Mast-Jägermeister saw its net sales decline 10% in 2024, with the distiller pointing to a “historically challenging market environment”.
The Germany-based group also cited a “generally weak consumer climate” and “major inventory adjustments” by global distribution partners as factors for sales dropping from €961.7m ($1.07bn) to €866m, excluding excise tax.
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Mast-Jägermeister said the global spirits industry faced a “shrinking” market for the second consecutive year.
Political and economic instability affected consumer sentiment across nearly all key regions, the company said, resulting in lower sales volumes in major markets such as the US, western Europe, Latin America, and China.
In 2024, shipments of Jägermeister, the company’s core brand, fell from 118.4 million to 109.5 million 70cl bottles.
However, depletions remained relatively stable, with a slight decline of 0.4%.
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By GlobalDataShipments of Teremana Tequila, in which Mast-Jägermeister is a shareholder, dipped from 16.1 million to 14.8 million 70cl bottles, although it achieved a double-digit increase in depletions in the US market.
Mast-Jägermeister CEO Michael Volke said: “Due to the weakened global consumer climate, we saw significant one-off inventory adjustments that resulted in lower shipments.
“The encouraging part is that consumer sales in local markets remained steady.”
In 2024, Mast-Jägermeister launched Jägermeister Orange in the Czech Republic and Slovakia, tapping into the trend for lighter, fruitier spirits.
The company plans to expand this variant into additional global markets in 2025, including Germany.
The international expansion of Teremana Tequila also progressed, with launches in Germany, the UK, Australia, the UAE, and the global travel retail channel.
The brand is set to enter 29 more markets this year, supported by a second distillery in Jalisco, Mexico, the group said.
Gin Sul, a Hamburg-based spirits brand acquired in 2018, also saw development in 2024.
The brand expanded into the Czech Republic and Slovakia and tested its new Limão Fizz product, which will now launch across Germany and select international markets.
Looking ahead, Volke said there is “strong potential for sustainable growth through the further internationalisation of our brands and innovations like Jägermeister Orange and Teremana Tequila”.
He added: “At the same time, global political developments and rising trade tensions are unpredictable and present considerable risks.”
