Mezcal Market Research Report - Opportunities & Challenges With Totally Different Segments, Forecast-2033

 The mezcal market will be valued at US$ 557 million in 2023. In 2022, the mezcal market’s valuation was US$ 430.3 million. The market is forecasted to capture an exceptional CAGR of 14.2% during the forecast period. By the end of 2033, the market is expected to reach a valuation of US$ 1,347.9 million.

A change in lifestyle for many people means frequent trips to bars, pubs, and the like. As the spending power of the people increases, their preferences also change. In the case of alcoholic drinks, there is now a growing demand for premium and luxury drinks. Several consumers are veering away from traditional drinks towards drinks like mezcal. Therefore, Shifting consumer preferences drives the demand in the mezcal market.

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Production of agave, the source ingredient of mezcal, is confined to Mexico. Nonetheless, there is a drive from mezcal suppliers to expand their market. Due to its closeness to Mexico, the United States has been the dominant force in the mezcal market. However, companies in the mezcal market are intending to have their products reach far and wide. The Asia Pacific is seen as a region with potential in the mezcal market.

Compared to other alcoholic beverages, mezcals are seen as more sustainable and organic. Made from agave, mezcals are sourced from natural ingredients. Mezcals are also termed to be healthier. Most mezcals are gluten-free and untampered mezcals contain very low sugar and calories. Thus, mezcal is quickly becoming the favored drink of the environment-conscious and the enthusiasts.

Mezcal offers consumers a unique smoky taste. This taste has made the drink popular among the bar-going crowd. The taste of mezcal is also being increasingly used to enliven cocktails. Nonetheless, mezcal manufacturers are becoming aware of the value of innovation.

“Mezcal drinks with different flavors diversify the portfolio of mezcal suppliers. Moreover, non-alcoholic mezcals are another innovation that is set to drive the market in the coming years,” says an analyst at FMI.

Key Takeaways from the Mezcal Market

  • The mezcal market is predicted to be valued at US$ 1,347.9 million in 2033.
  • Mezcal Joven resoundingly leads in the product type segment, estimated to account for 63.3% of the market share.
  • 100% tequila leads the concentration segment, predicted to make up 54.7% of the market share in 2023.
  • The United States is the key force in the mezcal market growth, it is expected to account for 33.1% of the market share in 2023.
  • The Asia Pacific region is tipped to experience growth in the coming years, with Japan forecasted to make up 2.2% of the mezcal market share in 2023.
  • China is also on an upward trajectory in terms of growth and is expected to account for 5.2% of the market share in 2023.

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Competition Analysis of the Mezcal Market

The mezcal market is highly fragmented, but the established players are trying to gain control of a huge share of the market. Acquisitions and mergers are common strategies in the mezcal market. The mezcal manufacturers are also relying on a diverse portfolio to appeal to consumers. A few of the established players in the mezcal market are Bacardi Limited, Familia Camarena Tequila, Craft Distiller, and Destileria Tlacolula.

Key Companies in the Mezcal Market

  • Bacardi Limited
  • Familia Camarena Tequila
  • Craft Distiller
  • Destileria Tlacolula
  • Diageo Plc.
  • Don Julio
  • S.A.de.
  • El Silencio Holdings INC
  • Fidencio Mezcal
  • Desolas Mezcal
  • Drink Moday Inc.

Recent Developments in the Mezcal Market

  • In September 2023, Ilegal Mezcal was acquired by Bacardi Limited. Ilegal Mezcal is a specialty mezcal brand. With the acquisition, Bacardi is aiming to increase its foothold in the mezcal market.
  • In August 2023, American brand Desolas Mezcal formed a partnership with Canadian distributors Renaissance Wine Merchants. With the help of this partnership, the American brand is expanding into Canada.
  • In April 2022, Drink Monday Inc. introduced a non-alcoholic mezcal in the market. Named Monday Mezcal, the drink was an extension of the company’s already extensive non-alcoholic drinks catalog.

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Key Segments in the Mezcal Market

By Product Type:

  • Joven
  • Reposado
  • Anejo

By Concentration:

  • 100% Tequila
  • Mixed Tequila

By Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East and Africa (MEA)

Information Source: https://www.futuremarketinsights.com/reports/mezcal-market

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