The global Mezcal market is set to see stellar growth in the period between 2019 and 2027. It is set to chart an impressive 13% CAGR in this period, creating sizeable growth opportunities for players to dabble with. It will also contribute to bringing the market worth up to USD 738 million by 2027. It is a steep rise from 2019 to 2027.
The market is slightly fragmented and prominent players include Bacardi Limited, Craft Distillers and Familia Camarena Tequila, among many others.
Changes in Taste towards Premium Beverages and Food Items Driving Demand in the Market
There is an almost palpable shift in demand from consumers and manufacturers have been swift in catching it. People are more conscious of health than ever and improves palettes are helping them shell out more money than ever before.
Besides, this is the kind of an expense-preferences combination that is not changed easily. Moreover, since the community is strong and growing at a steady pace, reputation of this market will be brawnier than ever. It comes as no surprise then that the market landscape is witnessing big players diversifying their product catalogue, dabbling with organic and all natural drinks in particular.
Tequila to be the Highlight of the Market, Giving Rise to New Trends in Consumption
Traditionally, tequila has been a drink that is consumed in the form of shots but recently, a new trend has shot up in the Mezcal market where it is shown that it can be sipped to be savored. Thus, a 100% agave tequila is seeing a rise in demand as never seen before. And, this in drink in itself has attracted a new class of drinker – that opt for luxury, premium palette products over convenient price points. Besides, plenty of celebrity endorsement is pouring in, which is contributing positively to tequila, and thereby Mezcal market.
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Asia Pacific Excluding Japan to be an Attractive Region Creating Untapped Opportunities of Growth
In the Global Mezcal Marker, a regional break down of overall growth shows North America will hold a dominant position owing to a refined palette and high levels of disposable income.
However, it will be Asia Pacific Excluding Japan (APEJ) that will project a high growth trajectory, owing to a massive shift in a taste for a very new segment of consumers who are seeing a rise in disposable incomes, owing to great economic performance of their respective nations. Besides, these is rapid urbanization and westernization propelling people to inculcate a western palette and dietary pattern. To add to this, there is awareness regarding opting Mezcal beverages over alcoholic drinks that is contributing to growth in the global Mezcal market positively.
Moreover, good economic performance by economies in the region, coupled with rapid industrialization is boosting investor faith in the Mezcal market.