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Global Tequila Market Report and Forecast 2024-2032
Market Report I 2024-07-18 I 187 Pages I EMR Inc.
Global Tequila Market Report and Forecast 2024-2032
Market Outlook
According to the report by Expert Market Research (EMR), the global tequila market size attained approximately USD 11.87 billion in 2023. Aided by the increasing demand for premium and super-premium tequila, the market is estimated to grow at a CAGR of 6.00% in the forecast period of 2024-2032, reaching a value of around USD 20.07 billion by 2032.
Tequila is a distilled alcoholic beverage made from the blue agave plant, primarily in the area surrounding the city of Tequila in the central-western Mexican state of Jalisco. It is a traditional Mexican spirit with a rich history and distinctive production process.
The global tequila market has experienced substantial growth and transformation over the past few years, driven by changing consumer preferences, innovative marketing strategies, and a broader recognition of tequila's versatility and quality. These trends have not only expanded the market but also elevated tequila's status from a party drink to a sophisticated spirit appreciated by connoisseurs worldwide.
One of the most notable tequila market trends is the increasing demand for premium and super-premium tequila. As consumers become more discerning about their alcoholic beverages, there is a growing appreciation for high-quality, artisanal products. This shift is partly influenced by the broader trend towards premiumisation in the spirits industry, where consumers are willing to pay more for better quality and unique experiences. Premium tequila brands emphasise their traditional production methods, such as using 100% blue agave, and age their products to develop complex flavours. This focus on quality has led to the rise of luxury tequila brands, attracting a sophisticated consumer base and driving the market growth.
Another significant trend aiding the tequila market expansion is the growing popularity of the alcoholic beverage in international markets. While Mexico and the United States remain the largest consumers of tequila, other regions such as Europe and Asia are increasingly embracing this spirit. The global expansion is facilitated by targeted marketing campaigns and the growing presence of tequila brands in international markets. The rise of cocktail culture in these regions has also contributed to tequila's popularity, with bartenders and mixologists experimenting with tequila-based cocktails, introducing new consumers to its versatility. As a result, tequila is no longer seen as a niche product but as a global spirit with broad appeal.
The tequila market is also witnessing a surge in flavoured and infused tequila varieties. Brands are innovating by introducing a range of flavours, from fruity to spicy, to cater to diverse consumer tastes. These flavoured tequilas are particularly popular among younger consumers who seek novel and exciting drinking experiences. Additionally, the trend towards ready-to-drink (RTD) cocktails has also impacted the tequila market. RTD tequila cocktails, such as margaritas, are convenient options for consumers looking for a premium cocktail experience without the hassle of mixing ingredients. This trend aligns with the broader consumer demand for convenience and high-quality beverages.
Sustainability and ethical production practices are increasingly gaining prominence, influencing the global tequila market value. Consumers today are more conscious of the environmental and social impact of their purchases, prompting tequila brands to adopt sustainable practices. This includes organic farming of agave, reducing water usage, and ensuring fair labour practices. Some brands are also investing in sustainable packaging solutions, such as recyclable bottles and eco-friendly labels. These initiatives not only appeal to environmentally conscious consumers but also enhance the brand's image and reputation.
The rise of artisanal and craft tequila distilleries is another noteworthy trend boosting the global tequila market expansion. Smaller, independent distilleries are gaining traction by offering unique, handcrafted tequilas that emphasise traditional production methods and regional characteristics. These craft tequilas often have distinct flavour profiles and limited production runs, making them highly sought after by enthusiasts and collectors. The craft movement has added diversity to the tequila market and challenged larger brands to innovate and differentiate their products.
Celebrity endorsements and collaborations have significantly influenced the global tequila market growth. High-profile celebrities launching their tequila brands have brought considerable attention and credibility to the market. These celebrity-backed brands often leverage their star power to create strong brand identities and connect with a broad audience. Notable examples include George Clooney's Casamigos, Dwayne "The Rock" Johnson's Teremana, and Kendall Jenner's 818 Tequila. These endorsements have helped elevate tequila's status and attract new consumers.
