LONDON--(BUSINESS WIRE)--According to the latest market research study released by Technavio, the global tequila market is expected to exceed USD 9 billion by 2019, growing at a CAGR of over 3% during the forecast period.
Tequila is a high-quality, premium, artisanal spirit that can be consumed on its own or mixed into cocktails. Tequila production involves a complex process coupled with long, careful aging which determines the quality of the product. According to Vijay Sarathi, lead analyst at Technavio for alcoholic beverages research, “The prevalence of cocktail culture and celebrity endorsement has resulted in increased sales of on-trade tequila in bars, pubs, and restaurants.”
This research report titled ‘Global Tequila Market 2015-2019’, provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes an up to date analysis and forecast for various market segments and all geographical regions.
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The report segments the global tequila market by product type and can be divided into four broad categories:
- Value tequila
- Premium tequila
- High-end tequila
- Super-premium tequila
Value tequilas contain at least 51% blue agave, with sugar and water making up the rest. These cost less than USD 20 per liter, making them affordable to most consumers. They are also easily available in various retail outlets. Some of the popular brands in this segment include Red Worm, Hacienda de Chihuahua Plata, Gold Yesteryear, Jose Cuervo Especial Gold, Olmeca Gold, and Tarantula Plata.
Premium tequilas contain 100% blue agave and their prices range from USD 20 to USD 30 per liter. The increasing demand for premium alcohol and the wide choice of brands in this segment influence market growth. Some of the popular premium brands include Jose Cuervo Especial, Sauza Extra Gold, Agavales, 1800 Select Silver, 1921 Tequila Blanco, and Cazadores Blanco. “Greater spending on high-end and super-premium brands, however, hinders the sale of premium tequila brands,” says Vijay.
High-end tequilas contain 100% blue agave, but they differ from the premium variety by virtue of their distillation and aging processes. These come priced in the USD 30 to USD 40 per liter range. The overall demand for fine-quality tequila will lead to increased sales in this segment.
This will benefit vendors that can strike the right balance between price and quality. On the other hand, the entrance of new vendors will heighten competition in this space and affect market growth. Some of the popular brands in this segment include 4 Copas Blanco, Scorpion Añejo, and Mexican Heritage.
Super-premium tequilas contain 100% agave and use ingredients of the highest quality. These products are packaged in high-quality materials and cost more than USD 40 per liter. The demand for super-premium tequila is on the rise in the US, the UK, Canada, and Russia.
Some popular brands in this segment include Patrón Silver, Jose Cuervo, Casamigos, Peligroso, Patrida Eleganate Extra Añejo, and DeLeón Diamante.
Technavio’s food and beverage research analysts highlight the following four vendors as the top contributors to the global tequila market:
- Beam Suntory
- Jose Cuervo
- Patrón Spirits
Browse Related Reports:
- Tequila Market in the APAC Region 2015-2019
- Tequila Market in Europe 2015-2019
- Tequila Market in the US 2015-2019
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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