According to Future Market Insights (FMI), the global mezcal market 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.
The distinct characteristics of mezcal set it apart from other spirits, making it a popular choice among consumers. Trends toward premiumization in the alcohol industry are also driving people to explore new, high-quality options, and mezcal perfectly fits this demand. Its rich flavors, ranging from smoky to earthy, offer a unique tasting experience that appeals to adventurous drinkers.
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.
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.
Key Takeaways from the Mezcal Market Study
- The global mezcal industry is estimated to reach US$ 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 US$ 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,”- says a lead Future Market Insights (FMI) analyst.
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.
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.
Global Mezcal Market Segmentation by Category
By Product Type:
- Joven
- Reposado
- Anejo
By Concentration:
- 100% Tequila
- Mixed Tequila
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia
- Oceania
- Middle East and Africa
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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