ASEAN: Vermouth Market 2024

Vermouth Market Size in ASEAN

The ASEAN vermouth market expanded markedly to $X in 2022, surging by 5.6% against the previous year. The market value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Vermouth Production in ASEAN

In value terms, vermouth production expanded to $X in 2022 estimated in export price. The total output value increased at an average annual rate of +2.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2020 with an increase of 17%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Vermouth Exports

Exports in ASEAN

Vermouth exports soared to X litres in 2022, growing by 83% against the previous year. Over the period under review, exports saw a mild increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, vermouth exports surged to $X in 2022. In general, exports showed a noticeable increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, Singapore (X litres) was the major exporter of vermouth, committing 56% of total exports. Thailand (X litres) took a 34% share (based on physical terms) of total exports, which put it in second place, followed by Vietnam (9.7%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Thailand (with a CAGR of +17.4%), while the other leaders experienced a decline in the exports figures.

In value terms, Singapore ($X) remains the largest vermouth supplier in ASEAN, comprising 77% of total exports. The second position in the ranking was held by Thailand ($X), with a 19% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value in Singapore amounted to +1.7%. The remaining exporting countries recorded the following average annual rates of exports growth: Thailand (+14.2% per year) and Vietnam (-11.6% per year).

Export Prices by Country

In 2022, the export price in ASEAN amounted to $X per litre, picking up by 10% against the previous year. Over the last decade, it increased at an average annual rate of +1.1%. The most prominent rate of growth was recorded in 2014 an increase of 12%. Over the period under review, the export prices reached the maximum in 2022 and is expected to retain growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Singapore ($X per litre), while Vietnam ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+3.2%), while the other leaders experienced a decline in the export price figures.

Vermouth Imports

Imports in ASEAN

In 2022, purchases abroad of vermouth was finally on the rise to reach X litres for the first time since 2017, thus ending a four-year declining trend. In general, imports saw a prominent expansion. The volume of import peaked at X litres in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

In value terms, vermouth imports surged to $X in 2022. Overall, imports continue to indicate a buoyant expansion. Over the period under review, imports reached the peak figure at $X in 2018; however, from 2019 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Thailand (X litres) represented the largest importer of vermouth, creating 73% of total imports. Singapore (X litres) ranks second in terms of the total imports with a 13% share, followed by the Philippines (5.8%) and Myanmar (4.6%).

Thailand was also the fastest-growing in terms of the vermouth imports, with a CAGR of +24.2% from 2012 to 2022. At the same time, the Philippines (+4.9%) displayed positive paces of growth. Singapore experienced a relatively flat trend pattern. By contrast, Myanmar (-8.3%) illustrated a downward trend over the same period. Thailand (+59 p.p.) significantly strengthened its position in terms of the total imports, while Singapore and Myanmar saw its share reduced by -9.9% and -14.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vermouth importing markets in ASEAN were Thailand ($X), Singapore ($X) and the Philippines ($X), together comprising 91% of total imports.

Among the main importing countries, Thailand, with a CAGR of +21.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in ASEAN amounted to $X per litre, waning by -2% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The most prominent rate of growth was recorded in 2021 an increase of 21%. As a result, import price attained the peak level of $X per litre, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per litre), while Thailand ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Singapore (+8.4%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform