The mezcal market is projected to reach US$ 1,136.55 million by 2027, according to data from a new report forecasting its rise.
The category, which was valued at US$ 727.11 million in 2019, is now growing at a CAGR of 6.1% and is predicted to consolidate considerably in the coming years according to the intelligence and research company Insight Partners.
Among the findings, which detailed patterns in the path of predicted sales of mezcal spanning from 2020 to 2027, the data also highlighted key factors driving the market growth and prominent players along with their developments bolstering the agave category.
Based on product, the report identified that the mezcal market, which is segmented into Mezcal Joven, Mezcal Reposado, Mezcal Anejo, and others, was seeing the biggest growth within the youngest spirits with mezcals that are aged fewer than two years and are easily mixed into cocktails.
“In 2019, the Mezcal Joven segment dominated the market by accounting for 55.4% of the total share,” said the report.
El Silencio, Mezcal Vago, Pernod Ricard, Ilegal Mezcal, Rey Campero, Mezcal Amores, Craft Distillers, Los Danzantes, Mezcalgulroo, and Wahaka were among the well-established players mentioned within the research into the global mezcal market, the report outlined.
The category has received a wave of new interest of late. For instance, drinks giant Diageo recently reached an agreement to buy artisan brand Mezcal Unión through the acquisition of Casa UM, expanding its agave spirits portfolio and showing it was eyeing the mezcal trend. Additionally, UK drinks brand Dangerous Don launched a mezcal into M&S this month making it the only mezcal on offer at the high street retailer.