The global mezcal market was valued at USD 1,016.43 million in 2023 and is expected to grow to USD 1,121.73 million in 2024. The market is projected to reach USD 2,546.17 million by 2032, with a CAGR of 10.79% over the forecast period.
Mezcal, a traditional Mexican distilled beverage made from the fermented juices of cooked agave plants, is primarily produced in Oaxaca, Mexico. Unlike tequila, mezcal can be made from various types of agave, excluding blue agave. The rising demand for crafted and artisanal spirits in regions such as Europe, North America, Canada, and Japan is expected to drive market growth in the coming years.
This information is detailed in the study by Fortune Business Insights™ titled “Mezcal Market, 2024-2032.”
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Segmentation:
Freshness and Great Taste to Make Mezcal Joven Popular Among Millennials
Based on age, the market is segmented into mezcal joven, mezcal reposado, and mezcal anejo. The mezcal joven segment is expected to capture a major market share as more millennials are consuming this drink to taste the agave, which is still retained in the spirit as it has not been aged. It also has great freshness and taste, which will further boost its popularity among millennials.
Wide Accessibility and Convenience to Boost Customer Footfall at On-Premises Distribution Channels
Market segments are categorized as on-premises and off-premises based on the distribution channel. It’s possible that the on-premises category has a sizable market share for mezcal. More customers will test new drinks at on-premises channels like pubs and restaurants because they are very convenient and provide a variety of agave-based cocktails.
The market is global in scope, encompassing North America, Europe, Asia Pacific, and other regions.
Report Coverage:
The report provides an overview of the latest developments and the competitive landscape within the mezcal market, incorporating both qualitative and quantitative research. It also explores legislative possibilities in key countries, offers insights into related sectors, and reviews recent industry advancements. Additionally, the report covers a wide range of factors contributing to the industry’s growth.
Drivers and Restraints:
Putting More of an emphasis on Acquiring Luxury Manufacturers to Boost Market Growth
The mezcal sector is witnessing substantial growth, driven by an increasing number of younger consumers who are eager to explore new beverages and maintain an adventurous palate. This trend is boosting demand for flavored and unique agave drinks, fueling market expansion. Moreover, major players are strategically acquiring high-end or premium mezcal producers to diversify their product offerings and broaden their global presence.
However, the industry faces challenges such as the loss of genetic diversity and extreme weather patterns, which may constrain its growth.
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Regional Insights:
Due to the increasing popularity of drinks made with agave, North America will dominate the market.
North America is expected to lead the global mezcal market, driven by American consumers’ increasing appreciation for agave-based beverages. Mezcal’s distinctive smoky flavor has gained popularity in the US, contributing to the market’s growth. The rising demand for these unique drinks is anticipated to further boost the local market.
In Europe, growing consumer interest in agave-based beverages is likely to result in a high compound annual growth rate (CAGR) during the forecast period, reflecting the region’s expanding enthusiasm for these distinctive spirits.
Competitive Landscape:
Important Businesses to Sign Partnerships to Strengthen Their Position in the Market
Key players in the mezcal market are focusing on forming partnerships, mergers, developing new products, and making strategic investments to enhance their competitive edge and strengthen their market position. This focus is driven by mezcal’s growing international consumer base. Companies are leveraging its appeal by introducing innovative products globally to capture a larger share of the market.
Notable Industry Development:
- July 2023: Four new mezcal expressions have been released to the spirits market by Mala Mia, a U.S.-based mezcal company: Espadín, Ensamble, Cuishe, and Tepeztate. The new drinks are named for the species of agave from which they originate.
List of Key Companies Profiled In the Report:
- Ilegal Mezcal (U.S.)
- Mezcal Vago (Mexico)
- Rey Campero (Mexico)
- Wahaka Mezcal (Mexico)
- Casa Cortés (Mexico)
- Xiaman Spirits GmbH (Austria)
- Diageo Plc. (U.K.)
- Pernod Ricard (France)
- Mezcal Amarás (Mexico)
- SU Casa Mezcal (U.S.)
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