LONDON--(BUSINESS WIRE)--The global Mezcal market is expected to post a CAGR of over 22% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global Mezcal market is the rising demand for premium spirit products. There has been a continuous rise in the demand for premium and super-premium spirits in the advanced economies including the US and UK, particularly, among the millennial consumers. In addition, higher spending capacity among consumers from North America and Western Europe are encouraging vendors to launch highly differentiated premium mezcal products. Furthermore, rising popularity of promotional experience including mezcal tasting is further expected to propel the demand for premium, and differentiated mezcal products, which will boost the overall market during the forecast period.
As per Technavio, the growing emphasis on sustainable production practices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global mezcal market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Mezcal market: Growing emphasis on sustainable production practices
There has been increasing emphasis on adopting sustainable production practices as the production of mezcal often generates a significant amount of liquid and solid waste. With growing awareness among consumers regarding industrial waste disposal and the impact of pollution on the ecosystem, vendors in the market have started adopting sustainable production and waste management initiatives. These initiatives enable the market participants to minimize the overall carbon footprint. Thus, the continuous adoption of sustainable practices and initiatives undertaken for mezcal production will drive the market’s growth in the forthcoming years.
“Mezcal market players are increasingly focusing on establishing sustainable distilleries in emerging economies including Mexico. These distilleries use organically farmed agave plants roasted using sustainable wood-based ovens. In addition, the byproducts and waste generated during mezcal production in these distilleries is often reused by composting into adobe bricks, which are then used for construction purposes,” says a senior research analyst at Technavio.
Global Mezcal market: Segmentation analysis
This market research report segments the global Mezcal market by product (Mezcal joven, Mezcal reposado, and Mezcal añejo) and geographic regions (North America, Europe, APAC, South America, and MEA).
North America led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. The market growth in North America can be attributed to the growing import and export of Mezcal in different North American economies including the US and Canada. In addition, the rising popularity of mezcal in the cocktail space and rapid growth of on-premises sales of mezcal spirits in the US have fueled the market’s growth during the forecast period.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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