Increasing innovations by tequila producers in product development and rise in cocktail culture are key factors driving market growth
Market Size – USD 9.36 Billion in 2020, Market Growth – at a CAGR of 5.4%, Market Trends – Growing demand of premium spirits
The global tequila market size is expected to reach USD 14.35 Billion in 2028 and register a revenue CAGR of 5.4% over the forecast period, according to the latest report by Reports and Data. Steady market revenue growth of tequila can be attributed to increasing innovations by tequila producers in product development. Increasing popularity of spirits amongst alcoholic beverage consumers globally has boosted demand for fresh and exotic tequila cocktails owing to unique tastes, thus driving market revenue growth. Leading market players provide various flavors, including floral, turmeric, pumpkin, jalapeno, and black pepper and also research new flavors to cater to varying consumer preferences. Premiumization trend is expected to fuel demand for innovative tequila beverages in upcoming years.
Cocktail culture is of immense significance in boosting tequila demand. Growing preference for having sophisticated cocktails instead of binge drinking by younger generation is driving market growth. Furthermore, rapid urbanization and rising disposable income in developing nations is driving market revenue growth.
However, increase in demand for low and alcohol-free beverages by consumers owing to growing awareness pertaining to adverse health effects of alcoholic beverages may hinder market revenue growth over the forecast period.
Major companies in the market include Bacardi Ltd., Campari America LLC, Diageo PLC, Eastside Distilling Inc., Ambhar Global Spirits LLC, Becle SAB De CV, Constellation Brands Inc., Brown-Forman Corporation, E. and J. Gallo Winery, and Tequila Ocho.
Get a sample of the report @ https://www.reportsanddata.com/sample-enquiry-form/4917
Some Key Highlights from the Report:
For the purpose of this report, Reports and Data has segmented the tequila market based on product type, grade, application, distribution channel, and region:
Product Type Outlook (Revenue, USD Million; 2018-2028)
Grade Outlook (Revenue, USD Million; 2018-2028)
Application Outlook (Revenue, USD Million; 2018-2028)
Distribution Channel Outlook (Revenue, USD Million; 2018-2028)
Regional Outlook (Revenue, USD Million; 2018-2028)
Key Advantages of Tequila Report:
Browse More Reports:
Gummy Vitamins Market Size, Share, Trends, By Product (Single Vitamin, Multivitamin, Probiotic), By Source (Animal, Plant), By Application (Vitamin Deficiency, Food Supplement, Weight Gain, Immunity & Bone Strength), and By Region Forecast to 2030
Ambient Intelligence (AmI) Market By Offerings, By Technology (Bluetooth Low Energy, Radio Frequency Identification (RFID), Software Agents, Nanotechnology, Biometrics, Affective Computing, Others), By End Use, and By Region Forecast to 2028
Smart Sports Equipment Market By Product Type (Smart Hockey Sticks, Smart Golf Sticks, Smart Rackets, Smart Balls, Others), By Distribution Channel (Franchise Stores, Specialty Stores, Others), By End-use, and By Region Forecast to 2030
Media ContactCompany Name: Reports and DataContact Person: John WatsonEmail: Send EmailPhone: +1-212-710-1370Address:40 Wall St. 28th floor City: New York CityState: NY 10005Country: United StatesWebsite: https://www.reportsanddata.com/report-detail/tequila-market