Hungary: Whisky Market 2024

Whisky Market Size in Hungary

The Hungarian whisky market contracted modestly to $X in 2022, with a decrease of -4.6% against the previous year. In general, the total consumption indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +5.1% 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 +32.3% against 2020 indices. As a result, consumption attained the peak level of $X, and then dropped in the following year.

Whisky Production in Hungary

In value terms, whisky production dropped modestly to $X in 2022 estimated in export price. In general, production showed a deep reduction. The growth pace was the most rapid in 2021 with an increase of 8% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Whisky Exports

Exports from Hungary

After three years of decline, overseas shipments of whisky increased by 1,105% to X litres in 2022. Overall, exports recorded a prominent increase. The pace of growth was the most pronounced in 2018 when exports increased by 4,929% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the immediate term.

In value terms, whisky exports skyrocketed to $X in 2022. In general, exports enjoyed a significant increase. The pace of growth was the most pronounced in 2018 when exports increased by 7,052% against the previous year. The exports peaked in 2022 and are likely to continue growth in the immediate term.

Exports by Country

The Netherlands (X litres) was the main destination for whisky exports from Hungary, with a 86% share of total exports. Moreover, whisky exports to the Netherlands exceeded the volume sent to the second major destination, Serbia (X litres), more than tenfold.

From 2012 to 2022, the average annual rate of growth in terms of volume to the Netherlands amounted to +83.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Serbia (+149.3% per year) and the UK (+37.2% per year).

In value terms, the Netherlands ($X) emerged as the key foreign market for whisky exports from Hungary, comprising 73% of total exports. The second position in the ranking was taken by the UK ($X), with a 15% share of total exports.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at +54.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+63.7% per year) and Serbia (+67.7% per year).

Export Prices by Country

The average whisky export price stood at $X per litre in 2022, shrinking by -51.3% against the previous year. Overall, the export price, however, recorded a remarkable increase. The pace of growth appeared the most rapid in 2013 when the average export price increased by 261%. Over the period under review, the average export prices attained the peak figure at $X per litre in 2021, and then dropped notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the UK ($X per litre), while the average price for exports to the Netherlands ($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 Belgium (+24.1%), while the prices for the other major destinations experienced more modest paces of growth.

Whisky Imports

Imports into Hungary

Whisky imports into Hungary was estimated at X litres in 2022, leveling off at the previous year. In general, total imports indicated a moderate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.2% 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 +92.7% against 2015 indices. The pace of growth was the most pronounced in 2021 when imports increased by 38%. Over the period under review, imports attained the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, whisky imports contracted to $X in 2022. Over the period under review, total imports indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.4% 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 +32.0% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 39%. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

The UK (X litres), the United States (X litres) and Germany (X litres) were the main suppliers of whisky imports to Hungary, together accounting for 66% of total imports. These countries were followed by Ireland, Spain, Romania, the Netherlands and Canada, which together accounted for a further 32%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Romania (with a CAGR of +59.7%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest whisky suppliers to Hungary were the UK ($X), the United States ($X) and Romania ($X), together accounting for 56% of total imports.

Romania, with a CAGR of +61.7%, saw the highest growth rate of the value of imports, in terms of the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average whisky import price stood at $X per litre in 2022, shrinking by -5.1% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. The growth pace was the most rapid in 2016 when the average import price increased by 19%. Over the period under review, average import prices attained the peak figure at $X per litre in 2018; however, from 2019 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 the Netherlands ($X per litre), while the price for Germany ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+4.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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