According to the estimations put forth by Inkwood Research, the Global Tequila Market is projected to develop with a CAGR of 4.32% in terms of revenue during the forecasting years of 2021-2028.
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Tequila is produced from the blue agave plant grown in
Mexico. Agave can be cultivated only in Jalisco, Tamaulipas, Michoacán, Nayarit,
and Guanajuato. However, blue agave is found only in the Jalisco state of
Mexico, used to make 100% tequila. Tequila is classified into two main
categories, including Mixted (Mixto) as well as 100% de agave. In addition, the
drink observes renewed application, particularly as a spirit that can hold its
own during premium occasions and events.
Product
Innovations to Fuel Market Growth
The demand for tequila is boosted through the introduction
of new flavors by leading players in order to cater to consumers’ altering
taste preferences. Customers also demand exotic and innovative flavors in their
drinks. As a result, companies respond by adding a fresh range of flavors into
their product lines. For instance, Dulce Vida Spirits added a new line of
flavored tequilas into its product portfolio, in addition to two new flavors,
namely, lime and grapefruit.
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Super-Premium
is the Fastest-Growing Type
Super-premium tequila constitutes 100% agave and only
utilizes high-quality ingredients. The drink is packaged in high-quality
materials and is priced at more than $40 per liter. Moreover, the demand for
super-premium tequila continues to observe a growing trend. The popular brands
within the super-premium segment include DeLeón Diamante, Patrida Eleganate
Extra Añejo, Patrón Silver, Casamigos, Peligroso, Jose Cuervo, and others.
North
America to Dominate the Global Market by 2028
As the first distilled drink in North America as well as its
first commercially-produced alcohol, tequila is highly popular in the region.
The alcoholic beverage is classified under one of the fastest-growing spirit
categories, with growth projections expected to develop substantially, given
its minimal penetration across the world. Besides, approximately 90% of tequila
produced is predominantly consumed in North America. Several celebrities have
also launched tequila brands in Canada and the United States. Furthermore,
Canada’s increased alcohol consumption is accredited to deregulation and the
weakening alcohol laws across the country. However, the region’s market growth is
likely to be restrained due to the overdependence on the United States and the
elevating raw materials prices.
Companies with undifferentiated products and more extensive
product portfolios result in high competition across the global market. While
firms spend millions of dollars on augmenting their facilities, the increased
investments in the research and development (R&D) department further heighten
the overall competition.
Key operating in the market are Jose Cuervo (Becle SAB De
CV), Brown-Forman Corporation, Bacardi & Co Ltd, etc.
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Research
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relevant fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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