What changed
- Growth cooled, not crashed: Tequila/mezcal were among the only spirits still growing in 2024 (+2.9% revenue; +2.0% volume), but the breakneck pace is behind us.
- Inventory reality: Mexico ended 2024 with ~500 million liters of tequila inventory—demand slowed, prices ran ahead, and producers stocked up. Expect sharper price competition and more deals.
- Tariff clouds for inputs & trade have added caution to corporate guidance.
How I buy agave now
- Mid-tier sweet spot: $30–$60 reposado/añejo with honest oak and cooked-agave core.
- Know your NOM: Same distillery, multiple labels—look for consistent production standards.
- Mezcal with a map: Certified DO, agave species on label (espadín vs. tobalá), and region notes (Oaxaca vs. Durango).
- Celebrity detox: Name recognition is fine; production details matter more.
Serving notes
- Stirred agave cocktails (Old Fashioned riffs) shine with value añejo; Palomas thrive with crisp, citrus-leaning blancos.
- Food play: smoky mezcal + grilled pork; reposado + cedar-plank salmon; añejo + dark chocolate.
Bottom line
The hype cycle fades; craftsmanship remains. That’s our cue to buy smarter and re-introduce value to guests who loved the category but hated the sticker shock.
