In 2024, the U.S. spirits industry saw a slight revenue decline of 1.1%, totaling $37.2 billion, despite a volume increase of 1.1%. This marks the first revenue drop in over two decades. However, tequila and mezcal bucked the trend, with sales growing by 2.9% to $6.7 billion. These Mexican spirits have been gaining popularity for over twenty years, surpassing American whiskey sales for the first time in 2023. The spirits sector has maintained its market share lead over beer and wine for three consecutive years. Despite economic challenges, consumer demand for spirits-based ready-to-drink cocktails and high-end tequila and mezcal remained strong. The looming threat of tariffs on Mexican imports, including tequila and mezcal, could severely impact the industry, with potential “catastrophic” effects on U.S. distillers.
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