Agave prices crashed and category growth flipped negative. Bet on which celebrity tequilas exit, which brands change hands, and where agave settles.
After a five-year run, tequila category growth turned negative in 2025 as agave farmers sit on a glut and shelf prices fall. Celebrity-backed brands face the squeeze first, followed by mid-tier producers without a clear story. These markets forecast the names that consolidate, exit, or quietly delist.