The global tequila market was valued at close to USD 7 billion in 2016 and is expected to surpass USD 9 billion by 2021, says Technavio.
Technavio has announced its latest market research report on the global tequila market, under its alcoholic beverages portfolio. This market study discusses the primary drivers and main developing trends and offers an analysis of key vendors like Beam Suntory, Brown-Forman, Jose Cuervo, and Patrón Spirits.
According to Manjunath Reddy, a lead analyst for alcoholic beverages research at Technavio, “The introduction of new flavor tequila will fuel the growth of the market during the forecast period. The launch of different products in the market with new flavors to cater to the changing taste preference of consumers is boosting the demand for tequila in the global market. The increasing demand for innovative and exotic flavored drinks will revolutionize the beverage industry.”
The players are adding new flavors to their product lines to expand their consumer base and increase their profitability. The various flavors that are available in the global market include lime, grapefruit, cinnamon, mango, and Mexican lime. The product innovations by the vendors will revolutionize the tequila market and increase the demand for these products.
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New products based on tequila
The vendors in the market are investing in the development of new products based on tequila to expand their business. They are coming with other alcoholic products such as beer, cider, and liqueurs based on tequila, which, in turn, will boost the demand for these products in the global market. The new product formulations will have a positive impact on the growth of the global tequila market. Recently, leading vendor Heineken launched Desperado, world’s first tequila flavored beer in the Kenyan market.
Innovative packaging
The latest trend adopted by the manufacturers in the global market is the launch of new and innovative packaging for tequila. The new packaging materials will help the vendors to attract the attention of the consumers and will increase the shelf life of these products in the global market. The players in the market are focusing on the labels that feature bold and vibrant colors, quality and craftsmanship of the bottles, and premium packages that include a cork and wood closure. These innovations will boost the sales of tequila products in the coming years.
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This research report comprises an in-depth breakdown of market shares and sizes of the sub-sections and geography. An analysis of the primary companies, including their market shares, business overview, key financials, etc. is provided in this study. This market report also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Tequila Market 2017-2021’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Tequila Market in the US 2016-2020
- Global Alcoholic Drinks Market 2016-2020
- Global Lager Market 2016-2020
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