According to new data from Allied Market Research, global tequila sales are set to grow exponentially over the next decade, from almost $13 billion in 2021 to more than $24 billion by 2031. This is equivalent to a compound annual growth rate (CAGR) of 6.6 percent, and leading the charge will be premium and Joven (a mix of Blanco and aged tequila) expressions, although Blanco currently moves the most units.
(Allied Market Research).- Unsurprisingly, North America is expected to be the biggest market. Anyone who has visited a bar, liquor store, or club around the U.S. can tell you how popular tequila is in this country specifically, with countless bottles and cocktails available. As the Robb Report reported HERE, tequila sales will outpace American whiskey by next year, and in 2021 that equaled over $5 billion in sales.
Tequila is mainly made in Jalisco, specifically the municipality of Tequila, but the spirit can also be legally produced in certain municipalities of four others states: Guanajuato, Michoacán, Nayarit and Tamaulipas.
While many new brands have been trickling into the market at a steady pace, the big companies continue to dominate with their well-established brands, including Brown-Forman (Herradura), Diageo (Casamigos), Beam Suntory (Hornitos), Constellation (Casa Noble), Bacardi (Patron) and Becle (Jose Cuervo).
“Over the past five years, 100 percent blue agave products have exploded as the dominant product attribute consumers seek,” said Adam Rogers, IWSR research director for North America in a statement on the company’s website. “Most brands have focused on developing higher-quality products as well as unique elements in finishing or aging.”