Research Summary
Tequila is a distilled alcoholic beverage made primarily from the blue agave plant, primarily produced in the region surrounding the city of Tequila in the state of Jalisco, Mexico. It is typically clear or golden in color and has a distinctive flavor profile characterized by notes of agave, citrus, and pepper. Tequila is classified into several categories based on aging: Blanco (or silver) tequila is unaged and bottled shortly after distillation, Reposado tequila is aged in oak barrels for a period of two to twelve months, Añejo tequila is aged for one to three years, and Extra Añejo tequila is aged for more than three years. Tequila is commonly consumed neat, as a shot with lime and salt (known as a ＂tequila shot＂), or as a key ingredient in cocktails such as the Margarita and Tequila Sunrise. It holds a significant cultural and historical significance in Mexico and is enjoyed worldwide for its unique taste and versatility in cocktails.
According to DIResearch's in-depth investigation and research, the global Tequila market size was valued at XX Million USD in 2024 and is projected to reach XX Million USD by 2032, with a CAGR of XX% (2025-2032). Notably, the China market has changed rapidly in the past few years. By 2024, China's market size is expected to be XX Million USD, representing approximately XX% of the global market share. By 2032, it is anticipated to grow further to XX Million USD, contributing XX% to the worldwide market share.
The major global manufacturers of Tequila include Jose Cuervo, Sauza, Patrón, Juarez, 1800 Tequila, El Jimador Family, Don Julio, Familia Camarena Tequila, Herradura, Zarco, Cazadores, Cabo Tequila, Milagro, Margaritaville, Clase Azul, Avion Tequila, 1921 Tequila, 4 Copas, Corzo, El Agave Artesanal, Tequila Arette, Don Eduardo, Agave Dos Mil, Aha Toro, Buen Amigo, Campo Azul, Cascahuin Distillery, Compañia Tequilera de Arandas, Centinela, Hacienda La Capilla etc. The global players competition landscape in this report is divided into three tiers. The first tier comprises global leading enterprises that command a substantial market share, hold a dominant industry position, possess strong competitiveness and influence, and generate significant revenue. The second tier includes companies with a notable market presence and reputation; these firms actively follow industry leaders in product, service, or technological innovation and maintain a moderate revenue scale. The third tier consists of smaller companies with limited market share and lower brand recognition, primarily focused on local markets and generating comparatively lower revenue.
This report studies the market size, price trends and future development prospects of Tequila. Focus on analysing the market share, product portfolio, prices, sales, revenue and gross profit margin of global major manufacturers, as well as the market status and trends of different product types and applications in the global Tequila market. The report data covers historical data from 2020 to 2024, based year in 2025 and forecast data from 2026 to 2032.
The regions and countries in the report include North America, Europe, China, APAC (excl. China), Latin America and Middle East and Africa, covering the Tequila market conditions and future development trends of key regions and countries, combined with industry-related policies and the latest technological developments, analyze the development characteristics of Tequila industries in various regions and countries, help companies understand the development characteristics of each region, help companies formulate business strategies, and achieve the ultimate goal of the company's global development strategy.
The data sources of this report mainly include the National Bureau of Statistics, customs databases, industry associations, corporate financial reports, third-party databases, etc. Among them, macroeconomic data mainly comes from the National Bureau of Statistics, International Economic Research Organization; industry statistical data mainly come from industry associations; company data mainly comes from interviews, public information collection, third-party reliable databases, and price data mainly comes from various markets monitoring database.
