ECOWAS: Vermouth Market 2024

Vermouth Market Size in ECOWAS

The ECOWAS vermouth market rose notably to $X in 2022, increasing by 5.5% against the previous year. Overall, consumption recorded strong growth. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Vermouth Production in ECOWAS

In value terms, vermouth production totaled $X in 2022 estimated in export price. Over the period under review, production enjoyed a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 44%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Vermouth Exports

Exports in ECOWAS

In 2022, overseas shipments of vermouth decreased by -31.7% to X litres, falling for the second consecutive year after two years of growth. Overall, exports showed a noticeable slump. The most prominent rate of growth was recorded in 2020 with an increase of 286%. As a result, the exports reached the peak of X litres. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, vermouth exports dropped rapidly to $X in 2022. Over the period under review, exports saw a drastic downturn. The growth pace was the most rapid in 2020 when exports increased by 141%. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Benin (X litres) represented the key exporter of vermouth, creating 54% of total exports. Ghana (X litres) held a 25% share (based on physical terms) of total exports, which put it in second place, followed by Togo (7.3%). Burkina Faso (X litres), Senegal (X litres), Nigeria (X litres) and Cabo Verde (X litres) followed a long way behind the leaders.

Exports from Benin increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Senegal (+7.1%) and Cabo Verde (+3.4%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +7.1% from 2012-2022. Burkina Faso experienced a relatively flat trend pattern. By contrast, Togo (-3.3%), Ghana (-10.2%) and Nigeria (-20.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Benin, Senegal, Burkina Faso and Cabo Verde increased by +32, +2.4, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest vermouth supplying countries in ECOWAS were Cabo Verde ($X), Ghana ($X) and Senegal ($X), together accounting for 67% of total exports.

Among the main exporting countries, Cabo Verde, with a CAGR of +16.8%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per litre, which is down by -15.1% against the previous year. Over the period under review, the export price showed a perceptible decline. The growth pace was the most rapid in 2013 an increase of 35%. As a result, the export price attained the peak level of $X per litre. From 2014 to 2022, the export prices remained at a somewhat lower figure.

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 Cabo Verde ($X per litre), while Benin ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+12.9%), while the other leaders experienced more modest paces of growth.

Vermouth Imports

Imports in ECOWAS

For the fourth year in a row, ECOWAS recorded growth in purchases abroad of vermouth, which increased by 9.8% to X litres in 2022. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 with an increase of 31%. The volume of import peaked at X litres in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, vermouth imports soared to $X in 2022. Total imports indicated a slight expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +125.2% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 37% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

In 2022, Burkina Faso (X litres) and Ghana (X litres) were the largest importers of vermouth in ECOWAS, together accounting for near 53% of total imports. Nigeria (X litres) took a 14% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (9.3%), Benin (5.6%), Senegal (4.8%) and Guinea (4.6%). Cabo Verde (X litres) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Nigeria (with a CAGR of +52.0%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vermouth importing markets in ECOWAS were Ghana ($X), Nigeria ($X) and Burkina Faso ($X), together comprising 57% of total imports.

Among the main importing countries, Nigeria, with a CAGR of +59.1%, 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

The import price in ECOWAS stood at $X per litre in 2022, picking up by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The pace of growth appeared the most rapid in 2014 when the import price increased by 15%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Senegal ($X per litre), while Burkina Faso ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform