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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Tequila Market Regional Analysis
As per the tequila market analysis, North America accounts for a sizeable share of the global market due to the high demand for agave-based spirits. The demand for premium quality spirits is also on the rise, which prompts manufacturers to produce tequila with natural flavours. Moreover, increased implementation of tequila in crafting different cocktail drinks also provides market growth opportunities.
The cocktail culture in North America, especially in the United States, has significantly influenced the market. Classic tequila-based cocktails like Margaritas and Tequila Sunrises are perennial favourites, and there is an ongoing innovation in cocktail recipes involving tequila. This trend has helped maintain high demand for tequila.
The North American market is characterised by a diverse consumer base. While there is a strong traditional consumption among the Hispanic community, tequila has gained widespread popularity across various demographics, partly due to its versatility and the influence of Mexican culture.
Meanwhile, Latin America is witnessing significant growth as Mexico has several regulatory laws that monitor the quality of soil and water at tequila distilleries to boost the production of agave plants in the country.
Tequila Market Report Snapshots
Tequila Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the market reached an approximate value of USD 11.87 billion.
The market is projected to grow at a CAGR of 6.00% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032, reaching a value of around USD 20.07 billion by 2032.
The major market drivers are the increased momentum of cocktail culture across the world and the popularity of tequila among health-conscious consumers due to its low calorie and sugar content.
The key trends of the market include the growing popularity of mixing spirits in cocktails, increasing consumption of premium spirits, the launch of new products with unique flavours, and the implementation of sustainable agave plantation methods by key players.
The major regions in the market are North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The various product types are blanco, joven, mixto gold, reposado, and anejo.
The key players in the market are 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, and Proximo Spirits, Inc., among others.
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Australia
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India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124