Tequila has taken out the top two spots on Brand Finance’s Fastest Growing Spirits for 2023 list.
1800 Tequila was the number fastest-growing spirit for 2023 after it more than doubled in value last year, up 111.5% to $US424 million.
Proximo Spirits-owned 1800 was also named the fifth biggest-selling tequila brand in the world, according to Brand Champions 2023 data. It sold 2.5million nine-litre cases in 2022, an increase of 22.5%.
Sales for 1800 rose 0.8% in the three months ending 30 June 2023.
Closely behind was Diageo’s Casamigos (brand value up 108.5% to $US934 million), which also more than doubled its brand value.
Diageo has this week reported double-digit net sales growth for fiscal 2023, with Casamigos sales up 16%.
Brand Finance said: “Since its inception, Casamigos has seen significant growth by following an organic word-of-mouth marketing strategy. Sales have continued to grow exponentially, with organic net sales for 2022 almost doubling, up 90%. Casamigos’ growth is a direct result of improved market share, highlighting brand quality, authenticity, and innovation.”
Every year, leading brand valuation consultancy Brand Finance puts 5000 of the biggest brands to the test, and publishes over 100 reports, ranking brands across all sectors and countries.
Henry Farr, Associate Director at Brand Finance said: “The tequila sector has really grown in recent years. It is outpacing other spirits, leaving tequila brands well-positioned to capture evolving preferences of consumers, where many are opting for higher quality, premium-branded product and this is what Casamigos, especially, has done so well, given that its entire inception was based on creating a product they wanted to drink and enjoy.”
Top 10 most valuable spirit brands
Moutai was named the biggest selling and the world’s strongest spirits brand. Baijiu dominated the top 10 most valuable spirit brands list with six entries.
Other brands that made the list were Hennessy Cognac at No.6, Jack Daniel’s at No.8, Johnnie Walker at No.9 and Smirnoff at No.10.
Top 10 strongest spirit brands
Brand Finance determined the relative strength of brands through a balanced scorecard of metrics evaluating marketing investment, stakeholder equity and business performance.
Brand Finance’s assessment of stakeholder equity incorporates original market research data from over 100,000 respondents in 38 countries and across 31 sectors.
- 1800 Tequila
- Don Julio
- Royal Stag
- Blenders Pride
- Hennessy Cognac