The global Mezcal market is set to seestellar growth in the period between 2019 and 2027. It is set to chart animpressive 13% CAGR in this period, creating sizeable growth opportunities forplayers to dabble with. It will also contribute to bringing the market worth upto USD 738 million by 2027. It is a steep rise from 2019 to 2027.
The market is slightly fragmented and prominent players include BacardiLimited, Craft Distillers and Familia Camarena Tequila, among many others.
Changes in Taste towards Premium Beverages and FoodItems Driving Demand in the Market
There is an almost palpable shift in demand from consumers andmanufacturers have been swift in catching it. People are more conscious ofhealth than ever and improves palettes are helping them shell out more moneythan ever before.
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Besides, this is the kind of an expense-preferences combination that isnot changed easily. Moreover, since the community is strong and growing at asteady pace, reputation of this market will be brawnier than ever. It comes asno surprise then that the market landscape is witnessing big playersdiversifying their product catalogue, dabbling with organic and all naturaldrinks in particular.
Tequila to be the Highlight of the Market, GivingRise to New Trends in Consumption
Traditionally, tequila has been a drink that is consumed in the form ofshots but recently, a new trend has shot up in the Mezcal market where it isshown that it can be sipped to be savored. Thus, a 100% agave tequila is seeinga rise in demand as never seen before. And, this in drink in itself hasattracted a new class of drinker – that opt for luxury, premium paletteproducts over convenient price points. Besides, plenty of celebrity endorsementis pouring in, which is contributing positively to tequila, and thereby Mezcalmarket.
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Asia Pacific Excluding Japan to be an AttractiveRegion Creating Untapped Opportunities of Growth
In the Global Mezcal Marker, a regional break down of overall growthshows North America will hold a dominant position owing to a refined paletteand high levels of disposable income.
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However, it will be Asia Pacific Excluding Japan (APEJ) that willproject a high growth trajectory, owing to a massive shift in a taste for avery new segment of consumers who are seeing a rise in disposable incomes,owing to great economic performance of their respective nations. Besides, theseis rapid urbanization and westernization propelling people to inculcate awestern palette and dietary pattern. To add to this, there is awarenessregarding opting Mezcal beverages over alcoholic drinks that is contributing togrowth in the global Mezcal market positively.
Moreover, good economic performance by economies in the region, coupledwith rapid industrialization is boosting investor faith in the Mezcal market.
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The food andbeverages sector has cemented its place among the global populace firmly overthe years. This sector attracts considerable investments and subsidies fromnumerous government and non-government organizations. The trends and popularityregarding specific sub-categories are dynamic and help in structuring the overallgrowth. The trends are a way of answering the needs of the consumer. Theplayers in the food and beverages sector have to adapt to the changing trends,which helps increase revenue-generation opportunities.
The world hasundergone a major shift in the way of living since the COVID-19 pandemicstruck. A notable change in the functioning of various businesses and sectorshas influenced their working mechanisms extensively. The food and beveragesector is no stranger to this change. Transparency Market Research (TMR) hasstudied many aspects concerning the difference between the trends in thepre-pandemic and post-pandemic world across the food and beverage industry.
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