Global Key Manufacturers of Tequila Include:
Jose Cuervo
Sauza
Patrón
Juarez
1800 Tequila
El Jimador Family
Don Julio
Familia Camarena Tequila
Herradura
Zarco
Cazadores
Cabo Tequila
Milagro
Margaritaville
Clase Azul
Avion Tequila
1921 Tequila
4 Copas
Corzo
El Agave Artesanal
Tequila Arette
Don Eduardo
Agave Dos Mil
Aha Toro
Buen Amigo
Campo Azul
Cascahuin Distillery
Compañia Tequilera de Arandas
Centinela
Hacienda La Capilla
Tequila Product Segment Include:
100% Tequila
Mixto Tequila
Tequila Product Application Include:
Entertainment Parties and Bars
Family Drinking
Corporate Hospitality
Others
Chapter Scope
Chapter 1: Product Research Range, Product Types and Applications, Market Overview, Market Situation and Trends
Chapter 2: Global Tequila Industry PESTEL Analysis
Chapter 3: Global Tequila Industry Porter’s Five Forces Analysis
Chapter 4: Global Tequila Major Regional Market Size (Revenue, Sales, Price) and Forecast Analysis
Chapter 5: Global Tequila Market Size and Forecast by Type and Application Analysis
Chapter 6: North America Tequila Competitive Analysis (Market Size, Key Players and Market Share, Product Type and Application Segment Analysis, Countries Analysis)
Chapter 7: Europe Tequila Competitive Analysis (Market Size, Key Players and Market Share, Product Type and Application Segment Analysis, Countries Analysis)
Chapter 8: China Tequila Competitive Analysis (Market Size, Key Players and Market Share, Product Type and Application Segment Analysis, Countries Analysis)
Chapter 9: APAC (Excl. China) Tequila Competitive Analysis (Market Size, Key Players and Market Share, Product Type and Application Segment Analysis, Countries Analysis)
Chapter 10: Latin America Tequila Competitive Analysis (Market Size, Key Players and Market Share, Product Type and Application Segment Analysis, Countries Analysis)
Chapter 11: Middle East and Africa Tequila Competitive Analysis (Market Size, Key Players and Market Share, Product Type and Application Segment Analysis, Countries Analysis)
Chapter 12: Global Tequila Competitive Analysis of Key Manufacturers (Sales, Revenue, Market Share, Price, Regional Distribution and Industry Concentration)
Chapter 13: Key Company Profiles (Product Portfolio, Sales, Revenue, Price and Gross Margin)
Chapter 14: Industrial Chain Analysis, Include Raw Material Suppliers, Distributors and Customers
Chapter 15: Research Findings and Conclusion
Chapter 16: Methodology and Data Sources
- 1 Tequila Market Overview
- 1.1 Product Definition and Statistical Scope
- 1.2 Tequila Product by Type
- 1.2.1 100% Tequila
- 1.2.2 Mixto Tequila
- 1.3 Tequila Product by Application
- 1.3.1 Entertainment Parties and Bars
- 1.3.2 Family Drinking
- 1.3.3 Corporate Hospitality
- 1.3.4 Others
- 1.4 Global Tequila Market Revenue and Sales Analysis
- 1.4.1 Global Tequila Revenue Market Size Analysis (2020-2032)
- 1.4.2 Global Tequila Sales Market Size Analysis (2020-2032)
- 1.4.3 Global Tequila Market Sales Price Trend Analysis (2020-2032)
- 1.5 Tequila Industry Trends and Innovation
- 1.5.1 Tequila Industry Trends and Innovation
- 1.5.2 Tequila Market Drivers and Challenges
- 2 Tequila Market PESTEL Analysis
- 2.1 Political Factors Analysis
- 2.2 Economic Factors Analysis
- 2.3 Social Factors Analysis
- 2.4 Technological Factors Analysis
- 2.5 Environmental Factors Analysis
- 2.6 Legal Factors Analysis
- 3 Tequila Market Porter's Five Forces Analysis
- 3.1 Competitive Rivalry
- 3.2 Threat of New Entrants
- 3.3 Bargaining Power of Suppliers
- 3.4 Bargaining Power of Buyers
- 3.5 Threat of Substitutes
- 4 Global Tequila Market Analysis by Regions
- 4.1 Tequila Overall Market: 2024 VS 2025 VS 2032
- 4.2 Global Tequila Revenue and Forecast Analysis (2020-2032)
- 4.2.1 Global Tequila Revenue and Market Share by Region (2020-2025)
- 4.2.2 Global Tequila Revenue and Market Share Forecast by Region (2026-2032)
- 4.3 Global Tequila Sales and Forecast Analysis (2020-2032)
