Alcoholic drinks have been associated with human being from an old time. From medieval period human has been making constant effort to make such drinks from various fruits and natural fermentation process across globes be it Greeks or the Turks all have mastered their own art of making such drinks. Tequila is also a discovery of such an effort from a much lesser known civilization from South America continent. It was initially fermented as a prized drink by an Aztec civilization in lowlands of Mexico. It is made with the sap of agave plant, which is found mostly only in dry arid lands of Mexico. The drink consist of 50%-70% of alcohol. The demand for tequila has grown amongst consumers, which will fuel the growth of tequila market and over the forecast period, tequila market will gain significant CAGR.
Tequila Market: Drivers and Restraints
Cocktail culture has gain momentum across various societies. Improvement in economic condition of individuals has been a driving force for the cocktail culture. The demand for tequila in cocktails is not confine to bars and restaurants; it has also gained spaces in parties organized at homes. It can also be observed that a market shift, especially in the younger population, from binge drinking to more sophisticated drinking such as tequila. Moreover, in 21st century with change in outlook and more broadness in human way of thinking, drinking of tequila has been irrespective of any sex. In country such as U.S., there has been increase in demand of handcrafted tequila. As per data provided by Distilled Spirits Council’s Economic & Strategic Analysis Department tequila consumption volume raised from 7 million 9 liters cases in 2003 to 15 million 9 liters cases in 2015. Economic improvement of individuals, improvement in infrastructure of places across countries are also few of the possible drivers, which is contributing towards tequila market growth.
Decrease in agave plant cultivation, conflicts in Mexico, rise in fuel and energy prices are few restraints which can deter the growth of tequila market globaly.
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Tequila Market: Market Segmentation
Based on purity, Tequila market is segmented into:
- 100% Tequila
- 60% Tequila
Based on the product type, Tequila market is segmented into:
- Mixto Gold
- Extra Anejo
Based on distribution channel, Tequila market is segmented into:
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Global Tequila Market: Regional Outlook
Based on the geographies, the global vinyl acetate market is fragmented into seven key regions — North America, Latin America, Western Europe, Eastern Europe, Asia-Pacific except Japan, Japan, and the Middle East & Africa. Among the aforementioned regions, North America accounts for a significant share of global Tequila market, owing to relatively high consumption of tequila among the masses. Business sectors such as restaurants, bars and pubs are growing significantly in North America, which are potential driver of tequila market. Western Europe is followed by North America region in the global tequila market, owing to the substantial growth in consumption of tequila in the region. The Asia-Pacific except Japan region accounts for significantly high volume share in the global tequila market owing to change in consumer behavior. Eastern Europe and Japan also accounts for significant value share in the tequila market over the forecast period, in past few years’ people in these regions are preferring tequila over other alcoholic drinks due to prevalence of perception that tequila is much more sophisticated and less of harmful compared to other drinks. In MEA due to prevalence of Islamic culture mostly, drinking of alcoholic beverages is limited, therefore the growth of tequila market is not so optimistic. In Latin America, tequila market has been quite healthy. Since, Mexico is the origin of excellent and authentic tequila, most Latin countries are more likely to have affinity for tequila compared to other nations. The market is significantly growing in Latin America.
Tequila: Key Players
The major players identified in the global tequila market includes:
- José Cuervo
- Don Julio
- Casa Corralejo
- Dos Lunas
- El Grado