Latin America and the Caribbean: Wine Market 2024

Wine Market Size in Latin America and the Caribbean

In 2022, the Latin American wine market increased by X% to $X, rising for the second consecutive year after three years of decline. In general, consumption, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the market attained the peak level at $X in 2014; however, from 2015 to 2022, consumption stood at a somewhat lower figure.

Wine Production in Latin America and the Caribbean

In value terms, wine production contracted slightly to $X in 2022 estimated in export price. Overall, production, however, showed a slight shrinkage. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. The level of production peaked at $X in 2012; however, from 2013 to 2022, production remained at a lower figure.

Wine Exports

Exports in Latin America and the Caribbean

In 2022, overseas shipments of wine and grape must decreased by X% to X litres, falling for the second consecutive year after two years of growth. In general, exports showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by X% against the previous year. As a result, the exports attained the peak of X litres. From 2014 to 2022, the growth of the exports remained at a somewhat lower figure.

In value terms, wine exports reduced modestly to $X in 2022. Overall, exports recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Chile (X litres) was the key exporter of wine and grape must, achieving X% of total exports. It was distantly followed by Argentina (X litres), mixing up a X% share of total exports.

Chile was also the fastest-growing in terms of the wine and grape must exports, with a CAGR of X% from 2012 to 2022. Argentina (X%) illustrated a downward trend over the same period. Chile (X p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by X% from 2012 to 2022, respectively.

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

From 2012 to 2022, the average annual growth rate of value in Chile was relatively modest.

Export Prices by Country

In 2022, the export price in Latin America and the Caribbean amounted to $X per litre, increasing by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X% against the previous year. The level of export peaked at $X per litre in 2018; afterwards, it flattened through to 2022.

Average prices varied somewhat amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Argentina ($X per litre), while Chile totaled $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Argentina (X%).

Wine Imports

Imports in Latin America and the Caribbean

Wine imports rose remarkably to X litres in 2022, surging by X% compared with 2021 figures. Total imports indicated a remarkable increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2015 indices. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, imports reached the maximum in 2022 and are expected to retain growth in the immediate term.

In value terms, wine imports rose sharply to $X in 2022. Total imports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2021 when imports increased by X%. Over the period under review, imports attained the peak figure in 2022 and are likely to continue growth in years to come.

Imports by Country

In 2022, Brazil (X litres), distantly followed by Mexico (X litres), Colombia (X litres) and the Dominican Republic (X litres) were the key importers of wine and grape must, together mixing up X% of total imports. Paraguay (X litres), Peru (X litres), Costa Rica (X litres), Ecuador (X litres), Venezuela (X litres), Guatemala (X litres) and Jamaica (X litres) held a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by the Dominican Republic (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest wine importing markets in Latin America and the Caribbean were Brazil ($X), Mexico ($X) and Colombia ($X), together comprising X% of total imports. The Dominican Republic, Peru, Paraguay, Costa Rica, Ecuador, Venezuela, Guatemala and Jamaica lagged somewhat behind, together comprising a further X%.

The Dominican Republic, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among 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

The import price in Latin America and the Caribbean stood at $X per litre in 2022, rising by X% against the previous year. Over the period under review, the import price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 an increase of X%. The level of import peaked at $X per litre in 2015; however, from 2016 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 ($X per litre), while Jamaica ($X per litre) was amongst the lowest.

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

Source: IndexBox Platform

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