London, 16 December 2015: Technavio, the independent tech-focused global research firm, has published a report on the tequila market in Latin America 2015-2019, which is expected to grow at a CAGR of 2.62% during the forecast period of 2014-2019.
“The penetration of cachaça and tequila is good in Mexico and Brazil. There is a demand for more tequilas in cocktails to diversify the drinking among consumers and increase the sales in these countries. To cater to the consumer needs, the cocktails are being offered combined with tequila to improve the drinks,” says Faisal Ghaus, Vice President of Technavio.
Currently, the demand for craft tequila, which is a small batch of 100% agave tequila, is on the rise. This is prepared with more delicacy, retaining the purity of the mineral value, and the distillation is done more slowly. Don Julio and Patrón are the key vendors of craft tequila in the global tequila market. High end and super-premium brand tequilas are the fastest-growing segments in this market.
Key Market Drivers
- Rise in exports
- Rising disposable income
- High plantation of agave in past
- High demand in US
Key Market Trend
- Flourishing exports to China
- Increasing cocktail culture
- Growing middle-class population
- Rise in demand for premium tequila
Key Market Vendors
- Brown-Forman
- Diageo
- Jose Cuervo
- Patrón Spirits
- Sauza
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Tequila Market in Latin America 2015-2019, please send an e-mail to media@TechNavio.com.
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