Latin America and the Caribbean: Vermouth Market 2024

Vermouth Market Size in Latin America and the Caribbean

The Latin American vermouth market shrank modestly to $X in 2022, which is down by -2.5% against the previous year. Overall, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2016 to 2022, the growth of the market failed to regain momentum.

Vermouth Production in Latin America and the Caribbean

In value terms, vermouth production contracted to $X in 2022 estimated in export price. In general, production, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2015 with an increase of 19% against the previous year. As a result, production attained the peak level of $X. From 2016 to 2022, production growth remained at a lower figure.

Vermouth Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of vermouth increased by 50% to X litres, rising for the seventh consecutive year after three years of decline. In general, exports continue to indicate a buoyant expansion. The pace of growth was the most pronounced in 2016 with an increase of 65% against the previous year. The volume of export peaked in 2022 and is likely to see gradual growth in years to come.

In value terms, vermouth exports surged to $X in 2022. Over the period under review, exports enjoyed strong growth. The most prominent rate of growth was recorded in 2016 with an increase of 80% against the previous year. The level of export peaked in 2022 and is likely to see steady growth in years to come.

Exports by Country

In 2022, Jamaica (X litres) represented the main exporter of vermouth, creating 67% of total exports. Argentina (X litres) held a 21% share (based on physical terms) of total exports, which put it in second place, followed by Chile (8.9%). Brazil (X litres) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to vermouth exports from Jamaica stood at +13.2%. At the same time, Argentina (+14.6%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +14.6% from 2012-2022. By contrast, Brazil (-2.9%) and Chile (-5.7%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Jamaica and Argentina increased by +31 and +11 percentage points, respectively.

In value terms, Jamaica ($X) remains the largest vermouth supplier in Latin America and the Caribbean, comprising 75% of total exports. The second position in the ranking was taken by Argentina ($X), with a 17% share of total exports. It was followed by Chile, with a 6.1% share.

In Jamaica, vermouth exports increased at an average annual rate of +21.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Argentina (+23.5% per year) and Chile (-9.1% per year).

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per litre in 2022, remaining constant against the previous year. Over the last decade, it increased at an average annual rate of +4.1%. The most prominent rate of growth was recorded in 2014 an increase of 13% against the previous year. Over the period under review, the export prices reached the maximum at $X per litre in 2021, and then fell slightly in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Jamaica ($X per litre), while Brazil ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (+7.8%), while the other leaders experienced mixed trends in the export price figures.

Vermouth Imports

Imports in Latin America and the Caribbean

Vermouth imports fell slightly to X litres in 2022, approximately mirroring the previous year. In general, imports, however, recorded buoyant growth. The most prominent rate of growth was recorded in 2021 with an increase of 62%. As a result, imports attained the peak of X litres, leveling off in the following year.

In value terms, vermouth imports expanded to $X in 2022. Over the period under review, imports, however, enjoyed a prominent increase. The pace of growth appeared the most rapid in 2021 with an increase of 72% against the previous year. The level of import peaked in 2022 and is expected to retain growth in the near future.

Imports by Country

In 2022, Colombia (X litres), Costa Rica (X litres), Chile (X litres) and Panama (X litres) was the main importer of vermouth in Latin America and the Caribbean, constituting 45% of total import. Trinidad and Tobago (X litres) ranks next in terms of the total imports with a 6.2% share, followed by Saint Lucia (4.8%). Venezuela (X litres), Barbados (X litres), Brazil (X litres), Uruguay (X litres), Mexico (X litres), the Dominican Republic (X litres) and Belize (X litres) held a little share of total imports.

From 2012 to 2022, the biggest increases were recorded for Brazil (with a CAGR of +41.6%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vermouth importing markets in Latin America and the Caribbean were Trinidad and Tobago ($X), Colombia ($X) and Chile ($X), together comprising 34% of total imports. Panama, Costa Rica, the Dominican Republic, Saint Lucia, Mexico, Brazil, Barbados, Venezuela, Uruguay and Belize lagged somewhat behind, together comprising a further 41%.

In terms of the main importing countries, Saint Lucia, with a CAGR of +30.6%, saw 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

In 2022, the import price in Latin America and the Caribbean amounted to $X per litre, growing by 4.5% against the previous year. In general, the import price recorded a slight expansion. The pace of growth appeared the most rapid in 2016 an increase of 12% against the previous year. Over the period under review, import prices reached the peak figure at $X per litre in 2018; however, from 2019 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was the Dominican Republic ($X per litre), while Belize ($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 (+7.7%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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