LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global mezcal market provides an analysis of the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The increasing disposable incomes and the lifestyle changes of consumers have considerably increased the demand for mezcal. Premium spirits such as Mezcal, tequila, gin, Scotch whiskey, and Irish whiskey have become a status symbol, especially among youth. The increase in urbanization is another driver propelling the growth of the global mezcal market.
Manjunath Jagannathan, a lead analyst from Technavio, specializing in research on the food sector, says, “The increasing number of mezcalerias and the rising number of export brands continue to fuel the mezcal growth revolution in bars, pubs, and liquor stores across the world. With mezcal exports increased to 52 countries, it now represents 0.03% and 0.02% of the global spirits market, in terms of revenue and volume shares, respectively.”
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The top three emerging trends driving the global mezcal market according to Technavio research analysts are:
- Easy accessibility of products due to online retailing
- Growing millennial population
- Increasing demand for handcrafted mezcal
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Easy accessibility of products due to online retailing
With the increasing influence of e-commerce businesses worldwide, the vendors have immense opportunity to realize the huge market potential of their products. E-commerce trading accounts for approximately 12% of the global retail trade. Most of the e-commerce channels support both business-to-consumer (B2C) and business-to-business (B2B) operations.
“Online shoppers pay using credit or debit cards. These modes of payment help in avoiding the time-consuming billing queues and journeys to supermarkets. Online shopping websites provide top-notch security features for good quality customer service and hassle-free payments, along with a simple user interface for an enhanced product visibility,” according to Manjunath.
Growing millennial population
Researchers define millennials as people who were born in the early 1980s to late 1990s. The craft beer consumption is the most popular among millennial demographic, as they are more enthusiastic to try out new variants and flavors than older people. Besides, many millennials are mostly unmarried so there is less of a burden of responsibilities on their shoulders and hence, they are more open-minded and experiment-oriented.
Furthermore, the rising disposable incomes of consumers in India, where the population of millennials accounted nearly 29% of the total population (amounting to 385 million) in 2015, provides a huge opportunity for global craft beer vendors to expand their geographical presence and increase their customer base.
Increasing demand for handcrafted mezcal
There is a spur in demand for handcrafted/artisanal mezcal across the US and Mexico. The demand for such a mezcal in the US is growing at a higher rate than the other mezcal products. Handcrafted/artisanal mezcal is made from traditional and unique methods at small family-owned distilleries.
They are usually positioned as a premium product and priced higher than regular mezcal brands. For instance, Mezcal Reposado from Pierde Almas, a 100% agave reposados has gained popularity in the US. These are handmade spirits made in extremely small batches at various family-owned distilleries. LA PURITITA VERDÁ is another handcrafted premium mezcal.
The key vendors are as follows:
- Destilería Tlacolula (DT)
- Ilegal Mezcal (IM)
- Pernod Ricard (PR)
- Pierde Almas (PA)
- William Grant & Sons (WGS)
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