According to IWSR Drinks Market Analysis, consumption of agave-based spirits in the US grew by 9% in 2018.
The report also noted that the popularity of Cinco de Mayo (5 May) in the US has helped drive the growth of Tequila, mezcal, and Mexican beer. Tequila consumption in the US increased by 8.5% last year.
Collectively, the agave-based spirits category is forecast to grow by 4% CAGR by 2022, which the IWSR said would make it close to overtaking rum volumes in the US.
Globally, Tequila is predicted to grow 2.5% CAGR from 2018 to 2022. In addition to the US, the largest gains are projected in Australia, China, the UK and Russia.
The soaring popularity of whisky, gin and flavoured spirits is forecast to enable global spirits consumption to reach a value of US$366 billion in 2022, according to a new report from Vinexpo and IWSR.
(source: thespiritsbusiness.com)