Over the past decade, tequila has experienced a meteoric rise in sales in the U.S. But after years of unencumbered growth, it seems the consequences of the tequila boom are catching up to the industry.
IWSR Drinks Market Analysis reported this week that agave prices are plummeting in Mexico. After hitting a record-high price of MXP32 ($2) per kilogram only 18 months ago, it fell to only MXP5 ($0.30) per kilogram by February 2024. The IWRS noted that it expects prices to continue to drop as the number of new agave plants rises.
