Tequila exports to Asia predicted to soarBy Amy Hopkins
The Tequila market will grow by double-digit figures in both value and volume in the Asia Pacific region over the next five years, analysts have predicted.
According to a new report by market research agency TechNavio, the value of Tequila will rise 14% between 2014 and 2019, while volumes are expected to grow 11.5%.
Asia Pacific has been identified as a key region for the future growth of Tequila since China lifted its ban on 100% agave expressions.
In the summer of 2013, Chinese president Xi Jinping signed a bilateral agreement with Mexican president Enrique Pena Nieto – dubbed the “Tequila Pact”.
Since then, Mexico’s global exports of Tequila rose by double-digits in the first half of 2014.
Furthermore, TechNavio analysts claim: “Manufacturers are coming up with innovative ideas and packaging techniques to spread awareness about Tequila.
“This will help increase the sales of tequila during the forecast period. Tequila is gaining popularity and has good potential for growth in the Asia Pacific region during the forecast period.”
The National Chamber of the Tequila industry also recently revealed that Tequila exports had exceeded US$1 billion for the first time in history.
Exports of Mexico’s native spirit grew by 10% from US$997m in 2013 to US$1.1bn in 2014. Meanwhile, volumes grew at a slower rate of 2%, from 171 to 175m litres.