Report Overview-

The North America agave spirits market size was valued at USD 9.61 billion in 2022. The market is projected to grow from USD 10.65 billion in 2023 to USD 18.83 billion by 2030, exhibiting a CAGR of 8.49% during the forecast period.

During the forecast period, the rising number of craft distillers producing tequila and mezcal boosted the North America market. The increasing trend amongst high-net-worth individuals seeking premium products in developed economies is positively impacting the product demand in North America during the forecast period.

Fortune Business Insights™ mentioned this in a report titled “North America Agave Spirits Market, 2023-2030.”

Segments-

Increasing Popularity to Boost Tequila Segment in the Market

By product type, the market is segmented into tequila, mezcal, and others. The tequila segment is expected to have the largest market share due to growing tequila consumption in the region during the forecast period. According to the International Wine and Spirit Research (IWSR), the distilled beverage prepared from blue agave plants is the second-fastest-growing spirit in the agave spirit category.

Convenience and Accessibility to Boost Off-Trade Segment in the Market

By distribution channel, the market is classified into on-trade and off-trade. The off-trade segment is expected to dominate the market in the region. The segment will hold a significant market share during the forecast period due to easy accessibility and convenience of purchasing these spirits in online platforms and retail stores.

Geographically, the market is studied across the U.S., Canada, and Mexico.

Report Coverage-

The report offers:

  • Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
  • Comprehensive insights into regional developments.
  • List of major industry players.
  • Key strategies adopted by the market players.
  • The latest industry developments include product launches, partnerships, mergers, and acquisitions.

Drivers & Restraints-

Rising Hand-Crafted and Premium Spirits Demand to Aid Market Growth

Hand-crafted and premium spirits have gained momentum in North America due to consumers’ active participation in supporting local and small-scale producers. Craft distillers’ emphasis on locally sourced ingredients, artisanal approach, and small batches is boosting the demand for premium spirits across the region. In March 2023, Pernod Ricard USA, LLC owned Del Maguey Inc., launched its premium hand-crafted DEL MAGUEY VIDA Puebla mezcal, which will be sold across the U.S.

The rising popularity of mezcal and tequila has affected the productivity of agave Americana plants that produce premium spirits, hampering the North America agave spirits market growth.

Regional Insights-

Rising Popularity of Cocktails to Aid the U.S. Market

The U.S. is estimated to dominate the North America agave spirits market share during the forecast period. The increasing popularity of cocktails, such as martinis, margaritas, and manhattans, led to the rising demand for tequila in the U.S. According to the U.S. Distilled Spirits Council, sales of agave spirits boosted by 30.1% in 2021.

Canada is estimated to have steady market growth during the forecast period. A solid and high-quality spirits consumer base is driving market growth in Canada during the forecast period.

Competitive Landscape-

Companies Focusing on Partnership Strategies to Boost Market Growth

Mezcal is gaining recognition, becoming one of the most demanded spirits in the consumer market. The major players of agave spirits focus on investments and form partnerships strategies to gain a competitive edge. In June 2023, Japanese multinational brewing and distilling company group Suntory Holdings Limited. partnered with Amarás mezcal brand to import sustainability-focused Mezcas Amarás and distribute its products across the U.S.

Key Industry Development

March 2023 – Astral Tequila, a brand owned by Diageo Plc., launched two new tequilas, Astral Tequla Añejo and Astral Tequila Reposado. The products are crafted with 100% Blue Weber agave and are launched to celebrate the spring equinox.

List of Key Players Present in the Report:

  • Ilegal Mezcal (U.S.)
  • El Silencio Holdings, INC. (U.S.)
  • William Grant & Sons (U.K.)
  • Mezcal Vago (Mexico)
  • Rey Campero (Mexico)
  • Wahaka Mezcal (Mexico)
  • Diageo Plc. (U.K.)
  • Revel Spirits (U.S.)
  • Casa Cortés (Mexico)
  • Campari Group (Italy)

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