The global tequila market size is expected to reach USD 14.70 billion by 2028, exhibiting a CAGR of 5.8% during the forecast period. The growing trend towards artisanal spirits coupled with high alcohol consumption among consumers will push the growth of the tequila market in the forthcoming years, states Fortune Business Insights, in a report, titled “Tequila Market Size, Share & COVID-19 Impact Analysis, By Type (Blanco, Reposado, Anejo, and Others), Grade (Value, Premium, High-end Premium, and Super Premium), Distribution Channel (On-trade and Off-trade), and Regional Forecast, 2021 – 2028.” The market size stood at USD 9.41 billion in 2020.
Flourishing E-commerce Channels to Stabilize Market during Pandemic
The COVID-19 pandemic caused massive disruption in the food and beverage industry’s supply chain because of restrictions on transportation and logistics. However, the global market reported a steady performance in its annual sales. According to the Tequila Regulatory Council (CRT), its production increased 3.8% compared to the same period of the previous year. The consumers’ shift towards drinking at home during the pandemic has led to heightened sales of alcoholic beverages. The bricks-and-mortar alcohol stores remained closed, which negatively impacted the business; nevertheless, the e-commerce channel flourished as people started ordering liquor online. Therefore, the popularity of e-commerce among consumers has unraveled several business plans for the liquor industry.
List of the Leading Companies Profiled in the Global Tequila Market are:
- Diageo Plc (London, United Kingdom)
- Tequila Ocho (United States)
- Bacardi & Company Ltd. (Hamilton, Bermuda)
- Vault Fine Spirits Pvt. Ltd. (Mumbai, India)
- Charbay Distillery (United States)
- Tequila Fortaleza (Mexico)
- Proximo Spirits, Inc. (New Jersey, United States)
- Brown-Forman Corporation (Kentucky, United States)
- Pernod Ricard S.A. (Paris, France)
- Casa Aceves Spirits (Mexico)
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