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Mexican distiller Becle, Jose Cuervo's parent company, forecasts further sales growth in 2023, with an expected increase by "mid single-digit" in the volume of spirits sold across North America.
Total sales to grow by "high single digits to low teens" this year.
Becle posted just under 2 percent volume growth in the US and Canada in the fourth quarter, driving sales by around 4 percent higher in the twocountries.
Barclays analysts said that while Becle's overall quarterly sales slightly missed their expectations, its profits performed better than hoped for thanks to stable prices for agave, a plant used to make tequila, as well as price hikes and a "better sales mix."
Tequila recently overtook American whiskey to become the second most valuable spirit in the U.S. and is set to surpass vodka by the end of 2023.
Mexico City-based Becle, sells Jose Cuervo family tequilas, Creyente and 400 Conejos mezcal, Stranahan's whiskey, Kraken rum, Three Olives vodka, and Boodles gin.
While the industry has struggled with extended shortages of glass, used to bottle spirits, Becle executives said these appeared to be easing and the company was broadening its supplier base.
