The study stated that at the end of 2022 agave prices reached a record of €1.85 per kg, but in February of this year, prices fell to €0.30 per kg. The reason for this sharp reduction is due to the increase in a large number of new plants in recent years, which reached more than 10 percent between 2021 and 2022.
The study also noted that industry reports suggest that the number of registered agave producers has more than quadrupled since 2018. Furthermore, another very important fact that this study highlighted is that after several years of increases, in the United States, the largest market in the category, tequila sales are beginning to decrease. Although overall, during the first six months of 2023, consumption in terms of volume grew by 4 percent, thanks to factors such as the popularity of cocktails in Canada, where volumes increased by 14 percent in the first half of 2023.
