Mexico’s global tequila exports hit a record high in 2022, with the European market outpacing global growth by 23%.
According to Mexico’s Tequila Regulatory Council, export volumes to Spain, France, the U.K., and Germany were 90%, 73%, 68%, and 60%, respectively.
Tequila companies are struggling to keep up with growing demand because of a shortage of agave, the plant that is fermented and distilled to make tequila.
- According to research firm Bernstein, agave prices jumped from 5-7 pesos to 31 pesos at the end of 2022, but the demand for tequila has not ceased.
- Global alcohol leader Diageo reported that its global tequila sales increased by 15% during Q2 2022.
Spirit prices have increased worldwide due to inflation and global supply chain issues. Data from NielsenIQ reveals that spirit prices went up 16% YoY from Dec. 2021 to Dec. 2022.
- Vodka, whiskey, rum, and gin remain at the top of European consumption and sales.
