Latin America and the Caribbean: Sparkling Wine Market 2024

Sparkling Wine Market Size in Latin America and the Caribbean

In 2022, the Latin American sparkling wine market increased by 7.8% to $X, rising for the second year in a row after eight years of decline. Overall, consumption, however, continues to indicate a pronounced decrease. Over the period under review, the market attained the peak level at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Sparkling Wine Production in Latin America and the Caribbean

In value terms, sparkling wine production shrank slightly to $X in 2022 estimated in export price. Overall, production recorded a abrupt downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by 7.6% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Sparkling Wine Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of sparkling wine increased by 7.5% to X litres, rising for the second consecutive year after four years of decline. Over the period under review, exports, however, saw a noticeable decline. The pace of growth was the most pronounced in 2016 with an increase of 12% against the previous year. The volume of export peaked at X litres in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, sparkling wine exports expanded sharply to $X in 2022. In general, exports, however, continue to indicate a noticeable reduction. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

Chile (X litres) and Argentina (X litres) prevails in exports structure, together comprising 79% of total exports. Brazil (X litres) took a 9.8% share (based on physical terms) of total exports, which put it in second place, followed by Panama (8.9%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Brazil (with a CAGR of +18.2%), while the other leaders experienced a decline in the exports figures.

In value terms, Argentina ($X), Chile ($X) and Panama ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 91% share of total exports. These countries were followed by Brazil, which accounted for a further 7.2%.

In terms of the main exporting countries, Brazil, with a CAGR of +13.4%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per litre in 2022, rising by 5.9% against the previous year. Over the period under review, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the export price increased by 9.2%. The level of export peaked at $X per litre in 2015; however, from 2016 to 2022, the export prices remained at a 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 Panama ($X per litre), while Brazil ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (-0.1%), while the other leaders experienced a decline in the export price figures.

Sparkling Wine Imports

Imports in Latin America and the Caribbean

In 2022, approx. X litres of sparkling wine were imported in Latin America and the Caribbean; rising by 16% on the previous year. Total imports indicated a buoyant expansion from 2012 to 2022: its volume 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, imports increased by +73.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when imports increased by 50%. The volume of import peaked in 2022 and is likely to continue growth in the near future.

In value terms, sparkling wine imports surged to $X in 2022. Total imports indicated a moderate increase from 2012 to 2022: its value 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 +83.8% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 48% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the immediate term.

Imports by Country

In 2022, Mexico (X litres), distantly followed by Brazil (X litres), the Dominican Republic (X litres), Chile (X litres) and Colombia (X litres) represented the main importers of sparkling wine, together achieving 66% of total imports. Peru (X litres), Venezuela (X litres), Ecuador (X litres), Guatemala (X litres), Panama (X litres), Costa Rica (X litres), Paraguay (X litres) and Jamaica (X litres) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for the Dominican Republic (with a CAGR of +18.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mexico ($X) constitutes the largest market for imported sparkling wine in Latin America and the Caribbean, comprising 37% of total imports. The second position in the ranking was held by Brazil ($X), with a 12% share of total imports. It was followed by the Dominican Republic, with an 8.9% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at +11.4%. In the other countries, the average annual rates were as follows: Brazil (-2.4% per year) and the Dominican Republic (+15.2% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per litre in 2022, picking up by 7.4% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The growth pace was the most rapid in 2015 when the import price increased by 9.4% against the previous year. As a result, import price attained the peak level of $X per litre. From 2016 to 2022, the import prices failed to regain momentum.

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 Panama ($X per litre), while Jamaica ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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