Tequila Market Is Estimated To Witness High Growth Owing To Rising Popularity Among Millennials
The Tequila market is estimated to be valued at US$ 434.1 Mn in 2023 and is expected to exhibit a CAGR of 5.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Tequila is a distilled alcoholic beverage produced from agave plants that are high in sugars and starch. It is typically 40–55% alcohol by volume. Tequila is primarily consumed as a shot or mixed drink and is popular in Mexico as well as other countries like the United States. The key types of tequila include blanco, reposado, añejo and extra añejo depending on the aging period.
Market Dynamics:
The tequila market is witnessing high growth owing to rising popularity and consumption of tequila among millennials in countries such as the US. According to the Distilled Spirits Council, the US tequila imports grew by 7.4% in 2021, driven primarily by millennials and Gen Z consumers. Tequila is now preferred over other spirits such as whiskey and vodka by young consumers which is fueling market growth.
Furthermore, increasing experimentation and new product launches are also augmenting market expansion. Manufacturers are innovating in terms of flavors, botanicals and aging processes to cater to evolving consumer preferences. For example, premium and ultra-premium variants infused with fruits, herbs or aged in ex-wine barrels are gaining traction. The rising culture of cocktail making at home during the pandemic has further propelled the demand for tequila globally.
For more insights, read- https://makuv.com/tequila-is-fastest-growing-segment-fueling-the-growth-of-the-global-tequila-market
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