The rising demand for craft beer is key growth enabler of
The rising demand for craft beer is key growth enabler of mezcal market. Future Market Insights (FMI) in a new study has forecast the market to exhibit above 12% Y-o-Y growth after contracting due to unprecedented COVID-19 outbreak in 2020. Consumer inclination towards alcoholic beverages derived from natural sources is a key game changer. Their evolving behavior pattern has stirred interest in mezcal and has made them especially receptive to the lesser-known categories such as raicilla with the unusual agave varieties.
Driven by consumer interest in craft beers, distillers are experimenting with various agave varieties for mezcal production with a healthy twist to satiate their evolving preference. According to FMI, the demand in 100% tequila category will rise exponentially. Following the age of craft beer, there is visible shift towards trying mezcal, especially in the West, which has been key to growth registered in the 100% tequila segment.
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It has been noted trend popularized across social media platforms have a profound influence in determining consumer behavior pattern. While online exposure has increased frequency to bars, pubs, and lounges, focus on health is yet another growth driver. The absence of gluten has been increasing their preference for drinks that include mezcal.
Key Takeaways from the Mezcal Market Study
“Mezcal market is populated by small producers. With competition soaring across most lucrative pockets, players are likely to focus on research and development. For instance, some of them are leveraging high pressure process (HPP) to extend the shelf life of mezcal,” said a lead analyst at FMI.
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Who is winning?
A few of the leading players operating in the Mezcal market are Bacardi Limited., Familia Camarena Tequila, Craft Distiller, Destileria Tlacolula, Diageo Plc., Don Julio, S.A.de., EI Silencio Holdings INC, Fidencio Mezcal, Ilegal Mezcal, Sombra Mezcal, William Grant & Sons Ltd, Sauza Tequila Import Company, Rey Campero., Brown-Forman Corporation (Grupo Industrial Herradura, S.A. de C.V.)., Del Maguey Co., Pensador Mezcal, Pierde Almas.and other players.
Several leading manufacturers of mezcal are focusing on partnering with prominent players in the market to increase its business footprints and to increase their production capacity. Leading players of mezcal are investing in research and development to produce organic, non-GMO ingredients for mezcal.
For instance, Diageo acquired Pierde Almas, which is a premium brand, in 2018 and extended launched a mezcal to extent its Casamigos Tequila line.
Similarly, Campari Group acquired a controlling stake in Montelobos mezcal and Ancho Reyes liqueur for a deal of whopping US$ 35.7 million in 2019.
Get Valuable Insights into Mezcal Market
Future Market Insights, in its new offering, provides an unbiased analysis of the mezcal Market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the mezcal market based on Product Type (Mezcal Joven, Mezcal Reposado, Mezcal Anejo), Concentrate (100% Tequila, Mix Tequila) and By Sales Channel (HORECA, Speciality Stores, Modern Trade, Online Retailers, Other Sales Channels) across six major regions.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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