Agave Spirit: The Next Big Thing in Alcohol Sales
Agave-based alcohol is on the rise and set to reach new heights in the coming years. Tequila and mezcal are predicted to overtake whiskey and become the most purchased spirit for the first time in history. According to IWSR Drinks Market Analysis, a leading analyst group in the alcoholic beverage industry, tequila and mezcal are expected to surpass vodka in sales by 2023, with a total value estimated at $13.3 billion.
Handmade and artisanal brands such as Casamigos, Clase Azul, and Piedra Azul have been the fastest-growing tequila brands between 2016 and 2021. Celebrity brands like Casamigos and Kendall Jenner's 818 have also contributed to the growth of the tequila market. Passport Destilados found in their market research that consumer preference is driven by the connection to traditional methods and the historical narrative of the product.
Mezcal sales grew by 53 percent from 2020 to 2021 and tequila grew by 27 percent in the same time frame. Both are expected to continue their growth, with a combined value increase of 81 percent from 2021 to 2026.
So, what's driving the success of agave-based alcohol? It could be the trend towards artisanal and handmade products, or it could be the historical and cultural significance of these spirits. Whatever the reason may be, it's clear that agave-based alcohol is poised for continued success. So, raise a glass and cheers to the future of agave spirit!