Latin America and the Caribbean: Market for Spirits, Liqueurs And Other Spirituous Beverages 2024

Market Size for Spirits, Liqueurs And Other Spirituous Beverages in Latin America and the Caribbean

The Latin American market for spirits, liqueurs and other spirituous beverages reached $X in 2022, picking up by 8.1% against the previous year. The market value increased at an average annual rate of +4.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the market attained the peak level in 2022 and is likely to see steady growth in years to come.

Production of Spirits, Liqueurs And Other Spirituous Beverages in Latin America and the Caribbean

In value terms, production of spirits, liqueurs and other spirituous beverages reached $X in 2022 estimated in export price. The total production indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +6.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.1% against 2020 indices. The pace of growth appeared the most rapid in 2019 with an increase of 16% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Exports of Spirits, Liqueurs And Other Spirituous Beverages

Exports in Latin America and the Caribbean

In 2022, approx. X litres of spirits, liqueurs and other spirituous beverages were exported in Latin America and the Caribbean; stabilizing at 2021. Over the period under review, exports enjoyed a resilient increase. The most prominent rate of growth was recorded in 2016 when exports increased by 58%. Over the period under review, the exports of attained the peak figure at X litres in 2020; however, from 2021 to 2022, the exports failed to regain momentum.

In value terms, exports of spirits, liqueurs and other spirituous beverages soared to $X in 2022. Overall, exports showed a strong increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

Mexico dominates beverages structure, accounting for X litres, which was approx. 84% of total exports in 2022. It was distantly followed by Brazil (X litres), constituting a 4.6% share of total exports. Argentina (X litres) and Costa Rica (X litres) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to spirits, liqueurs and other spirituous beverages exports from Mexico stood at +10.9%. At the same time, Argentina (+17.8%) and Brazil (+8.3%) displayed positive paces of growth. Moreover, Argentina emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +17.8% from 2012-2022. By contrast, Costa Rica (-3.5%) illustrated a downward trend over the same period. While the share of Mexico (+12 p.p.) and Argentina (+2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Costa Rica (-4.9 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($X) remains the largest spirits, liqueurs and other spirituous beverages supplier in Latin America and the Caribbean, comprising 96% of total exports. The second position in the ranking was taken by Argentina ($X), with a 0.8% share of total exports. It was followed by Brazil, with a 0.7% share.

In Mexico, exports of spirits, liqueurs and other spirituous beverages expanded at an average annual rate of +15.3% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Argentina (+12.3% per year) and Brazil (+3.0% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per litre, picking up by 27% against the previous year. Export price indicated measured growth from 2012 to 2022: its price 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, export price for spirits, liqueurs and other spirituous beverages increased by +107.5% against 2019 indices. The most prominent rate of growth was recorded in 2021 an increase of 53% against the previous year. Over the period under review, the export prices attained the maximum 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 Mexico ($X per litre), while Brazil ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+4.0%), while the other leaders experienced mixed trends in the export price figures.

Imports of Spirits, Liqueurs And Other Spirituous Beverages

Imports in Latin America and the Caribbean

In 2022, overseas purchases of spirits, liqueurs and other spirituous beverages increased by 14% to X litres, rising for the second year in a row after two years of decline. Total imports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of +5.0% 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 +83.2% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 60% against the previous year. Over the period under review, imports of hit record highs in 2022 and are likely to see gradual growth in years to come.

In value terms, imports of spirits, liqueurs and other spirituous beverages surged to $X in 2022. Total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +4.8% 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 +99.2% against 2020 indices. The growth pace was the most rapid in 2021 with an increase of 53% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Colombia (X litres), Chile (X litres), Brazil (X litres), Panama (X litres), Mexico (X litres), the Dominican Republic (X litres), El Salvador (X litres), Costa Rica (X litres), Peru (X litres), Paraguay (X litres), Nicaragua (X litres) and Honduras (X litres) represented roughly 79% of total imports in 2022. Guatemala (X litres) took a minor share of total imports.

From 2012 to 2022, the biggest increases were recorded for Peru (with a CAGR of +18.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest spirits, liqueurs and other spirituous beverages importing markets in Latin America and the Caribbean were Chile ($X), Mexico ($X) and Colombia ($X), together comprising 34% of total imports. Brazil, Panama, the Dominican Republic, Peru, Paraguay, El Salvador, Costa Rica, Guatemala, Nicaragua and Honduras lagged somewhat behind, together accounting for a further 44%.

Nicaragua, with a CAGR of +15.3%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries 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, picking up by 14% against the previous year. In general, the import price, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the import price increased by 17%. The level of import peaked at $X per litre in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($X per litre), while Honduras ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nicaragua (+4.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform