Market Size of Tequila Industry
| Study Period | 2019 - 2029 |
| Market Volume (2024) | 457.96 Million liters |
| Market Volume (2029) | 597.97 Million liters |
| CAGR (2024 - 2029) | 5.48 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Tequila Market Analysis
The Tequila Market size is estimated at 457.96 Million liters in 2024, and is expected to reach 597.97 Million liters by 2029, growing at a CAGR of 5.48% during the forecast period (2024-2029).
The Tequila Market size is estimated at 457.96 Million liters in 2024, and is expected to reach 597.97 Million liters by 2029, growing at a CAGR of 5.48% during the forecast period (2024-2029).
During the initial months of the Covid-19 lockdown, the leading market players witnessed a slight decline in their spirits sales due to the reduction in travel retail which recovered gradually after the partial re-opening of the on-trade channels. However, during the COVID19 pandemic, people significantly changed their drinking habits and shifted places of consumption from bars and restaurants to home. The in-house consumption has increased drastically during the pandemic. The COVID-19 outbreak has caused a decline in the growth of the global industries creating a mass disruption for buyers as well as sellers. This has also offered an opportunity for the companies to look after their supply chain relationship and business models for the future. The COVID-19 pandemic has created a positive impact on in-house alcohol consumption, due to the shutdown of liquor stores and retail stores. This has declined the sales of the retail liquor market and shifted the consumer focus toward online platforms and in-house consumption. Therefore, the post-COVID-19 scenario is anticipated profitable for online liquor stores.
In the medium term, the growing popularity of various artisanal spirits among worldwide consumers is expected to drive demand for blue agave plant-based distilled spirits. Consumers nowadays all over the world have more sophisticated palates and they are constantly looking to explore unique, high-quality, fresh, and delicious exotic alcoholic beverages with a distinct flavor which is aiding in propelling the market growth.
Moreover, owing to the trend of premiumization, consumers are inclining toward quality over quantity in recent years. As consumers shift toward sophistication, it triggers the demand for premium quality beverages. For instance, according to the statistics released by The American Beverage Association (ABA), the premium and super-premium spirits demand is anticipated to grow exponentially worldwide, with a forecasted volume market share of around 12% by 2023.
