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Spirits Industry Update - July 26th

Posted by Evan Prish on

Spotlight: Tequila!

This past Saturday was national tequila day. In light of this 'holiday', this week’s update is all about the agave spirit we love oh so much.

Similar to how bourbon is recognized as a product unique to the United States, tequila is recognized as a product unique to Mexico – predominantly coming from the Jalisco region. Tequila has been immensely popular in the United States for decades, but really started to surge in the 1940s. 

Due to World War 2, whiskey production in the United States came to a screeching halt, which left the American bar industry wide open to a tequila takeover. In 1940, only 6000 gallons of tequila were imported to the US. By 1945, this figure grew to 1.2 million gallons.

In 2020, Mexico exported more tequila than ever before (287 million liters) with 80% of the exports having gone to the US. Sales of tequila in the United States have increased every year since 2004 – having nearly tripled over that time. By 2026, the global tequila market is expected to grow by more than 30%.

News Briefing: More tequila!

The first Texas female-black owned tequila brand has debuted in Dallas – the third such brand to exist in the US. The brand, Ego Tequila, was founded by twenty-six-year-old Rikki Kelly and is available at select liquor stores in Texas. The brand has two versions: Blanco and Reposado, retailing at $29.99 and $31.99 respectively. 

Cincoro, the luxury tequila brand backed by Michael Jordan, has quickly become one of the fastest growing tequila brands on the market. The brand ended the month of June with record sales, according to Cincoro CEO Emilia Fazzalari, and sales in May 2021 were triple that of May 2020. Cincoro retails starting at $70 for its Blanco expression and as high as $1,600 for its Extra Añejo expression. 

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