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Mezcal Market Revenue to Cross USD 1,136.55 million by 2027, Says The Insight Partners

Increasing Demand for Mezcal to Experience Consolidation to Escalate Mezcal Market Growth during 2020–2027

NEW YORK, UNITED STATES, November 21, 2022 /EINPresswire.com/ -- According to The Insight Partners latest market study on “Mezcal Market Forecast to 2027 – COVID-19 Impact and Global Analysis – Type (100% Agave and Blends), Product (Mezcal Joven, Mezcal Reposado, Mezcal Anejo, and Others), and Sales Channel (HoReCa, Specialty Stores, Supermarkets and Hypermarkets, and Online),” the market was valued at US$ 727.11 million in 2019 and is projected to reach US$ 1,136.55 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. The report highlights key factors driving the market growth and prominent players along with their developments in the market.

Mezcal beverage is made from the agave plant (traditionally, it is known as maguey). The big difference between the Mezcal and Tequila is the way agaves are cooked to extract all the fermentable sugars. Agaves or magueys are mostly found in many parts of Mexico and south to the Equator, though most mezcal is made in Oaxaca. Mezcal can be prepared from many different varieties of agave. Agave Espadin is the most popular variety, and it is produced in specific states as well.

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El Silencio, Mezcal Vago, Pernod Ricard, Ilegal Mezcal, Rey Campero, Mezcal Amores, Craft Distillers, Los Danzantes, Mezcalgulroo, and Wahaka are among the well-established players in the global Mezcal market.

Based on product, the mezcal market is segmented into Mezcal Joven, Mezcal Reposado, Mezcal Anejo, and Others. In 2019, the Mezcal Joven segment dominated the market by accounting for 55.4% of the total share. Unaged mezcal is basically referred to as Joven, or as young. Joven is the more preferred drink, followed by Reposado as it has similar flavor like tequila. Mezcal Joven is cheaper than other types as it can be consumed at the age of less than two months or un-aged. It is available in different flavors such as citrus, green apple, and white pepper. Mezcal Joven is mostly preferred in cocktails to add the sacred flavor of sweet agave in the drinks. The heart of Joven is mainly produced at a traditional Palenque in Matatlán, but it is grown and distilled in Oaxaca (region of Mexico). The delicate and sparkling nose of wood smoke and savory herbs introduces citrus, bright, tart fruit, and peppery palate in the drink. Mezcal Joven receives high demand among consumers worldwide due to its more distinct and crisper taste than other mezcal varieties.

In 2019, North America accounted the largest share of the mezcal market owing to the several mezcal breweries that have a strong foothold in the region. These breweries are constantly working toward innovation and development of different varieties of mezcal with improved tastes along with qualities to attract new consumers and widen the consumer base in the region. The export of mezcal to several countries across North America as well as innovative programs aimed at marketing the product in the region drive the market growth in North America. The demand for spirits throughout the on-trade sales channels, together with full-service restaurants along with cafes/bars, is also anticipated to rise significantly over the forecast period. High disposable income and changing lifestyles attract consumers to consume luxurious beverages such as mezcal, which is anticipated to expand the mezcal market in North America.

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The increasing trend of premiumization, which is leading to the consumption of luxury alcoholic as well as non-alcoholic beverages, boost the demand for Mezcal. The premiumization trend is more than sipping spirits. There is an increasing demand for the premium mezcal products among millennial consumers. They are ready to spend high amount on the high-end and super-premium products owing to the increasing disposable income in developed economies such as North America and Western Europe. The market for high-end premium spirits grew by 5–6% per year by volume from 2019 to 2021 owing to the growing per-capita disposable income of consumers and the persisting growth of the economy.

The demand for mezcal has increased significantly over the past few years, and the market is expected to grow during the forecast period. There is an increasing trend amongst wealthier consumers in established spirit markets to seek exciting and new premium products and trade up to drinks of niche varieties with a high production value. As a result, the volume of premium spirits improved significantly when compared to that of the familiar spirits. The rising demand for premium mezcal outlines the growth of the global mezcal market. It highlights the potential for smaller manufacturers to partner with the larger players to enter new markets, which is anticipated to be an essential step to ensure growth in the mezcal market.

Based on type, the mezcal market is bifurcated into 100% Agave and Blends. The 100% agave segment led the mezcal market with a larger share in 2019. 100% Agave mezcal meant that all the fermented sugars which are distilled to become tequila come from the Blue Weber agave plant. Mezcal can be obtained from more than 30 varieties of agave. According to spirits writer Chris Tunstall, the most common varieties of agave utilized for mezcal making are tobalá, tobaziche, tepeztate, arroqueño, and espadín, which is the most common agave and accounts for up to 90% of mezcal.

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About Us:
The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Mezcal Market to Grow at a CAGR of 6.1% to reach US$ 1,136.55 Million from 2020 to 2027

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