The Global Tequila Market Calculated to Progress at $18118.38 Million by 2028

The Global Tequila Market Calculated to Progress at $18118.38 Million by 2028

“The Global Tequila Market”
As per Triton’s report, the global tequila market garnered $7755.22 million in 2020, and is deemed to advance at a CAGR of 4.71% by 2028.

A recent study by Triton Market Research titled ‘Global Tequila Market’ entails the Global Analysis and Forecasts by Product (High-End Premium, Super Premium, Premium, Value), Distributors (Liquor Specialist Stores, Online Retailing, Supermarkets & Hypermarkets, Other Distributors), and by Geography (North America, Latin America, Middle East and Africa, Europe, Asia-Pacific). 

Tequila is among the widely consumed spirit drink manufactured from the blue agave plant in Mexico. They are offered through specialist stores, online channels, and supermarkets, among others. 

 

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Triton’s research report has determined that the global tequila market is estimated to advance at a CAGR of 4.71% through the years 2021-2028. The market is likely to attain revenue worth $18118.38 million by 2028.

Over the years, the demand for premium tequila has surged globally. This is primarily owing to consumers’ need to consume alcohol based on aging and style. Moreover, the super and ultra-premium tequila brands have witnessed a substantial growth rate. For instance, Brown Forman’s products, including Herradura, observed a spike in its net sales. Hence, the rising preference for premium tequila, coupled with the introduction of new tequila flavors, is driving the tequila market’s growth. However, anti-alcohol campaigns, surge in raw material costs, and over-reliance on the US and Mexico for tequila production are negatively impacting the tequila market’s progression. 

The tequila market is segmented into product and distributors. Based on the product, it is sectioned into high-end premium, super-premium, premium, and value. In terms of distributors, it is divided into liquor specialist stores, online retailing, supermarkets & hypermarkets, and other distributors.  

Globally, North America holds the largest market for tequila. This is mainly on account of the growing demand for alcohol across the region. Moreover, it is the widely consumed drink in the spirit category and is estimated to gain traction in the years ahead. Furthermore, several celebrities have launched their tequila brands, fueling the demand for tequila on a large scale. Thus, these aforementioned are widening the scope of the tequila market in North America. 

Brown Forman Corporation, Bacardi and Co Ltd, Luxco Inc, Diageo Plc, Sazerac Company Inc, Tequila Centinela, E and J Gallo Winery Inc, Anheuser Busch Inbev, Beam Suntory Inc, Asahi Group Holdings Ltd, Jose Cuervo, Pernod Ricard SA, Constellation Brands, and La Martiniquaise are leading companies in the tequila market. 

 

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Question & Answer: Tequila Market

Question 1: What factors are driving the tequila market’s growth?

Answer: Over the years, the demand for premium tequila has surged globally. This is primarily owing to consumers’ need to consume alcohol based on aging and style. Moreover, the super and ultra-premium tequila brands have witnessed a substantial growth rate. For instance, Brown Forman’s products, including Harradura, observed a spike in its net sales. Hence, the rising preference for premium tequila, coupled with the introduction of new tequila flavors, is driving the tequila market’s growth. 

Question 2: What factors are negatively impacting the tequila market’s progression?

Answer: Factors such as anti-alcohol campaigns, the surge in raw material costs, and over-reliance on the US and Mexico for tequila production are negatively impacting the tequila market’s progression.

Question 3: Which region holds the largest market for tequila?

Answer: Globally, North America holds the largest market for tequila. This is mainly on account of the growing demand for alcohol across the region. Moreover, it is the widely consumed drink in the spirit category and is estimated to gain traction in the years ahead. Furthermore, several celebrities have launched their tequila brands, fueling the demand for tequila on a large scale. Thus, these aforementioned are widening the scope of the tequila market in North America. 

Question 4: Which are the leading companies in the tequila market?

Answer: Brown Forman Corporation, Bacardi and Co Ltd, Luxco Inc, Diageo Plc, Sazerac Company Inc, Tequila Centinela, E and J Gallo Winery Inc, Anheuser Busch Inbev, Beam Suntory Inc, Asahi Group Holdings Ltd, Jose Cuervo, Pernod Ricard SA, Constellation Brands, and La Martiniquaise are leading companies in the tequila market.

Related Report:

Global Kombucha Market 

As per Triton’s report, the global kombucha market is expected to grow at a CAGR of 22.21% over the forecast period 2021-2028. It is likely to gain revenue of $7.68 billion by 2028. 

Kombucha contains probiotics, which are considered to be beneficial for a person’s health. In addition, several companies are introducing flavors to establish their footings in the market. 

Factors such as the rising trend of healthy drinks have influenced the demand for kombucha across the world. Furthermore, the need for new flavors has increased their sales, simultaneously boosting the kombucha market on a growth path.

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