EU: Vermouth Market 2024

Vermouth Market Size in the EU

The EU vermouth market contracted notably to $X in 2022, which is down by -20.7% against the previous year. Over the period under review, consumption saw a pronounced downturn. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2022, consumption remained at a lower figure.

Vermouth Production in the EU

In value terms, vermouth production reduced notably to $X in 2022 estimated in export price. In general, production, however, enjoyed a moderate increase. The pace of growth was the most pronounced in 2021 with an increase of 134% against the previous year. As a result, production attained the peak level of $X, and then reduced rapidly in the following year.

Vermouth Exports

Exports in the EU

In 2022, overseas shipments of vermouth increased by 2.4% to X litres, rising for the third consecutive year after two years of decline. In general, exports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 when exports increased by 7.3%. Over the period under review, the exports reached the peak figure in 2022 and are expected to retain growth in years to come.

In value terms, vermouth exports stood at $X in 2022. The total export value increased at an average annual rate of +3.0% over the period from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 when exports increased by 16%. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

In 2022, Italy (X litres) was the largest exporter of vermouth, comprising 42% of total exports. Spain (X litres) held the second position in the ranking, distantly followed by France (X litres), Germany (X litres) and Latvia (X litres). All these countries together held near 51% share of total exports. Bulgaria (X litres) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +45.5%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Italy ($X), France ($X) and Spain ($X) were the countries with the highest levels of exports in 2022, together comprising 76% of total exports. Latvia, Germany and Bulgaria lagged somewhat behind, together accounting for a further 16%.

Latvia, with a CAGR of +37.0%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in the European Union amounted to $X per litre, almost unchanged from the previous year. Over the last decade, it increased at an average annual rate of +2.9%. The growth pace was the most rapid in 2013 when the export price increased by 29% against the previous year. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was France ($X per litre), while Bulgaria ($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 (+3.5%), while the other leaders experienced more modest paces of growth.

Vermouth Imports

Imports in the EU

In 2022, vermouth imports in the European Union rose sharply to X litres, with an increase of 5.2% compared with the previous year's figure. Overall, imports showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 with an increase of 10% against the previous year. The volume of import peaked in 2022 and is expected to retain growth in the near future.

In value terms, vermouth imports shrank slightly to $X in 2022. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 27%. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

The purchases of the eight major importers of vermouth, namely France, Germany, Poland, Latvia, Spain, Belgium, the Netherlands and Portugal, represented more than two-thirds of total import. Sweden (X litres) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Latvia (with a CAGR of +25.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X), Spain ($X) and France ($X) appeared to be the countries with the highest levels of imports in 2022, together comprising 50% of total imports. Poland, Latvia, Belgium, the Netherlands, Portugal and Sweden lagged somewhat behind, together accounting for a further 35%.

In terms of the main importing countries, Latvia, with a CAGR of +19.6%, recorded the highest growth rate of 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 the European Union stood at $X per litre in 2022, with a decrease of -7.8% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the import price increased by 15%. Over the period under review, import prices hit record highs at $X per litre in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 Germany ($X per litre), while Latvia ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+8.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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