According to the recent research report titled ‘Global Tequila Market 2021-2028’, available with Market Study Report, global tequila market is projected to expand with a CAGR of 4.71% CAGR over 2021-2028.
 

Introduction of experimental flavors in line with surging demand for innovative and exotic flavors by customers, and changing perception about this beverage due to health benefits are driving global tequila market growth. Besides, inclination of consumers towards premium tequila is positively swaying the industry dynamics.
 

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Citing an instance, well-known tequila firm Dulce Vida Spirits introduced a new line of flavored tequilas, including lime and grapefruit, to meet the growing demand for new flavors.
 

Moving on to challenges, anti-alcohol campaigns, and increasing cost of raw material are likely to hinder the overall industry expansion over the forecast period. Moreover, dependency on Mexico and the United States due to concentrated production is also negatively impacting the business scenario.
 

Based on product type, worldwide tequila market is split into high-end premium, super premium, premium, and value. As per distributors gamut, the industry segmentation comprises online retailing, liquor specialist stores, supermarkets & hypermarkets, and others.
 

Speaking of geographical landscape, Asia Pacific industry size is projected to amplify through 2028, creditable to booming population, which further provides various growth opportunities for the vendors in the region. Spirits and alcohol, for instance, have the most potential in China and India owing to their large population base. Increasing disposable income, changing lifestyle, and rising acceptance of western culture are also boosting the product demand. Premiumization, trade pacts, and rise of e-commerce platforms are contributing to the regional market development.
 

Leading companies impacting global tequila market dynamics are Sazerac Company Inc., Pernod Ricard SA, La Martiniquaise, Tequila Centinela S.A. DE C.V., Brown-Forman Corporation, Jose Cuervo, Constellation Brands Inc., E & J Gallo Winery Inc., Asahi Group Holdings Ltd., Diageo plc, Beam Suntory Inc., Anheuser Busch Inbev, Luxco Inc., and Bacardi & Co. Ltd.