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A new research report says the market for tequila reached $10.45 billion in 2023 and is expected to grow to $17.21 billion by 2032, representing a growth rate of 6.5 percent.
The tequila market is growing largely due to an increased demand for premium and super-premium products, says the report, Tequila Market Insights: Unpacking Dominant Segments by Type, Grade, and Distribution Channel. In the same way that artisanal products are in vogue, now brands championing traditional production methods have become popular.
This push towards the experience-based drinking consumer has been a huge boon for the tequila market. As a result, there has been an uptick in tequila tastings, distillery tours, and cocktail-making classes to help drinkers connect with the spirit on a more experiential level.
Interestingly, the report says many consumers see tequila as a lower-calorie spirit option. As consumers increasingly opt for clean-label and organic products, brands are meeting this demand with organic tequilas that cater to health-conscious shoppers.
Blanco tequila dominated the market share of the tequila market in 2023, but consumption of anejo tequila is projected to grow faster in the coming decade.
The report also shows that in 2023, the On-Trade channel -- bars, restaurants and clubs -- accounted for the largest revenue share in the tequila market. The the Off-Trade channel – drinking at home -- is expected to grow rapidly as more and more consumers enjoy premium tequila at home. The global expansion of e-commerce platforms also enables consumers to access a wider selection of tequila products, stimulating the off-trade as well.
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