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MARKET OUTLOOK

As per Triton Market Research’s report, the alcoholic spirits market in Mexico is anticipated to advance with 3.94% and 2.63% of CAGR by revenue and volume, respectively, in the estimated years 2021-2026.

In 2019, Casa Cuervo remained the leader in spirits in the Mexican market. In addition to tequila, the company also produces and distributes spirits in most other categories. And from its broad product portfolio, the Oso Negro brand was the leader in vodka as well as in the dynamically growing English gin space that year.  

However, in 2020, the consumption of liqueurs decreased the most, as a significant percentage of their sales was generated via on-trade channels. Cream-based liqueurs, nevertheless, benefited slightly in the retail channel owing to the home seclusion during the lockdown period, as consumers began cooking more often at home. 

In the coming years, craft spirits are expected to gain relevance over the forecasting period, as consumers are becoming increasingly curious and knowledgeable. They are expected to be branded as high-quality beverages that maintain their essence due to the use of high-quality ingredients and precise production processes. 

COMPETITIVE OUTLOOK

The major players that have been studied in the market are Suntory Holdings Ltd, Bacardi & Co Ltd, Grupo Corona Spirits SA De CV, Pernod Ricard Groupe, Diageo Plc, and Becle SaB De CV.