The Tequila Global Market Report 2023 by The Business Research Company, provides tequila market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Tequila Global Market Report 2023, the global tequila market size is expected to grow from $12.10 billion in 2022 to $13.35 billion in 2023 at a compound annual growth rate (CAGR) of 10.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global tequila market size is expected to reach $19.32 billion in 2027 at a CAGR of 9.7%.
Growing consumers’ inclination towards agave-based spirits is expected to propel the growth of the tequila market. A drink termed agave alcohol is brewed from the fermented maguey (agave) plant’s sap. It has been manufactured for centuries in central Mexico, where it is traditional. The popularity of agave spirits is growing in the United States as more Americans buy Mexican imports. Even retailers are making changes to make more shelf space available for tequila’s growing sales.
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The tequila market 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
Product innovation is a key trend gaining popularity in the tequila market. Major companies operating in the tequila market are focused on developing innovative products to strengthen their position in the market. For instance, in April 2022, Diageo, a UK-based multinational alcoholic beverage company, launched Astral Tequila in the US, premium tequila made from 100% blue Weber agave. Diageo is now reintroducing the product with beautiful and timeless new packaging, a fresh and distinctive recipe made in a new distillery that results in a new liquid, and new marketing initiatives.
The tequila market report table of contents includes:
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Top Major Players
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