
- Clase Azul Tequila
- Corzo Tequila
- Tequila Cazadores
- Tequila Fortaleza
- Tequila Chamucos
- Tequila Tres Generaciones
- Tequila El Jimador
- Tequila Espolon
Tequila Market Recent Development
- In February 2022 - Pernod Ricard's Avión brand added Avión Reserva Cristalino Tequila to its lineup of Reservas. The business has produced a product that honours each stage of its production process, from the field to the bottle, showcasing the distinctiveness of its terroir, the personality of the agave, the purity of the distillation, and the delicate relationship with wood during ageing.
- In February 2022 - Suntory Holdings Limited’s Alejo Cristalino, a new ultra-premium offering from the Tres Generaciones® Tequila brand, has been unveiled. The smooth yet distinctive liquor was developed by Tres Generaciones' master distillers at La Perseverancia Distillery in Jalisco, showcasing the company's dedication to quality and creativity.
Tequila Key Market Trends
- Tequila is being significantly helped by the growing trend of mixing various spirits to create cocktails that give consumers a unique alcoholic beverage experience in retail sales. The spirit had a reputation for drinking slowly at first but finally changed as a result of the arrival of the novel, exotic beverages on the market. The growth in consumer interest in tequila-based cocktails has increased because of cocktail culture, including El Diablo, Paloma, and other people. To meet consumer demand for at-home cocktail trends, several leading beverage producers have released cocktail kits and virtual cocktail-making tools sessions, which has accelerated market expansion. The beverage has been created to go well with heavy liquors and cocktails like margaritas, tequila, Ginger ale, and tonic.
Tequila Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected using Primary Exploratory Research backed by robust Secondary Desk research.
According to our global tequila market analysis, by type, Blanco dominated the market in 2021 and is anticipated to maintain its dominance over the forecast period. In 2021, North America dominated the market owing to the region's widespread tequila consumption.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.99 billion |
| Market size value in 2031 | USD 14.69 billion |
| Growth Rate | 5.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Tequila Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Tequila Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Tequila Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Tequila Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Tequila Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Tequila Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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