Tequila, the king of Mexican liquors, is taking off in Europe. There is a spiky snag, though
The cost of agave - about 5-7 Mexican pesos per kilogram for much of the past two decades - has been edging up in recent years and hit 31 pesos at the end of 2022, according to research firm Bernstein.
Compounding matters, the flow to Europe of high-quality 100% agave tequila - which has to be bottled in Mexico - has also been constrained by the supply-chain chaos from COVID-19. "There's definitely been an increase in tequilas consumers are familiar with," she added. "I've noticed more marketing ... it's newer brands that want to hit the ground running as well as larger brands that have been here for a while as well.", which doesn't break out European results, said last month that its global tequila sales volumes rose by 15% in the second half of 2022, far outpacing overall spirit sales, which edged up 3%.
Export volumes to Britain, Germany, France and Spain rose by about 60% on average in 2021 even before the bigger leap of about 73% last year, according to data from Mexico's Tequila Regulatory Council. U.S. A-listers like Dwayne "The Rock" Johnson, Kendall Jenner and Kevin Hart have all launched tequila brands in recent years.
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