(MENAFN- EIN Presswire) EINPresswire/ -- The global tequila industry was garnered $12.89 billion in 2021, and is estimated to generate $24.19 billion by 2031, manifesting a CAGR of 6.6% from 2022 to 2031.

The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.

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The tequila market is expected to witness significant growth, owing to the increasing consumption of tequila in Asia-Pacific. Moreover, the rising demand for cocktails and the launch of new and exciting flavors have been the key drivers of the market. Furthermore, the increase in the popularity of spirits among youngsters has augmented the growth of the market. Furthermore, an increase in aggressive advertisements and promotions through social media platforms by manufacturers plays a crucial role in the growth of the market.

Surge in demand for tequila in developing countries is serves as a potential opportunity for the expansion of the global tequila market. In the developing countries such as India and Brazil, many consumers have adopted western culture and are attracted to alcoholic spirits. In bars and pubs and house parties, tequila is getting more popularity due to its new flavors and vast taste. The developing countries like India and China have a huge youth base that is creating major tequila market opportunities as youngsters are getting inclined toward alcohol and adopting the party culture. There are ongoing tequila market trends such as people of these countries are following the trend of parties and outings, they are being more sophisticated about drinking. Manufactures are further focusing on investing in developing countries due to government support and increase in disposable income.

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Moreover, due to the outbreak of the COVID-19 pandemic, manufacturers have increased social media advertisement of consuming tequila products to reach a large consumer base. However, implementation of lockdown and curfew practices globally are affecting the domestic as well as international production of tequila products, which, in turn, hampers the growth of the overall market. Thus, the outbreak of COVID-19 has negatively impacted the tequila industry in 2020, as sales of companies have reduced and operations have been halted.

The research provides detailed segmentation of the global tequila market based on product type, price range, distribution channel, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.

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Based on region, North America held the largest share in 2021, contributing to more than two-fifths of the total market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the LAMEA region is expected to manifest the fastest CAGR of 10.5% during the forecast period. The research also analyzes regions including Europe and Asia-Pacific.

Leading market players of the global tequila market analyzed in the research include Diageo Plc., Eastside Distilling, Bacardi Limited, Brown-Forman Corporation, Constellation Brands Inc., Becle, S.A.B DE C.V., Pernod Ricard, Proximo Spirits, Ambhar Global Spirits LLC, and California Tequila Inc. The report provides a detailed analysis of these key players of the market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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