Market Overview
Italy Mezcal Market size was valued at approximately USD 1,136.52 Million by 2027 and is anticipated to register a CAGR of 11.3% between 2020 and 2027.
Market Dynamics
Italy Mezcal demand has increased significantly over the last couple of years. The growing preference for premium alcoholic beverages has been a major factor in the Italy Mezcal market's development. Italy Mezcal is an agave-based distilled alcoholic beverage. It is a popular Mexican alcoholic beverage made from a variety of agave varieties. Italy Mezcal and Tequila are both distilled spirits from Mexico. Italy Mezcal has gained widespread popularity worldwide in the last few years.
Millennial populations are increasingly gravitating toward craft drinks, which is fueling the Italy Mezcal market's development. The younger generation worldwide is gravitating toward drinks with authentic flavors. This is propelling the Italy Mezcal market forward. While Italy Mezcal is a regional beverage, globalization and commercialization have resulted in its globalization and commercialization. Additionally, rising global disposable income combined with robust e-commerce platforms is generating exciting prospects for Italy Mezcal producers worldwide. Globally, that disposable income is resulting in a trend toward premium alcohol and craft beverages consumption. The increase is due to a variety of factors, including rising buying power among individuals worldwide, the demand from the millennial generation, and others.
Unlike Italy Mezcal, which can be made from a variety of agave plants, tequila can only be made from blue agave. The growing preference of the younger generation for authentic flavors and "small-batch spirits" has contributed significantly to the global demand for Italy Mezcal beverages. The large spirit companies' investments in the Italy Mezcal category are expected to generate lucrative prospects for the Italy Mezcal industry in the near future. As a result of the boom in demand for Italy Mezcal drinks, key producers are capitalizing on the opportunity through strategic mergers and acquisitions, alliances, and joint ventures to expand their regional reach.
FIVE FORCES & PESTLE ANALYSIS:
In order to better understand market conditions five forces analysis is conducted that includes the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
• Political (Political policy and stability as well as trade, fiscal, and taxation policies)
• Economical (Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates)
• Social (Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles)
• Technological (Changes in digital or mobile technology, automation, research, and development)
• Legal (Employment legislation, consumer law, health, and safety, international as well as trade regulation and restrictions)
• Environmental (Climate, recycling procedures, carbon footprint, waste disposal, and sustainability)
Segmental Analysis
The market, by product type, has been segmented into joven, reposado, and anejo. In 2019, joven Italy Mezcal dominated the overall Italy Mezcal market and is expected to continue will over the forecast period. Joven is less costly than reposado and anejo. Reposado and Anejo are more costly due to their lengthy fermentation cycles.
The market has been segmented by distribution channel into store-based and non-store-based. The store-based segment is expected to rise at a faster pace than the other segments during the forecast period. A robust distribution network spanning supermarkets, hypermarkets, and specialty stores has resulted in the store-based distribution channel's dominance.
Regional Analysis
In 2019, North America dominated the global Italy Mezcal market, owing to the US's increasing consumption of agave-based spirits. The United States is a significant market for Italy Mezcal in North America and is expected to grow at the fastest rate during the forecast period. According to MRFR research, Italy Mezcal consumption increased by approximately 28% in the United States in 2018. The growing desire of the younger American population for authentic flavors has been a significant factor in the growth of Italy Mezcal consumption in North America.
The European Italy Mezcal market is expected to rise at the fastest rate during the forecast period. The growing target population for Italy Mezcal is a major factor in the growth of Italy Mezcal consumption. Additionally, growing consumer awareness of Italy Mezcal beverages through consumer festivals such as London Italy Mezcal Week and Tequila & Italy Mezcal Fest is expected to build lucrative growth opportunities in the coming years.
Asia-Pacific represents a new revenue stream for the Italy Mezcal industry. The arrival of a sizable millennial population in China, Japan, and other South-East Asian countries is expected to generate an opportunistic demand for established players.
The rest of the world is comprised of South America, the Middle East, and Africa. The area is home to some of the world's fastest growing economies. Increased disposable income and a growing demand for premium alcohol among expatriates in these regions are expected to drive demand for Italy Mezcal.
Competitive Analysis
The notable players of the market are Brown-Forman Corporation, Diageo Plc, Davide Campari-milano S.p.A, Craft Distillers, Pernod Ricard, Bacardi Ltd., El Silencio Holding, Rey Campero, William Grant and Sons Ltd.
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