Latin America and the Caribbean: Whisky Market 2024

Whisky Market Size in Latin America and the Caribbean

In 2022, the Latin American whisky market increased by 5.3% to $X, rising for the second consecutive year after two years of decline. In general, consumption saw a relatively flat trend pattern. Over the period under review, the market hit record highs in 2022 and is expected to retain growth in the near future.

Whisky Production in Latin America and the Caribbean

In value terms, whisky production rose sharply to $X in 2022 estimated in export price. Over the period under review, production saw significant growth. The growth pace was the most rapid in 2013 with an increase of 942%. The level of production peaked at $X in 2014; however, from 2015 to 2022, production failed to regain momentum.

Whisky Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of whisky increased by 76% to X litres for the first time since 2014, thus ending a seven-year declining trend. Overall, exports, however, faced a abrupt slump. Over the period under review, the exports attained the peak figure at X litres in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, whisky exports surged to $X in 2022. In general, exports, however, continue to indicate a abrupt shrinkage. Over the period under review, the exports attained the maximum at $X in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

Exports by Country

Panama represented the key exporting country with an export of around X litres, which resulted at 60% of total exports. It was distantly followed by Aruba (X litres) and Brazil (X litres), together committing a 25% share of total exports. The following exporters - Argentina (X litres), Chile (X litres) and Mexico (X litres) - together made up 8.8% of total exports.

From 2012 to 2022, average annual rates of growth with regard to whisky exports from Panama stood at -12.0%. At the same time, Chile (+51.7%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of +51.7% from 2012-2022. By contrast, Mexico (-6.7%), Brazil (-6.8%), Argentina (-9.1%) and Aruba (-11.6%) illustrated a downward trend over the same period. Brazil (+4 p.p.) and Chile (+3.1 p.p.) significantly strengthened its position in terms of the total exports, while Panama saw its share reduced by -6.6% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Panama ($X) remains the largest whisky supplier in Latin America and the Caribbean, comprising 69% of total exports. The second position in the ranking was taken by Aruba ($X), with a 13% share of total exports. It was followed by Brazil, with a 4.5% share.

In Panama, whisky exports decreased by an average annual rate of -10.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Aruba (-16.3% per year) and Brazil (-6.1% per year).

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per litre, jumping by 21% against the previous year. Overall, the export price, however, showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the export price increased by 34% against the previous year. Over the period under review, the export prices reached the peak figure at $X per litre in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+1.9%), while the other leaders experienced mixed trends in the export price figures.

Whisky Imports

Imports in Latin America and the Caribbean

Whisky imports totaled X litres in 2022, with an increase of 4% compared with 2021. The total import volume increased at an average annual rate of +1.5% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 37%. Over the period under review, imports attained the maximum in 2022 and are expected to retain growth in the near future.

In value terms, whisky imports rose notably to $X in 2022. Overall, imports, however, continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2021 when imports increased by 34% against the previous year. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Brazil was the major importing country with an import of around X litres, which reached 33% of total imports. It was distantly followed by Mexico (X litres), Chile (X litres), the Dominican Republic (X litres) and Colombia (X litres), together committing a 45% share of total imports. Haiti (X litres), Argentina (X litres), Uruguay (X litres), Paraguay (X litres), Peru (X litres) and Ecuador (X litres) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Haiti (with a CAGR of +35.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest whisky importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and the Dominican Republic ($X), together comprising 56% of total imports. These countries were followed by Chile, Colombia, Paraguay, Argentina, Ecuador, Haiti, Uruguay and Peru, which together accounted for a further 29%.

Haiti, with a CAGR of +20.8%, saw the highest growth rate of 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, growing by 8% against the previous year. Overall, the import price, however, showed a pronounced decrease. Over the period under review, import prices hit record highs at $X per litre in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

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 the Dominican Republic ($X per litre), while Haiti ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ecuador (+2.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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