COVID-19 Impact Analysis on Global Mezcal Market
The COVID-19 pandemic has hit a majority of the fortune companies, out of which many food and beverage companies were hit due to severe disruption in the supply chain. The outbreak of COVID in the mezcal Market caused distribution since it spread was across the globe. COVID-19 impacted the various sectors and industries. Due to the COVID-19 pandemic, the demand for food has been rising but, due to supply chain disruption, it stopped producers from supplying their products to the market. Numerous companies have announced possible delays in product deliveries and a decline in sales of their products. The changes in consumer behavior and demand during the pandemic impacted on the value chain in the food and beverage industry. The shutdown of economic activities affected all the sector. Due to transportation barriers, mezcal market demand is reduced. The export of products have been reduced due to emerging concerns about the spread of the COVID-19 pandemic. All these factors are anticipated to hamper the food and beverage industry, which restrain the growth of the market in COVID-19.
Market Overview- Global Mezcal Market
Market Driver
The growing interest in mezcal across the globe attracting consumers is driving the mezcal market growth. The increasing trend of premiumization, which is leading to the consumption of luxury alcoholic as well as non-alcoholic beverages, boosts the demand for mezcal. Strong growth of the mezcal market due to the implementation of favorable policies of reimbursement by governments, creating environment for growth. Growing research and development activities to advance the multifunctional profiles of non-alcoholic drinks which offer high health benefits. The high disposable income and changing lifestyles attract consumers to consume luxurious beverages such as mezcal which is expanding the mezcal market growth in various regions. Furthermore, growing breweries are constantly working toward innovation and development of different varieties of mezcal with improved tastes along with qualities to attract new consumers and expand the consumer base across the globe.
Market Restraints
The high cost of mezcal’s at hotels and bars is expected to hinder the market growth. Furthermore, the sale of mezcal’s is prohibited by government control across various economies, which restraints market growth.
Market Opportunities
Companies are developing products with natural ingredient configurations and reduced processing to cater to the consumer demand. The rising number of craft distilleries across the globe boosts the opportunities for mezcal application. Also, mezcal’s long-standing relationship with craft beer will continue to present attractive opportunities for market growth. Furthermore, the demand for organic beverages is increasing among consumers, boosting the market.
Cumulative Growth Analysis
The report provides in-depth analysis of global mezcal market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. The growing demand for substitute of alcoholic beverages is expected to witness the mezcal Market growth at a specific CAGR from 2022-2028.
Market Segmental Overview
The global mezcal market comprises of different market segment like type, product, distribution channel and geography.
Mezcal market by Product Type
The mezcal product types studied in the global mezcal market are mezcal joven, mezcal reposado, and mezcal anejo. The mezcal joven accounted for the largest share in the mezcal market. The mezcal joven has a maximum lifespan due to which it accounts for the highest share in the mezcal market. Joven mezcal is bottled immediately after distillation or aged for fewer than two months. The mezcal joven is mainly used in cocktails to add the sanctified flavor of sweet agave to the beverages. Mezcal joven offer a consistent smooth texture with a lingering heat. The mezcal joven consists of a number of flavors, including white pepper, citrus and green apple. As the lifestyle is changing, the consumers are more focused on organic products, due to health consciousness. Therefore, many alcohol users are preferring mezcal drinks as a substitute for many alcoholic beverages.
Mezcal market by Type
The mezcal types studied in the global mezcal market are agave and blend. The agave mezcal accented for the largest share in the mezcal market. Mezcal can be obtained from more than 30 varieties of agave. The agave has a lower glycemic index of 10 % to 15% depending upon the product, and many consumers prefer agave-based mezcal due to its less sugary effect. With changing lifestyle lifestyles, consumers are demanding a substitute for many alcoholic products. For instance, Mexico is the major country, boosting demand for distilled agave-based products across the globe.
Mezcal market by Distribution Channel
The mezcal types studied in the global mezcal market are supermarkets and hypermarkets, specialty stores and others. The specialty stores accounted for the largest share in the market. Specialty stored are enabling easy access to popular beverages. Further, the specialty store is becoming popular as it allows customers to shop while engaging in entertainment activities. Further, the availability of mezcal and most of the mezcal is sold by the store-based segment.
Mezcal market by Geography
The global mezcal market is studied for key regions such as North America, Europe, Asia Pacific and the Rest of the World. The North America is likely to dominate the global chlorella ingredient market. Increasing demand for the premium mezcal products and increasing disposable income in developed economies such as North-America boost the market growth. Mexico is the major consumer and producer of mezcal products. Due to the presence of countries like Mexico and the Unites States, it is boosting the mezcal market growth in the North-America. Mezcal is a traditional spirit from Mexico, and this plays a significant role in the production of mezcal. Due to growing demand, the key players in the region offer various innovative flavors to the consumers, to meet their changing preference.
Competitive Landscape Analysis
The competitive landscape analysis of mezcal market is certainly based range of market players operating in the market with increasing health conscious population and changing lifestyle increasing demand for premium and organic products. Besides, number of market players offered wide range of products for different application in various geographic locations. The market has major competitive analysis based on new product launches as well as other developments.
The key players studied in the market are, Mezcal Vago, Pernod Ricard, Rey Campero, Mezcal Amores, Craft Distillers, Los Danzantes, Mezcalgulroo, Wahaka, Bacardi Limited., Familia Camarena Tequila, Destileria Tlacolula, Diageo Plc, Don Julio (Diageo), EI Silencio Holdings INC, Fidencio Mezcal, Ilegal Mezcal, Sombra Mezcal, William Grant & Sons Ltd, Sauza Tequila Import Company, Rey Campero., Brown-Forman Corporation, Del Maguey Co.(Pernod Ricard), Pensador Mezcal, Pierde Almas (Diageo) and among other.
Recent Development:
July 2021: Pernod Richard announced its collaboration with Ojo de Tiger, which is fastest growing company in premium mezcal. Pernod Richard this collaboration was aimed to strengthen the company’s position in the mezcal segment.
August 2021: Diageo PLC Acquired the mezcal union through the of acquisition of Casa UM. Mezcal Union. The Diageo PLC has this acquisition to expand the business of mezcal drinks.
