Market Overview -

The global tequila market size was valued at USD 11.04 billion in 2023 and is projected to grow from USD 11.69 billion in 2024 to USD 18.58 billion by 2032, exhibiting a CAGR of 5.97% during the forecast period. North America dominated the tequila market with a market share of 62.14% in 2023.

Tequila is a distilled spirit from Mexico made from the juices of the Weber blue agave plant. According to the International Wine and Spirit Research (IWSR), blue agave plant distilled beverage has been the category's second-fastest-growing spirit in recent years, says Fortune Business InsightsTM in its report titled, “Tequila Market, 2024-2032”.

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Segmentation-

By Type, Blanco to Account for Major Market Share

On the basis of type, the market is divided into blanco, reposado, anejo, and others. Blanco variants account for a sizable portion due to their earthy, semi-sweet, distinct agave flavor. Its smoother taste and wide availability result in widespread consumption. The widespread use of blanco variants in various cocktails such as margaritas and Palomas contributes to the market's dominance.

By Grade, Premium Variant to be Leading Segment

The premium variant will lead the tequila market share as consumers demand high-quality craft spirits. The premium-grade spirit combines desirable characteristics that consumers value, such as sensory appeal, mouthfeel, and texture. The demand for such luxury spirit variants is primarily driven by millennials and young adults.

By Distribution Channel, On-Trade Sales to be the Major Distribution Channel

The on-trade sales channel is one of the most prominent alcohol sales channels, and it is expected to dominate the market share. Consumers prefer quick servings, entertainment, and ambiance in developed economies, driving on-trade sales. However, the off-trade channel is expanding rapidly because purchasing alcohol from supermarkets, and brick-and-mortar stores is much more cost-effective.

Geographically, the market is divided into North America, Europe, Asia Pacific, South America, Middle East & Africa.

Report Coverage-

The market research report contains both qualitative and quantitative information about the market. It also provides a detailed analysis of the market size and growth rate for all possible market segments. The key insights presented in the tequila market report are an overview of related markets, recent industry developments such as mergers and acquisitions, the regulatory scenario in critical countries, and key industry trends.

Source: https://www.fortunebusinessinsights.com/tequila-market-104172

Drivers & Restraints-

Market Growth is driven by Consumers' interest in New Flavors and Exotic Tastes

One of the major factors driving demand for blue agave plant-based distilled spirits is the growing popularity of various artisanal spirits among consumers worldwide. Consumers worldwide want fresh and delicious exotic drinks with a distinct flavor, propelling the market growth. However, in recent years, as we have seen an increase in spirits consumption, particularly in developing regions, developed countries have predicted a shift in consumer preferences toward low and no alcoholic beverages. Their growing awareness of the negative effects of alcohol consumption has led them to seek out low or no alcohol drinks that taste just like alcoholic beverages but without the negative consequences. This factor may impede the tequila market growth.

Regional Insights-

North America Held the Dominant Position in the Market