Global Mezcal Market Outlook (2018-2023): Mezcal aejo to Witness Fastest Growth Rate - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Nov 22, 2018--The “Global Mezcal Market - Segmented by Type (Mezcal joven, Mezcal reposado, Mezcal añejo, and Others), Distribution Channel (Offline retail stores and Online retail stores), and Geography - Growth, Trends and Forecasts (2018 - 2023)” report has been added to ResearchAndMarkets.com’s offering.
The global mezcal market is projected to grow at the rate of 14.2% during the forecast period 2018 to 2023.
The US is the major importer of mezcal from Mexico which contributes around more than half the mezcal imports share in 2017. This factor is expected play major role to drive the market growth in the US and North America region. Consumers are preferring mezcal over other tequila products due to variation of flavors depending on the type of agave used, where it was cultivated and each producer’s customized manufacturing technique.
Growing Demand of Luxury Agave Spirit to Drive the Mezcal Market Growth
Majority of tequila and mezcal are made by distilling the fermented juice of agave plants in Mexico and contributes for more than 80% market share in the tequila and mezcal production and supply. Mexico exports some USD 1.2 billion worth of tequila and mezcal to about 100 different markets worldwide, led by the US, Europe and South America whereas the US alone imports more than 171,731 thousand liters of tequila including mezcal in 2017.
The rise of cocktail culture in the US has helped to make the mezcal trendy, with bars offering various varieties of mezcal and tequila. As a result, super-premium tequila including mezcal increased its volume by an explosive 651% in 13 years, according to Consejo Regulador del Tequila. Millennial consumers are more enthusiastic to try new flavors and variants as compared to the older demographic.
Mezcal vendors are catering primarily to this large demographic consumer base as the consumption of tequila and mezcal is maximum among this consumer segment. The US has large millennial consumer base and this encourages vendors to expand their geographical presence and increase their consumer base in this country which is supporting the mezcal market growth.
Mezcal aejo to Witness Fastest Growth Rate during the Forecast Period
Mezcal aejo are aged for minimum one year in similar containers and popular as a luxury tequila in US and other developed economies. Mezcal aejo are highly popular among key influencers and discovery seekers in North America region. The growing popularity of mezcal cocktails has driven a wider consumers of the aged premium tequila which is likely to drive market growth for Mezcal aejo in upcoming years.
Key players in luxury tequila market are focusing on increasing market share of mezcal aejo owning to increase in popularity of mezcal in US. For instance, Stoli Group is starting its own tequila and mezcal brands in the U.S. In 2018, Stoli Group announced the launch of super-premium Se Busca Mezcal which is made with 100% Agave Augustfolia Espadin using a traditional 200-year-old process in Oaxaca, Mexico.
Increasing consumption of tequila compared to other alcoholic beverages in US and changing consumer preference towards 100% agave spirits is supporting the market growth of Mezcal aejo from last years.
Market DevelopmentsBacardi purchased minority stake in Ilegal Mezcal for undisclosed amount. Ilegal Mezcal launched in 2005 and has a portfolio consisting of three expressions: Joven, Reposado, and Aejo. Diageo plc announced the acquisition of Pierde Almas, a craft mezcal bran. Diageo will continue to develop the mezcal category in Mexico and abroad, while maintaining Pierde Almas’ craft production processes.
1.1 Scope of Study
1.2 Study Deliverables
1.3 Study Assumptions
1.4 Research Phases
2. Mezcal Market Insights
2.1 Market Overview
2.2 Market Trends
2.3 Industry Attractiveness - Porter’s Five Forces Analysis
3. Mezcal Market Dynamics
4. Mezcal Market Segmentation
4.2 Distribution Channel
5. Mezcal Market By Geography
5.1 North America Mezcal Market Size (2018-2023)
5.2 Europe Mezcal Market Size (2018-2023)
5.3 Asia-Pacific Mezcal Market Size (2018-2023)
5.4 South America Mezcal Market Size (2018-2023)
5.5 Middle East & South Africa Mezcal Market Size (2018-2023)
6. Mezcal Market Competitive Landscape
6.1 Most Active Companies
6.2 Market Share Analysis
6.3 Strategies Adopted by Leading Players
7.1 Company Profiles
7.1 Pernord Ricard SA
7.2 Diageo plc
7.3 Ilegal Mezcal SA
7.4 El Campero
7.5 Rey Campero
7.6 William Grant & Sons Ltd.
7.7 El Silencio Holdings, Inc.
7.8 Fidencio Mezcal
7.9 Gem & Bolt, LLC
7.10 Lgrimas de Dolores
7.11 Mezcal Vago
7.12 Bacardi Limited
For more information about this report visit https://www.researchandmarkets.com/research/5cxzlh/global_mezcal?w=4
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KEYWORD: MEXICO CENTRAL AMERICA
INDUSTRY KEYWORD: RETAIL FOOD/BEVERAGE
SOURCE: Research and Markets
Copyright Business Wire 2018.
PUB: 11/22/2018 06:25 AM/DISC: 11/22/2018 06:25 AM