Growth of Tequila Market in 2014 by Brady Bunte
The sales and consumption of tequila has been on an upward trend in many parts of the globe. Here are the latest statistics on tequila consumption volumes and sales revenue a revealed by Brady Bunte. Read on for details….
The sales and consumption of tequila has increased remarkably over the years. Since its inception, this liquor brand has appealed to a broader global market, even beyond the company long term projections. According to Brady Bunte, the growth of tequila market in 2014 alone is expected to be the best ever! Going by the sales and consumption indices so far, 2014 ranks best in terms of market sales consumption and revenue for tequila.
What was the market like for tequila in 2013?
Brady Bunte notes, tequila was consumed disproportionately in many parts of the globe, especially in the target markets. According to 2013 statistic, the United States of America was the dominant market for this spirit. The dominance was exhibited both in terms of volumes sold and revenue generated.
According to Brady Bunte, the popularity of tequila was predominant among the youths. This was crosscutting throughout the market. Particularly, in the US the premium tequila was in high demand as compared to other brands. This has been linked to the unique flavor and the feel of rejuvenation that is associated with this brand.
What is the market growth situation like in 2014?
In the year 2014 tequila sales and consumptions are certain to continue soaring up high. More than 13 million 9 liter cases are expected to be imported in the US alone. The premium, high end premium and super premium brands are expected to surpass their 2013 indices of 48.7%, 178.4%, 481.8% respectively. Brady Bunte points out that these forecast indices project an increase of more than 82.8% in the total volume of Tequila in 2014.
The revenue projections for tequila in 2014 traces a relatively different trend from that of the volumes. This is especially due to price differences for the various brands. From the US Distilled Spirits Council, Economic & Strategic Analysis Department, the projected revenue growth rate for the different premium brands for 2014 are as follows:
i. Premium tequila – more than 34.9%
ii. High end premium – more than 192.6%
iii. Super premium – 455.9%
According to Brady Bunte, these brand revenue projections point to a possible rise in total tequila revenue by more than 111.0% in 2014.
Why the rise in crave for tequila?
The rise in the consumption of tequila in the US and other markets like Mexico is linked to distiller’s ability to tailor tequila to meet the needs in the market. The idea of tri-premium tequila brands suffices the market needs in terms of pricing. It makes most consumers in Mexico, US and other target markets able to afford at least a brand. Generally speaking, the market growth projections of Tequila in 2014 is set to surpass the 2013 growth indices.