Mezcal Market to See High Growth in Upcoming Year by 2029
Posted on May 16 2022 10:49 AM
"Key companies covered in the Mezcal Market are Pernod Ricard Ilegal Mezcal William Grant and Sons Ltd. Rey Campero El Silencio Holdings, Inc Enotria & Coe Xiaman Spirits GmbH Diageo Plc and more players profiled.
The growing demand for premium craft beverages is expected to propel the growth of the market during the forecast period, states Fortune Business Insights, in a report, titled “Mezcal Market Size, Share & Industry Analysis, By Age (Mezcal Jovan, Mezcal Reposado, Mezcal Anejo), By Distribution Channel (Supermarkets/Hypermarkets, Convenience Stores, Specialty Stores, Online Retail, Others) and Regional Forecast, 2022-2029.” The growing popularity of is likely to enable speedy expansion of the market.
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Groing Consumer Demand for Premium Beverages to Aid Market Growth
The increasing consumption of has led to various lifestyle-related disorders. The growing knowledge about among millennials is expected to foster healthy growth of the market in the forthcoming years. Similarly, the rising consumer demand for functional beverages owing to its health benefits is likely to spur opportunities for the market in the foreseeable future. The growing shift from crafted spirits to mezcal owing to the variety of flavors in mezcals is expected to promote the healthy growth of the market. For instance, marzipan, fig, mint, vanilla, citrus fruits, honey, cinnamon, mango, and other flavors can be produced with mezcals. Furthermore, the rising demand for high-end, super-premium liquors is expected to enable speedy expansion of the market. The high product innovations by major companies are predicted to foster the healthy growth of the market. For instance, in March 2020, Dewar announced the introduction of its Ilegal Smooth, a double-aged blended scotch whiskey completed in Ilegal mezcal casks for a sweet, and smooth blend with a wisp of smoke.
However, the growing inclination towards and healthy beverages is expected to retard the expansion of the market. Besides, shifting preference for beverages and craft beers are expected to negatively impact the market.
Heavy Demand for Mezcal to Favor Growth in North America
The market in North America is expected to grow rapidly during the forecast period. The growth in the region is attributed to inflated demand for mezcal in Mexico as mezcal is the national spirit of Mexico. The rising promotions of mezcal by celebrities in the US is expected to boost the market. For instance, in July 2019, Bryan Cranston and Aaron Paul introduced mezcal brand Dos Hombres. The market in Europe is expected to experience healthy growth due to the growing demand for premium craft beverages. The increasing millennial population is expected to contribute to the market. Additionally, the growing collaborations and acquisitions of companies are expected to aid the development of the market in the region. For instance, in May 2018, Diageo, a British multinational beverage company acquired Pierde Almas, a Mexican brand of mezcal to expand its product portfolio in Europe. The market in Asia Pacific is expected to exhibit a significant growth rate owing to the rising consumption of premium. The increasing number of bars and liquor shops is expected to encourage the growth of the market.
August 2019: Xiaman Mezcal introduced strictly ‘artisanal’. The product is made by using two varieties of agave, Wild Tepextate & Espadín.
June 2017: Pernod Ricard, the French beverage giant acquired the majority stakes of Del Maguey, the leading producer of artisanal, hand-crafted mezcals.
The Report Lists the Main Companies in the Mezcal Market:
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