Pune, India, March 09, 2021 (GLOBE NEWSWIRE) -- According to The Insight Partners new research study on “Mezcal Market to 2027 – Global Analysis and Forecast – by Type, Product and Sales Channel,” the market was valued at US$ 727.11 million in 2019 and is projected to reach US$ 1,136.55 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. Increasing demand for luxury and premium beverages is boosting the mezcal market growth; however, stringent regulations related to alcohol hamper the market growth.
In 2019, North America accounted for the largest share in the global mezcal market. The market growth in this region is primarily attributed to the increase in demand for a variety of alcoholic beverages among youth. Several mezcal breweries have a strong foothold in North America. Key market players present in the North America mezcal market include Takara Mezcal USA Inc., Gekkeikan Mezcal, and Ozeki Mezcal. These breweries are constantly working toward development of different and innovative varieties of mezcal with improved tastes and qualities to attract new consumers and widen the consumer base in the region. The export of mezcal to several countries across North America would contribute to the rise in demand for mezcal in the region.
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Mezcal is a type of alcoholic beverage made from agave plants varieties. Espadin is the most popular variety of agave, and it is produced mainly in the US. Agaves or magueys are mostly found in many parts of Mexico and south to the Equator; however, most mezcal is made in Oaxaca. Mexico has ~330,000 hectares under agave cultivation for mezcal, owned by different producers. The big difference between the mezcal and tequila is the way agaves are cooked to extract all the fermentable sugars.
The increasing trend of premiumization, leading to the consumption of luxury beverages, is boosting the demand for mezcal, especially among millennial consumers. The millennial population is ready to spend more on the high-end and super-premium products. This is owing to the increasing disposable income in developed economies of North America and Western Europe. The market for high-end premium spirits grew by 5–6% per year by volume from 2019 to 2021 owing to the growing per capita disposable income of consumers and the persisting growth of the economy. As a result of the growing trend of premiumization, the consumption of premium spirits improved significantly when compared to that of the familiar spirits. The rising demand for premium mezcal highlights the potential for smaller manufacturers to partner with the larger players to enter new markets, which is anticipated to be an essential step for them to ensure growth in the mezcal market.
Mezcal Market: Segmental Overview
Based on product, the mezcal market is segmented into Mezcal Joven, Mezcal Reposado, Mezcal Anejo, and others. The Mezcal Joven segment dominated the market with the highest share in 2019. Mezcal Joven is cheaper than other types as it can be consumed at the age of less than two months as well as un-aged. It is available in different flavors such as citrus, green apple, and white pepper. It is mostly preferred in cocktails to add the sacred flavor of sweet agave in the drinks.
Based on sales channel, the mezcal market is segmented into HORECA, specialty stores, online, and hypermarkets/supermarkets. The HORECA segment dominated the mezcal market in 2019, whereas the online segment is expected to register the highest CAGR during 2020–2027. The HORECA segment is making a broad range of mezcal products available to consumers from different brands at one place; moreover, the rising foothold of consumers to bars and restaurants is supporting the sales of these products. The online retailing channel is also gaining popularity owing to the growing digitization.
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Impact of COVID-19 Pandemic on Mezcal Market
As of March 2021, the US, Brazil, India, Russia, Spain, and the UK are among the worst-affected countries in terms of confirmed COVID-19 cases and deaths. The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. Food & beverages is one of the world’s major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The lockdown of various manufacturing plants and factories is hindering the global supply chains and disrupting the manufacturing activities, delivery schedules, and various materials sales. Numerous companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. These factors have been hindering the food & beverages industry since the last few months, which limited the growth of various markets related to this industry in the coming months.
Mezcal Market: Competition Landscape and Key Developments
El Silencio, Mezcal Vago, Pernod Ricard, Ilegal Mezcal, Rey Campero, Mezcal Amores, Craft Distillers, Los Danzantes, Mezcalgulroo, and Wahaka are among the key players operating in the global mezcal market. The companies operating in the market are adopting growth strategies such as product launches, expansions, mergers and acquisitions, and technological advancements to grow further. Moreover, leading manufacturers are now focused on R&D and product releases to meet the rising demand for innovative alcoholic drinks.
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