Artisanal Mezcal to be the New Crafting Tradition across Japan, Korea, the USA, Germany, the United Kingdom, and 30+ Countries as Millennials’ Thirst for Exotic Beverages Spurs! Read More in FMI’s Study.
Growing urbanization and rising health awareness in the United States are driving premium mezcal sales, with the market expected to grow at a 7.4% CAGR through 2034. Festivals and tastings are boosting consumer interest in handmade spirits, enhancing demand for premium mezcal brands.
NEWARK, Del., Aug. 5, 2024 /PRNewswire/ — According to Future Market Insights (FMI), the global mezcal market demand is estimated to reach a valuation of USD 635 million by 2024. Over the forecast period, sales are poised to increase at a CAGR of 14.2%. The global industry is estimated to reach USD 1,536 million by 2034.
Increasing consumer demand for premium versions of mezcal is a key factor surging mezcal sales. Rising disposable income and urbanization allow consumers to pay premium prices for quality products, augmenting demand for mezcal in the market.
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Growing demand and availability of new flavors in mezcal, such as grapefruit, are expected to fuel market growth. Mezcal is gaining traction worldwide as more people become familiar with its distinctive taste and strong alcohol content.
The popularity of non-alcoholic drinks is on the rise. Mezcal manufacturers have begun to provide alcohol-free mezcal cocktails to customers. This trend is likely to push growth in the industry.
Technological improvements have made it possible to produce extracts and spirits sustainably. To lower extraction and production costs, leading vendors and manufacturers are working on new products and technologies. Companies are set to improve product traceability by utilizing cutting-edge technology that considerably increases the efficacy and efficiency of supply chains.
Top Trends Pushing Demand for Mezcal across the Globe
- Sales of Mezcal Liquor to Elevate amid Demand for Unique Spirits among Millennials
One of the main factors anticipated to fuel mezcal industry expansion during the forecast period is increased demand for premium alcoholic beverages. High demand for nutrient-rich foods and beverages with a focus on flavor and quality as a result of health consciousness is projected to drive mezcal demand.
Businesses are producing unique goods with few processed ingredients. They are using numerous natural ingredient combinations in order to meet the rising demand for healthy, sustainable foods. Thirst of millennials for unique spirits is another factor that would boost sales of high-quality beverages such as mezcal.
Key Takeaways from the Mezcal Market Study
- The global mezcal industry is estimated to reach USD 1,536 million by 2034.
- Over the forecast period, sales of mezcal are poised to increase at a CAGR of 14.2%.
- China’s mezcal market is expected to surge at 10.2% through 2034.
- The 100% tequila segment is anticipated to reach USD 860 million by 2034 based on concentration.
- Based on region, Germany is projected to rise at 8.6% CAGR through 2034.
“The emergence of cocktail culture, along with producers’ efforts to modernize the marketplace by giving spirits to customers with better access and more options, is likely to accelerate market growth. Furthermore, as demand for mezcal grows, leading companies are reporting considerable revenue growth by giving consumers a variety of unique tastes to satisfy their shifting preferences,”- – Nandini Roy Choudhury, Client Partner at Future Market Insights
Competitive Landscape
Due to rising consumer demand for mezcal, several leading manufacturers focus on offering it at the best possible pricing. Key manufacturers are using integrated production methods to increase their market share and manufacturing capacity while expanding their industrial footprints. Bacardi Limited, Familia Camarena Tequila, Craft Distiller, Destileria Tlacolula, Diageo Plc., Don Julio, S.A.de., and El Silencio Holdings Inc. are the leading players in the market.
For instance,
- In 2023, Don Julio launched an impressive range of aged tequila and premium mezcals, including Añejo Clásico, Paloma Negra, and Espadín.
- In September 2023, Bacardi Limited acquired the leading mezcal brand, ILEGAL Mezcal®, to expand the existing business in the United States.
- In April 2023, El Rayo partnered with Sainsbury’s to secure a supermarket listing.
- In June 2023, Charter Brands expanded its portfolio of agave spirits. The company added Cuentacuentos Mezcal and Tso’ok Rum to its portfolio.
Key Companies Profiled
- Bacardi Limited
- Familia Camarena Tequila
- Craft Distiller
- Destileria Tlacolula
- Diageo Plc.
- Don Julio
- S.A.de.
- El Silencio Holdings INC.
- Fidencio
- Desolas
- Drink Moday Inc.
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Get Valuable Insights into the Mezcal Market
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the mezcal market, presenting historical demand data (2019 to 2023) and forecast statistics for the period from 2024 to 2034.
The study divulges compelling insights on the mezcal market based on product type (joven, reposado, and anejo), concentration (100% tequila and mixed tequila), and regions.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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