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

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.