- 4.3.1 Global Tequila Sales and Market Share by Region (2020-2025)
- 4.3.2 Global Tequila Sales and Market Share Forecast by Region (2026-2032)
- 4.4 Global Tequila Sales Price Trend Analysis (2020-2032)
- 5 Global Tequila Market Size by Type and Application
- 5.1 Global Tequila Market Size by Type
- 5.1.1 Global Tequila Revenue and Forecast Analysis by Type (2020-2032)
- 5.1.2 Global Tequila Sales and Forecast Analysis by Type (2020-2032)
- 5.2 Global Tequila Market Size by Application
- 5.2.1 Global Tequila Revenue and Forecast Analysis by Application (2020-2032)
- 5.2.2 Global Tequila Sales and Forecast Analysis by Application (2020-2032)
- 6 North America
- 6.1 North America Tequila Market Size and Growth Rate Analysis (2020-2032)
- 6.2 North America Key Manufacturers Analysis
- 6.3 North America Tequila Market Size by Type
- 6.3.1 North America Tequila Sales by Type (2020-2032)
- 6.3.2 North America Tequila Revenue by Type (2020-2032)
- 6.4 North America Tequila Market Size by Application
- 6.4.1 North America Tequila Sales by Application (2020-2032)
- 6.4.2 North America Tequila Revenue by Application (2020-2032)
- 6.5 North America Tequila Market Size by Country
- 6.5.1 US
- 6.5.2 Canada
- 7 Europe
- 7.1 Europe Tequila Market Size and Growth Rate Analysis (2020-2032)
- 7.2 Europe Key Manufacturers Analysis
- 7.3 Europe Tequila Market Size by Type
- 7.3.1 Europe Tequila Sales by Type (2020-2032)
- 7.3.2 Europe Tequila Revenue by Type (2020-2032)
- 7.4 Europe Tequila Market Size by Application
- 7.4.1 Europe Tequila Sales by Application (2020-2032)
- 7.4.2 Europe Tequila Revenue by Application (2020-2032)
- 7.5 Europe Tequila Market Size by Country
- 7.5.1 Germany
- 7.5.2 France
- 7.5.3 United Kingdom
- 7.5.4 Italy
- 7.5.5 Spain
- 7.5.6 Benelux
- 8 China
- 8.1 China Tequila Market Size and Growth Rate Analysis (2020-2032)
- 8.2 China Key Manufacturers Analysis
- 8.3 China Tequila Market Size by Type
- 8.3.1 China Tequila Sales by Type (2020-2032)
- 8.3.2 China Tequila Revenue by Type (2020-2032)
- 8.4 China Tequila Market Size by Application
- 8.4.1 China Tequila Sales by Application (2020-2032)
- 8.4.2 China Tequila Revenue by Application (2020-2032)
- 9 APAC (excl. China)
- 9.1 APAC (excl. China) Tequila Market Size and Growth Rate Analysis (2020-2032)
- 9.2 APAC (excl. China) Key Manufacturers Analysis
- 9.3 APAC (excl. China) Tequila Market Size by Type
- 9.3.1 APAC (excl. China) Tequila Sales by Type (2020-2032)
- 9.3.2 APAC (excl. China) Tequila Revenue by Type (2020-2032)
- 9.4 APAC (excl. China) Tequila Market Size by Application
- 9.4.1 APAC (excl. China) Tequila Sales by Application (2020-2032)
- 9.4.2 APAC (excl. China) Tequila Revenue by Application (2020-2032)
- 9.5 APAC (excl. China) Tequila Market Size by Country
- 9.5.1 Japan
- 9.5.2 South Korea
- 9.5.3 India
- 9.5.4 Australia
- 9.5.5 Southeast Asia
- 10 Latin America
- 10.1 Latin America Tequila Market Size and Growth Rate Analysis (2020-2032)
- 10.2 Latin America Key Manufacturers Analysis
- 10.3 Latin America Tequila Market Size by Type
- 10.3.1 Latin America Tequila Sales by Type (2020-2032)
- 10.3.2 Latin America Tequila Revenue by Type (2020-2032)
- 10.4 Latin America Tequila Market Size by Application
- 10.4.1 Latin America Tequila Sales by Application (2020-2032)
- 10.4.2 Latin America Tequila Revenue by Application (2020-2032)
- 10.5 Latin America Tequila Market Size by Country
- 10.6 Latin America Tequila Market Size by Country
- 10.6.1 Mexico
- 10.6.2 Brazil
- 11 Middle East & Africa
- 11.1 Middle East & Africa Tequila Market Size and Growth Rate Analysis (2020-2032)
- 11.2 Middle East & Africa Key Manufacturers Analysis
- 11.3 Middle East & Africa Tequila Market Size by Type
- 11.3.1 Middle East & Africa Tequila Sales by Type (2020-2032)
- 11.3.2 Middle East & Africa Tequila Revenue by Type (2020-2032)
- 11.4 Middle East & Africa Tequila Market Size by Application
