In 2023, Jack Daniel’s and Coca-Cola launched Ready to Drink in Mexico.
According to MarkNtel Advisors study, The Mexico Spirits and Alcoholic Drinks Market size is estimated to grow at a CAGR of around 4.7% during the forecast period, i.e., 2024-30.
Growing disposable incomes and evolving lifestyles in Mexico are fueling a growing preference for premium and craft alcoholic beverages. Mexico has experienced periods of stable economic growth, driven by factors such as industrialization, manufacturing, and trade. According to the World Bank, the Mexican economy grew by about 3.1% in 2022, after a bounce-back of around 4.7% in 2021, and an 8.0% fall in 2020 due to the COVID-19 pandemic. This increased economic growth of the country leads to increased job opportunities and income levels. Consequently, consumers are willing to pay more for premium alcoholic drinks that offer unique flavors, high-quality ingredients, and authentic experiences. Thus, rising disposable income contributes to the heightened consumption of premium drinks, fueling market growth & development in the coming years.
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Market Driver: Mexico’s thriving tourism industry, coupled with a flourishing hospitality sector, has fostered a lucrative market for spirits and alcohol within the country. Drawing millions of visitors each year to its diverse landscapes, rich cultural heritage, and vibrant cities, Mexico offers an ideal setting for indulging in high-quality beverages. Tourists, eager to immerse themselves in the country’s culinary and drinking culture, gravitate towards bars, restaurants, and hotels renowned for their extensive selection of premium libations, driving the expansion of the Mexico Spirits and Alcoholic Drinks Market.
Mexico Spirits and Alcoholic Drinks Market Key Players:
Spirits – BECLE, S.A.B. DE C.V., Diageo, Sauza Tequila, Bacardi, Pernod Ricard, CASA CENTINELA, Others (Tequila Herradura, Don Julio, etc.
Alcoholic Drinks – Anheuser-Busch InBev NVBusiness (Modelo), Heineken NV, Brown-Forman Corporation, Bapensa, Becle, La Madrileña SA de CV, Others (E. & J. Gallo Winery, Diageo Plc, etc.)
Market Segmentation Overview:
By Product Type
-Spirit
-Alcoholic Drinks
By Price Category
-Premium
-Economy
-Budget
By Distribution Channel
-Off-Trade
-On-Trade
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By Region
- North
- Central
- South
The Mexico Spirits and Alcoholic Drinks Market Recent Development
In 2023: Anheuser-Busch InBev NVBusiness, planned to invest USD 300 million to construct a plant in Salamanca, Guanajuato, for processing locally grown corn, aimed at supporting local brewing and farmers.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
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