Tequila is a distilled spirit, which is prepared by distillation of the fermented juice of weber blue agave plant. The agave plant is a member of the lily family and it takes 7-12 years to mature before tequila can be produced’. Tequila is a strong alcoholic liquor that was originated in Mexico and at times forms the basis for many types of mixed drinks.
The growth of the global tequila market is expected to be driven by the increasing momentum of the cocktail culture. There is increasing demand of tequila in cocktails, which is not restricted to bars and restaurants, but also gaining demand within the parties organized at homes. The market is also gaining traction with the shift in the preferences of the consumers from binge drinking to more sophisticated drinking. For instance in the U.S., there is increasing demand for handcrafted tequila. Other factors that are contributing towards increasing demand for tequila include as economic growth of individuals, which contributes towards increase in demand for alcohol such as tequila and infrastructural development.
However, growth of the market is expected to be hampered by drop in the cultivation of agave plants in Mexico.
Based on product type, the tequila market is being segmented into blanco, joven, mixto gold, reposado, anejo, and extra anejo. The blanco segment is expected to dominate the growth of the market over the forecast period. Blanco is known as plata tequila or silver teqila. This type of tequila is usually bottled, unaged, and packaged after being distilled. Some manufacturers within the industry allow the spirit to settle for few weeks before it is bottled. The market for blanco tequila is gaining traction, owing to its purest form and owing to the purest flavors of the blue agave plant as it is not being aged into barrels. It offers the genuine appeal of blue agave’s natural sweetness.
Among regions, North America is expected to hold a dominant position in the market over the forecast period. The growth of the market in the region can be attributed to increased consumption of tequila within the population. The market in North America is also driven by increasing demand of tequila by various business sectors such as restaurants, bars and pubs within the region. In the countries of Europe and Asia Pacific, the consumption of tequila is increasing compared to other alcoholic drinks due to the perception among the population that tequila is sophisticated and less harmful compared to other alcoholic drink. Moreover, it is expected that Mexico would gain a significant position within the global tequila market as it is a place of origin for excellent and authentic tequila.
Key players operating in the global tequila market include Tequila Cuervo La Rojeña, S.A. de C.V, Don Julio, Tequilera Corralejo S.A. de C.V., Tequila512, AMBHAR Global Spirits LLC., Dos Lunas Spirits, LLC, El Grado, Tequilera de Arandas Company, Cascahuin Distillery, and William Grant & Sons, Inc. amongst others.
On the basis of purity, the global tequila market is segmented into:
On the basis of product type, the global tequila market is segmented into:
On the basis of distribution channel, the global tequila market is segmented into:
On the basis of region, the global tequila market is segmented into: