Tequila companies toasted the new year with some bullish bottom line 2016 figures.
Record production and exports of “100-percent agave” tequila was the bright spark in a year that saw the cost of the drink’s prime ingredient, agave, increase by 333 percent.
In a demonstration of the public’s growing preference, 100-percent Blue Agave accounted for more than half of the total tequila production of 273.3 million liters in 2016. This mean that 19 percent more agave was needed to make the smooth tasting and more concentrated liquor.
Exports increased across the board, although the vast majority of tequila was shipped to the United States: almost 161 million liters – 82 percent of total exports. Germany (2.7 percent), Spain (1.9 percent), France (1.6 percent) and Japan (0.9 percent) followed a long way behind.
Tequila prices are expected to rise in 2017, mainly because of the agave shortage, which is expected to continue. According to current industry estimates, around 45 million mature agaves will be needed by the sector, and only 27 million are available. The price of agave increased from 3 to 13 pesos a kilo over the course of 2016, and could rise to around 20 pesos this year, experts suggest.