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Tequila Is Fastest Growing Segment Fueling The Growth Of The Global Tequila Market

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samruddhicmi12
Tequila Is Fastest Growing Segment Fueling The Growth Of The Global Tequila Market

The Global Tequila Market is estimated to be valued at US$ 434.1 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Tequila is a distilled spirit made from the blue agave plant that is primarily produced in the region surrounding the city of Tequila located around 80 kilometers north-west of Guadalajara in Jalisco, Mexico. The unique flavor and taste attributes of tequila along with various health benefits have made it a popular alcoholic drink globally. Rising health consciousness and preference for premium craft spirits are driving the growth of the tequila market.

Market key trends:

One of the key trends fueling growth in the tequila market is the growing demand for premium and super-premium tequilas. Changing consumer preferences with increasing disposable incomes have led consumers to opt for high-quality tequilas made from 100% agave rather than mixers containing low-quality tequilas. Premium and super-premium tequilas contain a higher agave content which provides a smoother taste. Manufacturers are thus focusing on new product launches in the premium segment to cater to evolving consumer demand. For instance, in 2019 Patrón launched its ultra-premium Roca Collection tequila with price points starting at $99.

Segment Analysis

Tequila market is dominated by 100% agave segment as it is considered premium and authentic variety of tequila owing to its smoother taste and high agave content. The 100% agave tequila contributes majority share in the global tequila market due to growing consumer preference for premium spirits over sugary mixed drinks.

Key Takeaways

The Global Tequila Market Growth is expected to witness high growth, exhibiting CAGR of 5.4% over the forecast period, due to increasing popularity of tequila based cocktails among millennial especially in developed economies of North America and Europe.

Regional analysis

North America dominates the global tequila market with highest share and is expected to continue its dominance over the forecast period. However, Europe is expected to witness fastest growth rate during the forecast period owing to rising experimental zeal of European consumers towards different varieties of tequila.

Key players

Key players operating in the tequila market are Bacardi and Company Ltd., Diageo PLC, Pernod Ricard SA, Constellation Brands, Inc., and Suntory Holdings Limited. The market is dominated by Bacardi which owns brands like Patron and other budget-friendly brands. Diageo owns Don Julio and Cazadores brands of tequila.


For more insights, read - https://www.dailyprbulletin.com/tequila-is-fastest-growing-segment-fueling-the-growth-of-the-global-tequila-market-trend

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