Portland, OR, Aug. 03, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global tequila market garnered $12.89 billion in 2021, and is estimated to generate $24.19 billion by 2031, manifesting a CAGR of 6.6% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $12.89 billion |
| Market Size in 2031 | $24.19 billion |
| CAGR | 6.6% |
| No. of Pages in Report | 275 |
| Segments covered | Product Type, Price Range, Distribution Channel, and Region. |
| Drivers | Surge in demand for cocktails |
| Investments in developing countries due to government support | |
| Easy availability of flavored tequila in bars, restaurant, and wine shops | |
| Opportunities | Introduction of new flavors by key players to attract more consumers and expand their portfolios |
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Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global tequila market, owing to implementation of the global lockdown that resulted in temporary closure of wine factories.
- Curfew practices globally affected the domestic as well as international production of tequila products, which, in turn, hampered the growth of the overall market.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- Bars and wine shops were closed, especially during the initial period. This led to decline in sales volume.
- Moreover, due to the pandemic, manufacturers increased social media advertisement of tequila products to reach a large consumer base. This, in turn, boosted the market growth.
The research provides detailed segmentation of the global tequila market based on product type, price range, distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
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Based on product type, the tequila blanco segment held the highest share in 2021, accounting for more than two-fifths of the global tequila market, and is expected to continue its leadership status during the forecast period. However, the tequila joven segment is expected to register the highest CAGR of 8.7% from 2022 to 2031.
Based on price range, the economy segment accounted for the highest share in 2021, contributing to nearly two-thirds of the global tequila market, and is expected to maintain its lead in terms of revenue during the forecast period. However, the premium segment is expected to manifest the highest CAGR of 7.3% from 2022 to 2031.
Based on distribution channel, the B2B segment accounted for the highest share in 2021, holding nearly two-thirds of the global market, and is expected to continue its leadership status during the forecast period. However, the B2C segment is estimated to grow at the highest CAGR of 7.4% during the forecast period.
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Based on region, North America held the largest share in 2021, contributing to more than two-fifths of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 10.5% during the forecast period. The research also analyzes regions including Europe and Asia-Pacific.
Leading market players of the global tequila market analyzed in the research include Diageo Plc., Eastside Distilling, Bacardi Limited, Brown-Forman Corporation, Constellation Brands Inc., Becle, S.A.B DE C.V., Pernod Ricard, Proximo Spirits, Ambhar Global Spirits LLC, and California Tequila Inc. The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
