Global Mezcal Industry is expected to exhibit a robust CAGR of 11.3% over the forecast period from 2020 to 2026, according to the latest research report from Market Research Future (MRFR). The global mezcal market was valued at USD 350 million in 2019. The MRFR report presents a detailed analysis of the global mezcal market’s historical growth trajectory, allowing analysts to build studied forecasts for the market. The major drivers and restraints affecting the global Mezcal Industry are also studied in the report. The impact of the COVID-19 pandemic on the global mezcal market is also studied in the report.
Mezcal is a distilled alcoholic beverage made from the agave plant. It is a traditional Mexican beverage and can be made from 30 different types of agave. Mezcal is related to tequila, in that both are made from the agave plant. The growing demand for premium brands of alcoholic beverages is likely to be a major driver for the mezcal market over the forecast period. Mezcal is sold as a premium alcoholic beverage in the U.S. and other Western economies. The increasing disposable income of consumers in the U.S. and other Western countries is likely to be a major driver for the global mezcal market over the forecast period.
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The increasing demand for craft beverages from the younger demographics is also likely to be a major driver for the mezcal market over the forecast period. As the disposable income of younger demographics is increasing, they are increasingly looking to spend it on premium brands of craft beverages. This is likely to remain a major driver for the global mezcal market over the forecast period due to its branding as a premium craft beverage. The growing demand for authentic ethnic flavors and small-batch spirits is also likely to be a major driver for the global Mezcal Industry over the forecast period. The increasing use of advertising by mezcal manufacturers to target younger demographics has improved product awareness, which is likely to remain a major driver for the mezcal market over the forecast period. Growth of the organized retail sector, especially in developing and underdeveloped economies, is also likely to be a major driver for the global mezcal market over the forecast period.
On the other hand, the high costs of mezcal and limited production facilities are the key restraints acting on the global mezcal market.
Leading players in the Global Mezcal Industry include Davide Campari-Milano SpA, Bacardi Ltd., Craft Distillers, Familia Camarena Tequila, Brown-Forman Corporation, Diageo plc, Pernod Ricard, William Grant & Sons Ltd., Rey Campero, and El Silencio Holdings.
Major players in the Global Mezcal Industry are likely to focus on mergers and acquisitions in order to achieve inorganic growth over the forecast period, as this is a promising area for players in the mezcal market. In 2019, Davide Campari-Milano acquired Montelobos Mezcal and Ancho Reyes Liquor for approximately USD 35.7 million. Such moves are likely to remain popular in the global mezcal market over the forecast period. Many players in the global mezcal market have made strong investments in mezcal over the last few years. This is also likely to remain a major driver for the mezcal market over the forecast period.
Global Mezcal Industry is segmented on the basis of product type, distribution channel, and region.
By product type, the global mezcal market is segmented into Joven, Reposado, and Anejo. Joven holds the dominant share in the global mezcal market.
By distribution channel, the global mezcal market is dominated by store-based retailers, although the non-store-based segment is increasing due to the increasing presence of online shopping channels.
North America dominated the global mezcal market in 2019 due to the growing presence of the mezcal market in the U.S. and Mexico. These are the two largest markets for mezcal, which is likely to enable continued dominance of the North America market in the global mezcal market over the forecast period.
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