Chile: Vermouth Market 2024

Vermouth Market Size in Chile

The Chilean vermouth market dropped to $X in 2022, falling by -5% against the previous year. The market value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Vermouth consumption peaked at $X in 2018; however, from 2019 to 2022, consumption stood at a somewhat lower figure.

Vermouth Production in Chile

In value terms, vermouth production shrank slightly to $X in 2022 estimated in export price. Overall, production, however, showed a mild descent. The pace of growth was the most pronounced in 2015 when the production volume increased by 16%. Over the period under review, production reached the maximum level at $X in 2018; however, from 2019 to 2022, production stood at a somewhat lower figure.

Vermouth Exports

Exports from Chile

In 2022, overseas shipments of vermouth decreased by -23.4% to X litres for the first time since 2019, thus ending a two-year rising trend. Overall, exports showed a abrupt downturn. The pace of growth appeared the most rapid in 2018 with an increase of 14% against the previous year. The exports peaked at X litres in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, vermouth exports declined significantly to $X in 2022. Over the period under review, exports showed a deep contraction. The most prominent rate of growth was recorded in 2021 when exports increased by 5.4%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Paraguay (X litres), Finland (X litres) and Thailand (X litres) were the main destinations of vermouth exports from Chile, with a combined 63% share of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Paraguay (with a CAGR of +58.0%), while the other leaders experienced more modest paces of growth.

In value terms, Finland ($X), Paraguay ($X) and Australia ($X) were the largest markets for vermouth exported from Chile worldwide, together accounting for 57% of total exports. Canada, Thailand, Costa Rica, China, Russia, Estonia, Norway, Vietnam, Kenya and the United States lagged somewhat behind, together comprising a further 31%.

Among the main countries of destination, Costa Rica, with a CAGR of +58.7%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average vermouth export price stood at $X per litre in 2022, increasing by 6.9% against the previous year. Overall, the export price, however, saw a noticeable setback. The export price peaked at $X per litre in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was Estonia ($X per litre), while the average price for exports to Paraguay ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+1.9%), while the prices for the other major destinations experienced more modest paces of growth.

Vermouth Imports

Imports into Chile

In 2022, after two years of growth, there was significant decline in purchases abroad of vermouth, when their volume decreased by -31.2% to X litres. Overall, imports, however, posted a significant expansion. The pace of growth appeared the most rapid in 2021 when imports increased by 840%. As a result, imports attained the peak of X litres, and then declined markedly in the following year.

In value terms, vermouth imports dropped rapidly to $X in 2022. Over the period under review, imports, however, saw a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 819%. As a result, imports attained the peak of $X, and then fell dramatically in the following year.

Imports by Country

In 2022, Spain (X litres) constituted the largest vermouth supplier to Chile, with a 64% share of total imports. Moreover, vermouth imports from Spain exceeded the figures recorded by the second-largest supplier, Moldova (X litres), fourfold. Brazil (X litres) ranked third in terms of total imports with a 7.6% share.

From 2012 to 2022, the average annual growth rate of volume from Spain amounted to +113.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (+8,226.1% per year) and Brazil (+17.0% per year).

In value terms, Spain ($X) constituted the largest supplier of vermouth to Chile, comprising 61% of total imports. The second position in the ranking was held by Moldova ($X), with a 17% share of total imports. It was followed by Brazil, with a 9.7% share.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +100.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Moldova (+5,124.2% per year) and Brazil (+18.9% per year).

Import Prices by Country

The average vermouth import price stood at $X per litre in 2022, increasing by 4% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 17% against the previous year. As a result, import price attained the peak level of $X per litre. From 2019 to 2022, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Brazil ($X per litre), while the price for Argentina ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+1.6%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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