Colombia: Wine Market 2024

Wine Market Size in Colombia

For the fourth year in a row, the Colombian wine market recorded growth in sales value, which increased by 12% to $X in 2021. Over the period under review, consumption, however, saw a relatively flat trend pattern. Wine consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Wine Production in Colombia

In value terms, wine production skyrocketed to $X in 2021 estimated in export price. In general, production, however, saw a abrupt decline. The most prominent rate of growth was recorded in 2018 when the production volume increased by 38% against the previous year. Wine production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Wine Exports

Exports from Colombia

In 2021, the amount of wine exported from Colombia declined notably to X litres, with a decrease of -44.3% compared with the previous year. Over the period under review, exports recorded a abrupt slump. The pace of growth was the most pronounced in 2014 with an increase of 561%. As a result, the exports reached the peak of X litres. From 2015 to 2021, the growth of the exports remained at a lower figure.

In value terms, wine exports shrank remarkably to $X in 2021. Overall, exports showed a dramatic contraction. The growth pace was the most rapid in 2014 when exports increased by 252% against the previous year. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Aruba (X litres), Panama (X litres) and Nigeria (X litres) were the main destinations of wine exports from Colombia, with a combined 76% share of total exports. These countries were followed by Guatemala, France, Spain and the United States, which together accounted for a further 23%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by France (with a CAGR of +61.1%), while the other leaders experienced more modest paces of growth.

In value terms, Guatemala ($X), Panama ($X) and Aruba ($X) constituted the largest markets for wine exported from Colombia worldwide, together comprising 67% of total exports. These countries were followed by the United States, France, Nigeria and Spain, which together accounted for a further 22%.

France, with a CAGR of +35.9%, saw the highest rates of growth with regard to the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average wine export price stood at $X per litre in 2021, with an increase of 14% against the previous year. In general, the export price, however, continues to indicate a abrupt decrease. The pace of growth was the most pronounced in 2015 when the average export price increased by 59% against the previous year. The export price peaked at $X per litre in 2012; however, from 2013 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per litre), while the average price for exports to Nigeria ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+23.7%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Colombia

For the fourth consecutive year, Colombia recorded growth in overseas purchases of wine, which increased by 4.8% to X litres in 2021. Overall, total imports indicated a notable expansion from 2012 to 2021: its volume increased at an average annual rate of +4.6% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +23.3% against 2016 indices. The growth pace was the most rapid in 2019 when imports increased by 17%. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in years to come.

In value terms, wine imports rose notably to $X in 2021. The total import value increased at an average annual rate of +4.8% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2014 when imports increased by 21%. Over the period under review, imports hit record highs in 2021 and are likely to see gradual growth in years to come.

Imports by Country

In 2021, Chile (X litres) constituted the largest wine supplier to Colombia, accounting for a 40% share of total imports. Moreover, wine imports from Chile exceeded the figures recorded by the second-largest supplier, Spain (X litres), threefold. The third position in this ranking was taken by Argentina (X litres), with an 11% share.

From 2012 to 2021, the average annual growth rate of volume from Chile amounted to +1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+12.3% per year) and Argentina (-2.7% per year).

In value terms, Chile ($X) constituted the largest supplier of wine to Colombia, comprising 34% of total imports. The second position in the ranking was taken by Spain ($X), with a 13% share of total imports. It was followed by Argentina, with a 12% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Chile totaled +1.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (+8.3% per year) and Argentina (-2.7% per year).

Import Prices by Country

The average wine import price stood at $X per litre in 2021, rising by 6.6% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 8.9%. As a result, import price attained the peak level of $X per litre. From 2015 to 2021, the average import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was France ($X per litre), while the price for Chile ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United States (+4.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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