Technological advancements are also shaping the tequila market development. Innovations in production processes, such as the use of modern distillation equipment and precision ageing techniques, have improved the efficiency and quality of tequila production. Furthermore, digital marketing and e-commerce platforms have become crucial for reaching a global audience. Brands are leveraging social media, influencer marketing, and online sales channels to engage with consumers and drive sales. The COVID-19 pandemic accelerated the adoption of these digital strategies, highlighting their importance in the modern tequila market.
In addition to these trends, the tequila market is influenced by changing consumer demographics. The growing purchasing power of millennials and Generation Z, who prioritise experiences and authenticity, has driven the demand for premium and craft tequilas. These younger consumers are also more likely to explore new flavours and brands, contributing to the diversification of the market. Furthermore, the health and wellness trend has impacted the market, with consumers seeking natural and organic options. Tequila, particularly those made from 100% blue agave, is often perceived as a healthier choice compared to other spirits, boosting its appeal.
Market Segmentation
The global tequila market can be divided based on product type, price range, distribution channel, and region.
Market Breakup by Product Type
- Blanco
- Joven
- Mixto Gold
- Reposado
- Anejo
Market Breakup by Price Range
- Standard
- Premium
- Super-Premium and Ultra-Premium
Market Breakup by Distribution Channel
- B2B
- B2C
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global tequila market. Some of the major players explored in the report by Expert Market Research are as follows:
- Bacardi Limited
- Diageo Plc
- Constellation Brands, Inc.
- Pernod Ricard S.A.
- Beam Suntory Inc.
- Ambhar Global Spirits, LLC
- Brown-Forman Corporation
- Davide Campari-Milano N.V
- Casa Aceves
- Proximo Spirits, Inc.
- Others
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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
1 Preface
2 Report Coverage - Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Tequila Market Analysis
8.1 Key Industry Highlights
8.2 Global Tequila Historical Market (2018-2023)
8.3 Global Tequila Market Forecast (2024-2032)
8.4 Global Tequila Market by Product Type
8.4.1 Blanco
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 Joven
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 Mixto Gold
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 Reposado
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.4.5 Anejo
8.4.5.1 Historical Trend (2018-2023)
8.4.5.2 Forecast Trend (2024-2032)
8.5 Global Tequila Market by Price Range
8.5.1 Standard
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Premium
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Super-Premium and Ultra-Premium
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.6 Global Tequila Market by Distribution Channel
8.6.1 B2B
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 B2C
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.6.2.3 Market by Type
8.6.2.3.1 Supermarkets and Hypermarkets
8.6.2.3.2 Speciality Stores
8.6.2.3.3 Online
8.6.2.3.4 Others
8.7 Global Tequila Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Tequila Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Tequila Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Tequila Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Tequila Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Tequila Market Analysis
13.1 Turkey
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter's Five Forces Analysis
14.2.1 Supplier's Power
14.2.2 Buyer's Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Bacardi Limited
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Diageo Plc
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Constellation Brands, Inc.
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Pernod Ricard S.A.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 Beam Suntory Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 Ambhar Global Spirits, LLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Brown-Forman Corporation
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Davide Campari-Milano N.V
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Casa Aceves
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Proximo Spirits, Inc.
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Tequila Market: Key Industry Highlights, 2018 and 2032
2. Global Tequila Historical Market: Breakup by Product Type (USD Billion), 2018-2023
3. Global Tequila Market Forecast: Breakup by Product Type (USD Billion), 2024-2032
4. Global Tequila Historical Market: Breakup by Price Range (USD Billion), 2018-2023
5. Global Tequila Market Forecast: Breakup by Price Range (USD Billion), 2024-2032
6. Global Tequila Historical Market: Breakup by Distribution Channel (USD Billion), 2018-2023
7. Global Tequila Market Forecast: Breakup by Distribution Channel (USD Billion), 2024-2032
8. Global Tequila Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Tequila Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Tequila Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Tequila Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Tequila Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Tequila Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Tequila Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Tequila Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Tequila Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Tequila Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Tequila Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Tequila Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Tequila Market Structure
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