“Spirits revenue market share grew from 28.7% in 2000 to 42.1% in 2022, surpassing beer for the first time ever.”
Source: US Distilled Spirits Council June 16, 2023
Agave Spirits enjoy a large untapped global marketplace.
The global market for alcoholic beverages is forecasted to grow approximately 4.3% annually and pass $2 trillion by 2027. Distilled spirits represent ~ 27% of this total or ~ $600 Billion. The U.S. represents a little over 5% of the global market between beer, wine and distilled spirits it consumes annually.
U.S. consumption of spirits is growing almost twice the pace of total alcoholic beverages consumed in the US currently at 3.2%.
Within the U.S. spirits category, tequila and mezcal combined have surpassed individually rum, gin, whiskey in total dollar value.
Within a year or two, distilled agave spirits are expected to surpass the U.S. market leader, Vodka.
Agave Spirit’s share of the total U.S. market continues to rise. During the 10-year period starting in 2021, Tequila and mezcal’s share of total dollar value rose at a compounded rate of 11.2%. The last 5 years of that period, growth had increased to 14% and from 2020-21, the increase was 30%.
More agave spirits are consumed outside of Mexico than within. Approximately 2/3rds of Mexico’s production is exported. The US represents ~ 85% of this total. Within the US the states of California, Texas and Florida represent approximately 75% of that volume.