Volume sales of spirits are expected to stagnate over the forecast period. While tequila (and mezcal) has been the largest bright spot in the spirits category in recent years, the specific impact of tariffs on this exclusively imported product will uniquely drive category prices high and temper any optimism of sustained volume growth in the near term.
The impact of tariffs and counter-tariffs on the US spirits industry is an ongoing calculus, even at the time of this report’s composition, which it will continue to be difficult for consumers, producers, and retailers alike to navigate. The most immediate and likely prolonged impact will be on imported categories such as tequila (and mezcal), Canadian whiskey, and cognac, which are liable to face taxation from 25 to 200%.
As market volatility remains a likelihood in the near term, anticipation of a return to merger and acquisition activity will likely be disincentivised in favour of honing or expanding existing portfolios. While non alcoholic spirits are likely to see considerable activity as a source of new product development in the forecast period, other critical drivers will be flavour, novelty, and luxury.
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Understand the latest market trends and future growth opportunities for the Spirits industry in USA with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Spirits
This is the aggregation of whisk(e)y, brandy and Cognac, white spirits, rum, tequila, liqueurs and other spirits.
See all of our definitionsThis report originates from Passport, our Spirits research and analysis database.
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