- 11.4.1 Middle East & Africa Tequila Sales by Application (2020-2032)
- 11.4.2 Middle East & Africa Tequila Revenue by Application (2020-2032)
- 11.5 Middle East Tequila Market Size by Country
- 11.5.1 Saudi Arabia
- 11.5.2 South Africa
- 12 Competition by Manufacturers
- 12.1 Global Tequila Market Sales, Revenue and Price by Key Manufacturers (2021-2025)
- 12.1.1 Global Tequila Market Sales by Key Manufacturers (2021-2025)
- 12.1.2 Global Tequila Market Revenue by Key Manufacturers (2021-2025)
- 12.1.3 Global Tequila Average Sales Price by Manufacturers (2021-2025)
- 12.2 Tequila Competitive Landscape Analysis and Market Dynamic
- 12.2.1 Tequila Competitive Landscape Analysis
- 12.2.2 Global Key Manufacturers Headquarter Location and Key Area Sales
- 12.2.3 Market Dynamic
- 13 Key Companies Analysis
- 13.1 Jose Cuervo
- 13.1.1 Jose Cuervo Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.1.2 Jose Cuervo Tequila Product Portfolio
- 13.1.3 Jose Cuervo Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.2 Sauza
- 13.2.1 Sauza Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.2.2 Sauza Tequila Product Portfolio
- 13.2.3 Sauza Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.3 Patrón
- 13.3.1 Patrón Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.3.2 Patrón Tequila Product Portfolio
- 13.3.3 Patrón Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.4 Juarez
- 13.4.1 Juarez Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.4.2 Juarez Tequila Product Portfolio
- 13.4.3 Juarez Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.5 1800 Tequila
- 13.5.1 1800 Tequila Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.5.2 1800 Tequila Tequila Product Portfolio
- 13.5.3 1800 Tequila Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.6 El Jimador Family
- 13.6.1 El Jimador Family Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.6.2 El Jimador Family Tequila Product Portfolio
- 13.6.3 El Jimador Family Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.7 Don Julio
- 13.7.1 Don Julio Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.7.2 Don Julio Tequila Product Portfolio
- 13.7.3 Don Julio Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.8 Familia Camarena Tequila
- 13.8.1 Familia Camarena Tequila Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.8.2 Familia Camarena Tequila Tequila Product Portfolio
- 13.8.3 Familia Camarena Tequila Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.9 Herradura
- 13.9.1 Herradura Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.9.2 Herradura Tequila Product Portfolio
- 13.9.3 Herradura Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.10 Zarco
- 13.10.1 Zarco Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.10.2 Zarco Tequila Product Portfolio
- 13.10.3 Zarco Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.11 Cazadores
- 13.11.1 Cazadores Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.11.2 Cazadores Tequila Product Portfolio
- 13.11.3 Cazadores Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.12 Cabo Tequila
- 13.12.1 Cabo Tequila Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.12.2 Cabo Tequila Tequila Product Portfolio
- 13.12.3 Cabo Tequila Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.13 Milagro
- 13.13.1 Milagro Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.13.2 Milagro Tequila Product Portfolio
- 13.13.3 Milagro Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.14 Margaritaville
- 13.14.1 Margaritaville Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.14.2 Margaritaville Tequila Product Portfolio
- 13.14.3 Margaritaville Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.15 Clase Azul
- 13.15.1 Clase Azul Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.15.2 Clase Azul Tequila Product Portfolio
- 13.15.3 Clase Azul Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.16 Avion Tequila
- 13.16.1 Avion Tequila Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.16.2 Avion Tequila Tequila Product Portfolio
- 13.16.3 Avion Tequila Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.17 1921 Tequila
- 13.17.1 1921 Tequila Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.17.2 1921 Tequila Tequila Product Portfolio
- 13.17.3 1921 Tequila Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.18 4 Copas
- 13.18.1 4 Copas Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.18.2 4 Copas Tequila Product Portfolio
- 13.18.3 4 Copas Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.19 Corzo
- 13.19.1 Corzo Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.19.2 Corzo Tequila Product Portfolio
- 13.19.3 Corzo Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.20 El Agave Artesanal
- 13.20.1 El Agave Artesanal Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.20.2 El Agave Artesanal Tequila Product Portfolio
- 13.20.3 El Agave Artesanal Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.21 Tequila Arette
- 13.21.1 Tequila Arette Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.21.2 Tequila Arette Tequila Product Portfolio
- 13.21.3 Tequila Arette Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.22 Don Eduardo
- 13.22.1 Don Eduardo Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.22.2 Don Eduardo Tequila Product Portfolio
- 13.22.3 Don Eduardo Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.23 Agave Dos Mil
- 13.23.1 Agave Dos Mil Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.23.2 Agave Dos Mil Tequila Product Portfolio
- 13.23.3 Agave Dos Mil Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.24 Aha Toro
- 13.24.1 Aha Toro Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.24.2 Aha Toro Tequila Product Portfolio
- 13.24.3 Aha Toro Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.25 Buen Amigo
- 13.25.1 Buen Amigo Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.25.2 Buen Amigo Tequila Product Portfolio
- 13.25.3 Buen Amigo Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.26 Campo Azul
- 13.26.1 Campo Azul Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.26.2 Campo Azul Tequila Product Portfolio
- 13.26.3 Campo Azul Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.27 Cascahuin Distillery
- 13.27.1 Cascahuin Distillery Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.27.2 Cascahuin Distillery Tequila Product Portfolio
- 13.27.3 Cascahuin Distillery Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.28 Compañia Tequilera de Arandas
- 13.28.1 Compañia Tequilera de Arandas Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.28.2 Compañia Tequilera de Arandas Tequila Product Portfolio
- 13.28.3 Compañia Tequilera de Arandas Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.29 Centinela
- 13.29.1 Centinela Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.29.2 Centinela Tequila Product Portfolio
- 13.29.3 Centinela Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 13.30 Hacienda La Capilla
- 13.30.1 Hacienda La Capilla Basic Company Profile (Employees, Areas Service, Competitors and Contact Information)
- 13.30.2 Hacienda La Capilla Tequila Product Portfolio
- 13.30.3 Hacienda La Capilla Tequila Market Data Analysis (Revenue, Sales, Price, Gross Margin and Market Share) (2021-2025)
- 14 Industry Chain Analysis
- 14.1 Tequila Industry Chain Analysis
- 14.2 Tequila Industry Raw Material and Suppliers Analysis
- 14.2.1 Tequila Key Raw Material Supply Analysis
- 14.2.2 Raw Material Suppliers and Contact Information
- 14.3 Tequila Typical Downstream Customers
- 14.4 Tequila Sales Channel Analysis
- 15 Research Findings and Conclusion
- 16 Methodology and Data Source
- 16.1 Methodology/Research Approach
- 16.2 Research Scope
- 16.3 Benchmarks and Assumptions
- 16.4 Date Source
- 16.4.1 Primary Sources
- 16.4.2 Secondary Sources
- 16.5 Data Cross Validation
- 16.6 Disclaimer
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