Estonia: Vermouth Market 2024

Vermouth Market Size in Estonia

In 2022, the Estonian vermouth market increased by 5.6% to $X, rising for the second consecutive year after four years of decline. Overall, consumption, however, showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2014 to 2022, the growth of the market remained at a lower figure.

Vermouth Production in Estonia

In value terms, vermouth production soared to $X in 2022 estimated in export price. Over the period under review, production, however, showed measured growth. The most prominent rate of growth was recorded in 2020 with an increase of 247% against the previous year. Vermouth production peaked at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Vermouth Exports

Exports from Estonia

In 2022, shipments abroad of vermouth increased by 69% to X litres for the first time since 2018, thus ending a three-year declining trend. Over the period under review, exports saw a relatively flat trend pattern. The exports peaked at X litres in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, vermouth exports soared to $X in 2022. Overall, total exports indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2016 when exports increased by 86%. As a result, the exports attained the peak of $X. From 2017 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Finland (X litres) was the main destination for vermouth exports from Estonia, accounting for a 51% share of total exports. Moreover, vermouth exports to Finland exceeded the volume sent to the second major destination, Latvia (X litres), twofold. The third position in this ranking was held by Lithuania (X litres), with a 19% share.

From 2012 to 2022, the average annual growth rate of volume to Finland stood at +6.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Latvia (-5.7% per year) and Lithuania (+6.0% per year).

In value terms, Finland ($X) remains the key foreign market for vermouth exports from Estonia, comprising 55% of total exports. The second position in the ranking was taken by Lithuania ($X), with a 22% share of total exports. It was followed by Latvia, with a 15% share.

From 2012 to 2022, the average annual growth rate of value to Finland stood at +6.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: Lithuania (+18.4% per year) and Latvia (-1.1% per year).

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, picking up by 2.8% against the previous year. Over the period under review, export price indicated notable growth from 2012 to 2022: its price increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vermouth export price increased by +31.3% against 2017 indices. The growth pace was the most rapid in 2016 when the average export price increased by 29% against the previous year. As a result, the export price reached the peak level of $X per litre. From 2017 to 2022, the average export prices remained at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Lithuania ($X per litre), while the average price for exports to Latvia ($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 Lithuania (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Vermouth Imports

Imports into Estonia

In 2022, the amount of vermouth imported into Estonia surged to X litres, rising by 18% on 2021 figures. The total import volume increased at an average annual rate of +1.6% over the period from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed in certain years. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, vermouth imports rose markedly to $X in 2022. In general, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 27%. As a result, imports reached the peak of $X. From 2014 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Germany (X litres), Italy (X litres) and Spain (X litres) were the main suppliers of vermouth imports to Estonia, with a combined 89% share of total imports. Finland, Lithuania and France lagged somewhat behind, together comprising a further 7.8%.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +29.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X) constituted the largest supplier of vermouth to Estonia, comprising 53% of total imports. The second position in the ranking was held by Germany ($X), with a 22% share of total imports. It was followed by Spain, with a 7.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (+1.4% per year) and Spain (+1.4% per year).

Import Prices by Country

In 2022, the average vermouth import price amounted to $X per litre, shrinking by -7% against the previous year. Over the period under review, the import price showed a slight slump. The pace of growth was the most pronounced in 2013 when the average import price increased by 18%. Over the period under review, average import prices attained the maximum at $X per litre in 2014; however, from 2015 to 2022, 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 Italy ($X per litre), while the price for Germany ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+3.0%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform