Numbers rarely lie, and tequila's numbers are telling a clear story. Mainstream volume growth has cooled, agave prices have collapsed from their shortage-era peak, and the action has moved decisively up-market.
Trading up, not out
The $100-plus ultra-premium tier is the category's only reliably growing segment. Drinkers are treating tequila the way they treat fine whisky, buying fewer bottles, but better ones, and holding the rarest. That shift rewards provenance, transparency, and craft over sheer availability.
What we track
Tequila Watch follows the signals that matter: verified pure verification, agave economics, allocation and auction results, and the slow migration of value toward houses that can prove what's in the bottle. The boom isn't over, it's growing up.