California Tequila highlighted the projection that the tequila market will register a compound annual growth rate of 6.9% from 2023 to 2032.
With this, the value of this market would reach 18.4 billion dollars by the end of the period.
Tequila is a distilled beverage obtained from the blue agave plant.
There are two main categories of tequila: “100% agave” and “Mixtos”. The term tequila is protected and can only be used on the product label if the spirit is produced in specific regions of Mexico and contains at least 51% agave.
It is produced mainly in the area surrounding the town of Tequila, in the highlands of Jalisco.
In 2022, the tequila market was valued at US$10.1 billion.
However, foreign sales of tequila totaled 401.4 million liters in 2023, a drop of 4.2%, at an annual rate, according to data from the Tequila Regulatory Council (CRT).
Previously, measured in volume, tequila exports accumulated 13 years of continuous year-on-year increases.
Tequila market
One of the main drivers behind the development of the global tequila market is the massive increase in popularity of cocktail culture, both inside and outside the home.
California Tequila predicts that the growth trend in the high-end/ultra-premium tequila segment will continue for the foreseeable future, correlating with trends in the overall tequila market.
The company believes it is particularly well positioned to capitalize on the growth of this segment due to the already high reputation of AsomBroso tequilas in the ultra-premium tequila category.
Spirits
AsomBroso’s main competitors include Don Julio, Patron, Casamigos, Clase Azul and Komos Tequila.
According to Statista, the global tequila market is characterized by leading brands such as Sauza, Patron and El Jimador.
Sauza tequila sold approximately 3.8 million 9-liter cases in 2016.
Regionally, most tequila was exported to the United States from its country of origin, Mexico.
Tequila is the most attractive and fastest-growing category within high proof distilled spirits, and consumers are increasingly turning to higher quality products.
