Tequila: Key market research findings
- Growing preference for organic and flavoured tequila
- Rising demand for handcrafted tequila
Technavio has added a new market research report on the global tequila market, to its alcohol beverages portfolio. The global tequila market is expected to grow at a CAGR of around 4% between 2015 and 2019, owing to the rising demand for premium tequila and the growing cocktail culture. The Americas account for around 85% of the total market share in the global tequila market. The increasing demand for tequila in the US, surge in the Hispanic population, and high demand for premium tequila are the key factors driving the market in this region.
The new industry research report from Technavio discusses in detail the key drivers and trends responsible for the growth of this market and its sub-segments.
“Of late, there has been an increase in demand for organic products across industries and markets with the rising health-conscious population. This trend has boosted the demand for organic tequila like 4 Copas, Casa Noble and 3 Amigos. Also, various manufacturers are focusing on offering innovative products like flavored tequila. For instance, La Pinta Pomegranate Infused Tequila is a blend of pomegranate juice and blanco tequila,” says Arushi Thakur, Lead Analyst, Food & Beverage, Technavio Research.
The US tequila market is witnessing a mammoth demand for handcrafted or artisanal tequila, made from traditional and unique methods at small family-owned distilleries. This tequila type is expensive due to their premium positioning and customized requirements. For instance, Tequila Rack 100% agave reposados and Espolòn Tequila are handmade tequila brands. Also, these tequila offer unique flavors and exclusivity.
The key vendors in the global tequila market include Jose Cuervo, Beam Suntory, Patron, and Brown-Forman is also included. The market is fragmented due to the presence of numerous small and large suppliers. The providers in the market compete on the basis of price, quality, innovation, service, packaging, reputation, distribution, and promotion.
A more detailed analysis is available in the Technavio report, Global Tequila Market 2015-2019.
We can customize reports by other regions and specific segments upon request.
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