Latin America and the Caribbean: Grape Wine Spirits Market 2024

Grape Wine Spirits Market Size in Latin America and the Caribbean

In 2022, the Latin American grape wine spirits market increased by 1.4% to $X, rising for the second year in a row after four years of decline. Over the period under review, consumption, however, recorded a perceptible contraction. The level of consumption peaked at $X in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.

Grape Wine Spirits Production in Latin America and the Caribbean

In value terms, grape wine spirits production dropped modestly to $X in 2022 estimated in export price. In general, production continues to indicate a noticeable curtailment. The growth pace was the most rapid in 2016 with an increase of 12% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production stood at a somewhat lower figure.

Grape Wine Spirits Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of spirits obtained from distilled grape wine or grape marc decreased by -13.1% to X litres for the first time since 2019, thus ending a two-year rising trend. Total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +24.0% against 2019 indices. The pace of growth was the most pronounced in 2015 when exports increased by 32% against the previous year. Over the period under review, the exports hit record highs at X litres in 2021, and then shrank in the following year.

In value terms, grape wine spirits exports declined to $X in 2022. In general, exports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 29%. As a result, the exports attained the peak of $X, and then contracted in the following year.

Exports by Country

Panama was the largest exporter of spirits obtained from distilled grape wine or grape marc in Latin America and the Caribbean, with the volume of exports recording X litres, which was near 45% of total exports in 2022. It was distantly followed by Argentina (X litres), Peru (X litres) and Chile (X litres), together committing a 52% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Panama (with a CAGR of +16.0%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Panama ($X) remains the largest grape wine spirits supplier in Latin America and the Caribbean, comprising 52% of total exports. The second position in the ranking was held by Peru ($X), with a 15% share of total exports. It was followed by Argentina, with a 15% share.

In Panama, grape wine spirits exports increased at an average annual rate of +7.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Peru (+3.8% per year) and Argentina (+1.2% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per litre, flattening at the previous year. In general, the export price, however, saw a noticeable setback. The most prominent rate of growth was recorded in 2016 an increase of 18% against the previous year. Over the period under review, the export prices reached the peak figure at $X per litre in 2012; however, from 2013 to 2022, the export prices stood 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 Chile ($X per litre), while Argentina ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Peru (-1.0%), while the other leaders experienced a decline in the export price figures.

Grape Wine Spirits Imports

Imports in Latin America and the Caribbean

In 2022, overseas purchases of spirits obtained from distilled grape wine or grape marc increased by 8.9% to X litres for the first time since 2019, thus ending a two-year declining trend. In general, imports, however, recorded a noticeable downturn. The growth pace was the most rapid in 2015 when imports increased by 22%. Over the period under review, imports hit record highs at X litres in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, grape wine spirits imports reached $X in 2022. Overall, imports, however, continue to indicate a noticeable downturn. The pace of growth appeared the most rapid in 2013 when imports increased by 14%. The level of import peaked at $X in 2019; however, from 2020 to 2022, imports remained at a lower figure.

Imports by Country

Mexico represented the key importer of spirits obtained from distilled grape wine or grape marc in Latin America and the Caribbean, with the volume of imports resulting at X litres, which was near 61% of total imports in 2022. It was distantly followed by Chile (X litres) and the Dominican Republic (X litres), together achieving an 18% share of total imports. The following importers - Bahamas (X litres), Argentina (X litres), Jamaica (X litres), Haiti (X litres) and Trinidad and Tobago (X litres) - each reached an 11% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to grape wine spirits imports into Mexico stood at -4.3%. At the same time, Chile (+24.7%), the Dominican Republic (+12.9%), Bahamas (+12.6%), Haiti (+11.3%), Jamaica (+5.3%) and Argentina (+5.0%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +24.7% from 2012-2022. By contrast, Trinidad and Tobago (-4.5%) illustrated a downward trend over the same period. While the share of Chile (+11 p.p.), the Dominican Republic (+4 p.p.) and Bahamas (+1.8 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Mexico (-9.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) constitutes the largest market for imported spirits obtained from distilled grape wine or grape marc in Latin America and the Caribbean, comprising 46% of total imports. The second position in the ranking was taken by the Dominican Republic ($X), with a 12% share of total imports. It was followed by Chile, with an 8.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Mexico stood at -5.6%. In the other countries, the average annual rates were as follows: the Dominican Republic (+25.1% per year) and Chile (+19.6% per year).

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per litre in 2022, with a decrease of -3.3% against the previous year. Over the period under review, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of 18% against the previous year. Over the period under review, import prices hit record highs at $X per litre in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bahamas ($X per litre), while Chile ($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 Dominican Republic (+10.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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