Colombia: Vermouth Market 2024

Vermouth Market Size in Colombia

The Colombian vermouth market was estimated at $X in 2022, stabilizing at the previous year. Overall, the total consumption indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +3.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +56.4% against 2017 indices. Over the period under review, the market attained the maximum level in 2022 and is expected to retain growth in the near future.

Vermouth Production in Colombia

In value terms, vermouth production contracted slightly to $X in 2022 estimated in export price. Over the period under review, the total production indicated a perceptible expansion from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -0.8% against 2019 indices. The growth pace was the most rapid in 2018 when the production volume increased by 34%. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2022, production remained at a lower figure.

Vermouth Exports

Exports from Colombia

In 2022, overseas shipments of vermouth increased by 15% to X litres, rising for the third year in a row after seven years of decline. Overall, exports, however, showed a dramatic decrease. Over the period under review, the exports hit record highs at X litres in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, vermouth exports skyrocketed to $X in 2022. Over the period under review, exports, however, showed a significant decline. The exports peaked at $X in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

Exports by Country

Guatemala (X litres), Venezuela (X litres) and Panama (X litres) were the main destinations of vermouth exports from Colombia.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Guatemala (with a CAGR of +37.1%), while the other leaders experienced a decline.

In value terms, Venezuela ($X) remains the key foreign market for vermouth exports from Colombia, comprising 75% of total exports. The second position in the ranking was taken by Guatemala ($X), with a 24% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Venezuela stood at -31.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Guatemala (+32.1% per year) and Panama (-40.0% per year).

Export Prices by Country

The average vermouth export price stood at $X per litre in 2022, growing by 2.7% against the previous year. Over the period under review, the export price saw buoyant growth. The most prominent rate of growth was recorded in 2018 when the average export price increased by 48% against the previous year. The export price peaked in 2022 and is likely to see gradual growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Venezuela ($X per litre), while the average price for exports to Guatemala ($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 Venezuela (+11.1%), while the prices for the other major destinations experienced a decline.

Vermouth Imports

Imports into Colombia

In 2022, purchases abroad of vermouth increased by 17% to X litres, rising for the fourth consecutive year after two years of decline. Over the period under review, imports continue to indicate a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 87%. Imports peaked in 2022 and are likely to see steady growth in years to come.

In value terms, vermouth imports skyrocketed to $X in 2022. Overall, imports continue to indicate a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 74%. Imports peaked in 2022 and are likely to see gradual growth in years to come.

Imports by Country

Spain (X litres), France (X litres) and Panama (X litres) were the main suppliers of vermouth imports to Colombia, with a combined 81% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +26.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of vermouth to Colombia, comprising 55% of total imports. The second position in the ranking was taken by Spain ($X), with a 19% share of total imports. It was followed by Chile, with an 8% share.

From 2012 to 2022, the average annual rate of growth in terms of value from France stood at +20.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+25.7% per year) and Chile (+6.6% per year).

Import Prices by Country

The average vermouth import price stood at $X per litre in 2022, leveling off at the previous year. Overall, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 27% 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 France ($X per litre), while the price for Free Zones ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+4.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :