Global Tequila Market

The market has been segmented established on product type, distribution channel and region. Based on product type the market is segmented into Blanco, Anejo, Reposado and others. Based on grade type it is bifurcated into Value, High-end Premium, Premium, and Super Premium. Based on distribution channel the market is divided into Off-trade and On-trade. The regions that have been covered within the market are North America, Europe, Asia Pacific, rest of the world.

Prominent players in the global Tequila market include Pernod Ricard S.A., Diageo Plc, Inc., Bacardi Ltd, Heaven Hill, Sazerac Company Inc., Heaven Hill Distilleries, Inc., Campari Group, Brown-Forman Corporation, Suntory holdings limited, Casa Aceves, Sazerac Company Inc., Constellation Brands, Inc. and many more. These players are expected to maintain their market position by continuously innovating and expanding their product offerings to cater to evolving consumer preferences.

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Market Synopsis

According to the MRFR analysis, the global tequila market size is projected to reach USD 12.75 billion by 2030 at a CAGR of 6.15 %.The surge in demand for Tequilas and increasing disposable income are major drivers of the tequila market. Premium and handcrafted variants are gaining more popularity globally, with tequila being used in a variety of drinks, including the popular margarita. Key players are introducing new flavors to attract more consumers and expand their portfolios. 

The market is further boosted by the increasing popularity of spirits among youngsters, the involvement of social media, and the rising number of parties and availability of alcoholic beverages in bars and restaurants. E-commerce sales are also expected to offer a remunerative opportunity for market expansion. The COVID-19 pandemic has escalated tequila sales through e-commerce platforms, contributing significantly to the market’s growth. However, alcohol consumption can cause death and disability, which has led to partial or complete bans in some states and districts of India and other developing countries, negatively affecting the sales of alcoholic beverages and hampering the growth of the market.

The market for blue agave plant-based distilled spirits is expected to benefit from the increasing popularity of artisanal spirits among consumers worldwide in the near future. Consumers today are more discerning and seek out unique, high-quality, and flavorful alcoholic beverages, which is driving market growth.

Decrease in demand: The closure of bars, restaurants, and nightclubs has led to a decrease in demand for tequila. Many people have also reduced their spending on luxury items like premium tequila due to economic uncertainty and job losses.

Shift to online sales: As people have shifted to online shopping due to social distancing measures, online sales of tequila have increased. This has led to a shift in the distribution channels for tequila and an increase in e-commerce sales.

Changes in consumer behavior: The pandemic has led to changes in consumer behavior, including an increased focus on health and wellness. This has led to a shift towards tequilas that are perceived as healthier or more natural, such as organic or low-calorie tequilas.

Competitive Landscape

The global Tequila market is profitable, both for existing players as well as new entrants. Intense competition, rapid advances in Tequila technology, and regulations are key factors that confront the market growth. A substantial level of rivalry is observed among the existing manufacturers in the market.

The global Tonic Water market is fragmented and consists of some organized and unorganized industry players. To outperform rivals, manufacturers primarily concentrate on increasing production capacity, launching new products on a regular basis, and collaborating with important stakeholders. Key players include Pernod Ricard S.A. (France) Diageo Plc (U.K.) Bacardi Limited (Bermuda) Suntory Holdings Limited (Japan) Heaven Hill Distilleries, Inc. (U.S.) Campari Group (Italy) Sazerac Company Inc. (U.S.) Brown-Forman Corporation (U.S.) Casa Aceves (Mexico) Constellation Brands, Inc. (U.S.) and many more.

The global Tequila mixer market is witnessing the entry of both small and large players who are introducing innovative products and expanding their portfolios to appeal to consumers worldwide. The demand for Tequila is particularly high among the working population and younger generations, leading to the growth of the market. Tequila is gaining traction globally due to the availability of various flavors and variants. To stay competitive in the market, key players are focusing on collaborations, expanding their distribution channels, and launching new products

Segmentation

By Product Type

  • Blanco: Blanco tequila, also known as silver tequila, and is a purest form. It is used in margaritas and light, citrusy drinks. The earthy, semi-sweet, and distinctive agave flavor of the blanco tequila variants make them popular and they account for a significant market share. Their smoother taste and wide availability have also contributed to their widespread consumption. Additionally, their versatility in various cocktails like margarita and Paloma has helped them maintain their position as the top-selling tequila type in the market.
  • Reposado: Reposado tequila is a popular type of tequila that has been aged for a minimum of two months but no more than one year in oak barrels, which gives it a smooth and mellow taste. The reposado tequila market has been growing in recent years due to its increasing popularity among tequila enthusiasts.
  • Anejo: Anejo tequila is a type of tequila that is aged for a minimum of one year in oak barrels. This aging process gives the tequila a smooth and complex flavor profile, with notes of vanilla, caramel, and wood. The anejo tequila market has seen significant growth in recent years, as consumers have become more interested in premium and aged spirits.
  • Others: Joven or Gold Tequila is a type of tequila that is a blend of blanco and reposado tequilas. The resulting tequila is gold or light brown in color and has a smoother taste than blanco tequila, but with some of the complexity of the aged reposado tequila. Extra Anejo Tequila is another type of tequila that is aged for more than three years in oak barrels. This extended aging process gives the tequila a darker color and a rich, complex flavor profile, with notes of vanilla, caramel, and spice.

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By Grade Type

  • Value: Value or economical tequila is generally categorized as mixto tequila, which means that it is made from a minimum of 51% blue agave and the remainder can be made up of other sugars, typically cane sugar. Mixto tequila is often used for making cocktails and is generally cheaper than 100% agave tequilas. Within the mixto tequila category, there are two main grades: Silver or Blanco and Gold or Joven.
  • Premium: Premium tequila is expected to hold the largest share in the global tequila market, as consumers increasingly seek out high-quality craft spirits with a unique sensory appeal, mouthfeel, and texture.
  • High-End Premium: Tequila is a type of distilled spirit that is made from the blue agave plant, primarily in the region surrounding the city of Tequila, in the highlands (Los Altos) of the central western Mexican state of Jalisco. When it comes to high-end premium tequila, there are several different grades and types to consider.
  • Super Premium: Tequila is a distilled spirit made from the blue agave plant, primarily grown in the region surrounding the city of Tequila, in the western state of Jalisco, Mexico. Tequilas are graded according to their aging process, with the highest grade being “Extra Añejo” or “Ultra Añejo”, which means that the tequila has been aged in oak barrels for at least 3 years.

By Distribution Channel

  • On-Trade: The on-trade distribution channel, which includes on-premises consumption such as bars, restaurants, hotels, and nightclubs, is the largest revenue-generating segment in the Tequila mixer market. The on-trade sales channel, which refers to sales of alcoholic beverages in bars, pubs, restaurants, and other licensed establishments, is a prominent channel in the alcohol industry and is expected to continue dominating the market share.
  • Off-Trade: The off-trade channel, which refers to the sales of alcoholic beverages through retail stores such as supermarkets, liquor stores, and online marketplaces, is witnessing strong growth in recent years. One of the primary factors driving this growth is the cost-effectiveness of purchasing alcohol from retail stores.

By Region

  • North America: The North American region includes major markets such as the US, Canada, and Mexico. The US and Canada have the highest per capita income. The standard of living in North America is high and is considered a major contributor in creating demand for tequila
  • Europe: Europe basically includes the UK, Germany, France, Italy, Spain, and Rest of the Europe are all included in the analysis of the European market. Europe continues to hold a significant share in the global tequila market, owing to the presence of major players in the region coupled with the various strategies adopted by them to strengthen its foothold the market.
  • Asia-Pacific Asia-Pacific is the most populated region in the world, consisting of some of the major economies, including China, India, and Japan are growing rapidly because of the food & beverage consumption in the market. The various expansion policies that have been adopted by major players in the region are expected to drive the demand for tequila in the upcoming years.
  • Rest of the World: The rest of the World including the region of South America, the Middle East, and Africa, will witness moderate growth in the tequila market in the coming years. Furthermore, the major company operating in South Africa is going under various acquisitions which are resulting in growth in the tequila market.