VALLEY COTTAGE, N.Y. – According to Future Market Insights (FMI), the mezcal market value is set to reach US$ 738 Mn by 2027, clocking a CAGR of 13% during the forecast period 2019-2027. Growth of the market is attributed to an increase in the demand for mezcal as pain killers and taste enhancer in pharmaceutical and food & beverage industries.
Increasing Demand for Premium and Luxury Drinks to Underpin Market Growth
Premiumization, a rising trend leading to the consumption of luxury beverages, is projected to boost the demand for mezcal. In recent years, growing demand for plant-based beverages, amid the rise of vegan culture, has opened a window of opportunities for key players in the mezcal market. Increasing millennial and high-income consumers’ spending capacity in developed economies is fueling the demand for premium mezcal. Market vendors are launching highly differentiated premium agave mezcal products to capitalize on rising demand for super-premium and high-end premium spirits. As a consequence, volume sales of 100% tequila are set to increase at relatively high rate as compared to mix tequila. Although the mezcal market is still at a nascent stage, it highlights potential of smaller producers to amalgamate with larger players to enter this lucrative market.
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Mezcal Adoption Continues to Thrive in HORECA
Due to high cost associated with mezcal, hotels, restaurants, and cafes (HORECA) are finding ways to enhance the product affordability and attract a large number of consumers by mixing recently introduced delicate and floral flavors of mezcal with tequila. FMI expects that mezcal worth around US$ 350 Mn will be sold in HORECA by 2027, accounting for 58% of total sales. Mezcal sales through specialty stores will also continue to play a vital role in the progression of the market. As consumers are taking greater interest in exploring newer products and buying more goods online and from modern trade channels such as hypermarkets and supermarkets, manufacturers are targeted towards these channels to retain and attract a large segment of consumers.
North America Takes Center Stage with Around 50% Revenue Share
According to the FMI’s study, North America holds around half of the global mezcal market share. The U.S remains a fast-growing market, owing to rapid growth of on-premises sales of mezcal beverage along with rising popularity of mezcal cocktail space. Additionally, rapid expansion of off-premise sales of mezcal in the U.S. is expected to complement the market growth. High growth opportunities are also expected in Europe and APEJ, opines the FMI study. As consumers are keen to try new flavor and ingredients, and willing to spend more on super-premium and high-end premium spirits, key players are looking forward to investing in production facilities in these regions.
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Mezcal Market: Competitive Landscape
The mezcal market is highly fragmented, owing to an increasing number of small players entering into the marketplace. Innovative marketing campaigns and celebrity endorsement remain key strategies adopted by stakeholder to strengthen their position in the market.
“Growth prospects of the mezcal market remains relatively high in North America as compared to other regions. Stringent government regulations along with increasingly health consciousness among consumers seeking to cut their alcohol intake are likely to slow down the sale and production of mezcal in the U.S and Europe. Manufacturers are thus hard-pressed to adopt sustainable business operations,” says FMI analyst.
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