DUBLIN--(BUSINESS WIRE)--The "Mezcal Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type, Product, and Sales Channel" report has been added to ResearchAndMarkets.com's offering.
According to this report the global mezcal market was valued at US$ 727.11 million in 2019 and is projected to reach US$ 1,136.55 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Mezcal beverage is made from the agave plant (traditionally, it is known as maguey). The big difference between the Mezcal and Tequila is the way agaves are cooked to extract all the fermentable sugars. Agaves or magueys are mostly found in many parts of Mexico and south to the Equator, though most mezcal is made in Oaxaca. Mezcal can be prepared from many different varieties of agave. Agave Espadin is the most popular variety, and it is produced in specific states as well. Mexico has nearly 330,000 hectares cultivating agave for Mezcal, owned by different producers. The title of a person responsible for preparing mezcal is "Maestro Mezcalero," and more often than not, their trade has been passed on from generation to generation. Types of mescal such as Mezcal Joven, Mezcal Reposado, Mezcal Anejo, and Others are quite popular among consumers in Mexico and in other countries. Growing preference for luxurious alcoholic beverages among consumers is propelling the market growth for mescal.
Based on product, the mezcal market is segmented into Mezcal Joven, Mezcal Reposado, Mezcal Anejo, and Others. In 2019, the Mezcal Joven segment dominated the market by accounting for 55.4% of the total share. Unaged mezcal is basically referred to as Joven, or as young. Joven is the more preferred drink, followed by Reposado as it has similar flavor like tequila. Mezcal Joven is cheaper than other types as it can be consumed at the age of less than two months or un-aged. It is available in different flavors such as citrus, green apple, and white pepper. Mezcal Joven is mostly preferred in cocktails to add the sacred flavor of sweet agave in the drinks. The heart of Joven is mainly produced at a traditional Palenque in Matatlan, but it is grown and distilled in Oaxaca (region of Mexico). The delicate and sparkling nose of wood smoke and savory herbs introduces citrus, bright, tart fruit, and peppery palate in the drink. Mezcal Joven receives high demand among consumers worldwide due to its more distinct and crisper taste than other mezcal varieties.
Impact of COVID-19 Pandemic on Mezcal Market
The COVID-19 outbreak was first reported in Wuhan (China) during December 2019. As of January 2021, the US, Brazil, India, Russia, Spain, and the UK are among the worst affected countries in terms of confirmed cases and reported deaths. The COVID-19 pandemic is adversely affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns. The food and beverage is one of the world's major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. For instance, China is the global manufacturing hub and largest raw material supplier for various industries and it is also one of the worst affected countries.
The lockdown of various plants and factories in China is hindering the global supply chains and disrupting the manufacturing activities, delivery schedules, and various materials sales. Numerous companies have already announced possible delays in product deliveries and slump in future sales of their products. In addition, the global travel bans imposed by countries in Europe, Asia, and North America are hampering the business collaborations and partnerships opportunities. All these factors are anticipated to hinder the food & beverages industry, which would restrain the growth of various markets related to this industry in the coming months.
Reasons to Buy
- Highlights key business priorities to assist companies realign their business strategies.
- Features key findings and crucial progressive industry trends in the global mezcal market, thereby allowing players to develop effective long-term strategies.
- Develops/modifies business expansion plans by using substantial growth offering from developed and emerging markets.
- Scrutinizes in-depth market trends as well as key market drivers and restraints.
- Enhances the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation, and industry verticals.
Market Dynamics
Drivers
- Increasing Demand for Luxury and Premium Beverages
- E-commerce to Become Convenient Way for Shopping Alcoholic Beverages
Restraint
- Stringent Regulations Related to Alcoholic Drinks
Opportunity
- Increasing Demand for Craft Spirits
Future Trend
- Increasing Demand of Mezcal to Experience Consolidation
Companies Mentioned
- El Silencio
- Mezcal Vago
- Pernod Ricard
- Ilegal Mezcal
- Rey Campero
- Mezcal Amores
- Craft Distillers
- Los Danzantes
- Mezcalgulroo
- Wahaka
For more information about this report visit https://www.researchandmarkets.com/r/60ylht
