Tequila sales to reach $24.19 billion by 2031
Worldwide Tequila sales are forecast to generate US$24.19 billion by 2031, according to new research.
The global Tequila market generated US$12.89bn in 2021, according to Allied Market Research. This is expected to grow at a compound annual growth rate (CAGR) of 6.6% from 2022 to 2031.
The Tequila joven category is expected to lead the growth, and register the highest CAGR of 8.7% between 2022 and 2031.
By price point, the economy segment accounted for the highest share of sales in 2021, contributing to nearly two-thirds of the global Tequila market.
However, the premium bracket is expected to deliver the highest CAGR by price between 2022 and 2031 – 7.3%.
North America continues to be the biggest market for Tequila by region, contributing to more than two-fifths of the overall market share. Allied Market Research expects the region to retain its dominance until 2031.
The Latin American, Middle East and Africa (LAMEA) region is forecast to deliver the fastest-growing CAGR of 10.5% during the same period.
Last month, Allied Market Research released a report on the global malt whisky market, which could reach US$6.7bn by 2031.
Casamigos Tequila, co-founded by George Clooney, was named Supreme Brand Champion 2022.