Matthew Horwood | Getty Images News | Getty ImagesThe spirits industry held its market share edge over beer and wine for the second straight year in 2023, even as it showed little growth, according to new data released Wednesday.
U.S. spirits revenue grew only a modest 0.2% last year to $37.7 billion, according to the Distilled Spirits Council of the U.S. annual economic report.
Although the industry gained little total revenue, it outpaced beer and wine sales by 0.4% and 26.1%, respectively.
"The phenomenal sales growth we saw during the pandemic was unprecedented and unpredictable but also unsustainable, and now, the spirits market is recalibrating."
Tequila and mezcal, blended whiskey and American whiskey are among the fastest growing spirits categories by revenue.
Persons:
Matthew Horwood, Chris Swonger, Swonger
Organizations:
Getty, U.S, Diageo, LVMH, Constellation Brands
Locations:
Cardiff, United Kingdom, U.S