ALBANY, N.Y., Feb. 9, 2021
- Tequila is usually consumed in shots. However, Tequila can be savored and sipped as well and manufactures are trying to raise awareness about the ways it can be consumed. A 100% agave tequila to witness increasing demand
- Demand for Mezcal to thrive on the changing taste toward premium beverages and food items
ALBANY, N.Y., Feb. 9, 2021 /PRNewswire/ -- Manufacturers of food and beverages are diversifying their product offerings in natural ingredients based and organic products to cater to the changing tastes of consumers. As such, players in the global mezcal market are making efforts to raise awareness about the benefits and rich taste and flavor of natural ingredients based beverages.
Premiumization is a popular trend in the global mezcal market. Tequila, a type of premium mezcal, is an extremely popular drink that is consumed in the form of a shot. Producers of Tequila are making efforts to market the drink as a spirit that can not only be consumed in shots but also be sipped and savored. Customers are shifting from price-centric consumption to premium drinks, which is likely to benefit growth of the global mezcal market over the analysis timeline, from 2019 to 2027. A rise in the demand for 100%-agave tequila is likely to favor the market in the near future. Introduction of premium products by market players have successfully attracted the attention of potential customers. In addition, celebrity endorsements have further enhanced brand image and value of Tequila, which have assisted businesses sustain despite price fluctuations of agave.
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The global mezcal market is anticipated to clock double-digit growth rate at ~13% CAGR over the projection timeline, from 2019 to 2027. Exhibiting promising growth opportunities, the market is estimated to gather traction from the evolving tastes and preferences of customers.
Key Findings of Mezcal Market Study
Rising Demand for Mezcal to Drive Launch of Innovative Products
Mezcal comes with smoky and complex flavor and it is utilized in the production of tequila, a more popular drink. Mezcal is not easily available and has gaining traction amongst the youth and connoisseurs of such beverages. Riding on the back of increased demand, producers are coming up with launch of innovative products to make the most of growing popularity of mezcal. These factors are likely to support development of the global mezcal market over the analysis timeline, from 2019 to 2027. On the other hand, augmented consumption of mezcal has resulted in shortage of agave and is pressurizing mezcal producers and local farmers to increase their yield.
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Sustainability in the Production Process to Gather Traction in the Market
Stakeholders in the global mezcal market are bringing in changes in business operations right from the stage of agave plantation to the stage of wood burning to amplify the smoky flavor of mezcal. As such, ongoing efforts by market participants toward adoption of sustainable operations in the bottling process of mezcal and agave production. Market stakeholders are trying to attain 100% sustainability in the process of agave production. As such, they are collaborating with producers and local farmers to produce in-house seed banks and are supported by constant maintenance of harvest and plantations. Sustainability in the production process is likely to emerge as an important trend in the global mezcal market in the near future.
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Mezcal Market: Key Driving Factors
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Mezcal Market: Key Market Participants
The global mezcal market is considered to be a consolidated one and is estimated to be dominated by a handful of industry players. These low numbers of industry players are likely to be in possession of a large market share. As such the entry of new players in the global mezcal market is foreseen to be restricted. Already established market players are already having sound hold in the regions that allow production of mezcal.
Some of the prominent industry players comprise Familia Camarena Tequila, Bacardi Limited, and Craft Distillers.
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