Pernord Ricard acquires minority stake in Lewis Hamilton’s non-alcoholic tequila company

USA- French spirits giant Pernod Ricard has acquired a minority stake Almave, a super-premium, non-alcoholic tequila co-founded by Formula One world champion Lewis Hamilton and Mexico-based spirits incubator Casa Lumbre.

The French wine and spirits giant will use its brand building and global distribution to help scale the product to several markets throughout the world.

The Paris-based beverage conglomerate’s eyes rapid growth in the non-alcoholic beverage market, particularly as global consumer preferences shift towards mindful drinking.

Pernod Ricard says Almave represents the ‘confluence of three accelerating global trends’: namely tequila, non-alcoholic products and the desire for authenticity.

Alexandre Ricard, chairman and CEO of Pernod Ricard, highlights the significance of Almave in the current consumer market landscape, stating that it sits at the crossroads of two trends: the popularity of blue agave and the growth of non-alcoholic alternatives.

In 2024, more and more people are reducing their alcohol consumption. Over 41% of Americans are making an effort to drink less, a 7-point increase from 2023, according to marketing research firm NCSolutions.

This trend is particularly strong among younger generations, with 61% of Generation Z planning to cut back on drinking this year, up from 40% in 2023. Nearly half of millennials (49%) are also joining this shift, marking a 26% increase from the previous year.

Launched less than a year ago in the US and UK, the non-alcoholic tequila alternative Almave uses the same raw materials as tequila but skips the fermentation process that produces alcohol.

“Growing up, I was in social settings where there wasn’t really an alternative to drinking other than ginger beer, Coke or orange juice,” Hamilton tells Forbes.

“I’ve always loved margaritas, and tequila has always been my drink of choice. But as I pushed for better performance in my life, I realized there were days when I couldn’t drink because I needed to get up and train early.”

The Almave brand has two expressions. Almave Ámbar Distilled Non-Alcoholic Blue Agave Spirit was created for sipping. Then there’s Almave Blanco Distilled Non-Alcoholic Blue Agave Spirit, which was created for mixing.

Almave was co-founded by Hamilton, spirits innovation incubator Casa Lumbre in Mexico and advisory and investment firm Copper.

Looking ahead, Hamilton says he sees a bright future for Almave as it pioneers a new category within the non-alcoholic spirits market.

“The timing couldn’t be better. We’re seeing a shift in behavior with more people wanting to drink less alcohol. Younger and more diverse consumers are also driving this trend,” Hamilton says. “It’s a dream come true to be in this position now.”

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