As Tequila Takes On Global Ambitions, 818’s Mike Novy Weighs In On The Category’s Major Moves

As Tequila Takes On Global Ambitions, 818’s Mike Novy Weighs In On The Category’s Major Moves

The spirits veteran weighs in on capturing the Chinese market, engaging new drinkers, and launching ... [+] a celebrity brand in the golden era of premium tequila. The numbers don't lie: it's time for tequila. According to the IWSR, US tequila consumption rose 27% in 2021 and is expected to surpass vodka sales by 2023, putting tequila on track to be the US's most-purchased spirits sectors. Despite the pandemic's challenging environment, premium tequila sales are soaring as global drinkers realized the potential of sipping tequilas. The Distilled Spirits Council of the United States (DISCUS) notes that luxury brands grew 15% in the third quarter of 2022 compared to the year prior. ResearchandMarket. com anticipates that the global tequila market size will reach $14. 35 billion by 2028. Impressive numbers for a category once considered just a party drink. Until recently, two brands (Clase Azul and Don Julio 1942) dominated the ultra-premium tequila market, accounting for a 90% share of US dollar sales. As the premium category expands, new players are getting into the market. Established brands are rolling out aged or experimental expressions (like Cristalino), while new brands are catering to the premium drinker. Amidst tequila's global expansion, 818 has