Tequila category set to reach US$15.57bn by 2029
Globally, Tequila has reached US$9.89 billion in value and is predicted to rise to US$15.57 billion by 2029, according to a new report.
The data, released by Fortune Business Insights, shows that the global Tequila category has a CAGR of 5.89% during the forecast period.
The report, titled ‘Tequila Market, 2022-2029’ also included International Wine and Spirit Research (IWSR) predictions detailing how Tequila has been the second-fastest-growing beverage within the spirits category in recent years.
Information in the research also outlined how the pandemic had “brought various sectors to a halt, including the food and beverage, machinery, and pharmaceutical industries, and had a negative impact on the economy due to the closure of various manufacturing facilities, labour shortage, and raw materials material supply volatility”.
Added to this, it stated that “leading market players saw a slight decline in spirits sales during the first months of the lockdown due to a decrease in travel retail, which gradually recovered due to the partial re-opening of the on-trade channel”.
Despite the myriad challenges, the Tequila category has remained robust and is predicted to still grow over the course of the next seven years, according to the report findings – a growth trajectory it attributed to being “driven by consumers’ interest in new flavours and exotic tastes” that has helped the category to expand.