Latin America and the Caribbean: Wine Market 2024

Wine Market Size in Latin America and the Caribbean

After two years of decline, the Latin American wine market increased by 23% to $X in 2021. Overall, consumption continues to indicate a relatively flat trend pattern. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption remained at a lower figure.

Wine Production in Latin America and the Caribbean

In value terms, wine production soared to $X in 2021 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by 21%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Wine Exports

Exports in Latin America and the Caribbean

After two years of growth, overseas shipments of wine decreased by -2.1% to X litres in 2021. In general, exports, however, continue to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 when exports increased by 8.2%. As a result, the exports reached the peak of X litres; afterwards, it flattened through to 2021.

In value terms, wine exports expanded rapidly to $X in 2021. Over the period under review, exports, however, saw a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2017; afterwards, it flattened through to 2021.

Exports by Country

Chile was the key exporter of wine in Latin America and the Caribbean, with the volume of exports amounting to X litres, which was approx. 73% of total exports in 2021. It was distantly followed by Argentina (X litres), committing a 25% share of total exports.

Chile was also the fastest-growing in terms of the wine exports, with a CAGR of +1.7% from 2012 to 2021. Argentina (-2.7%) illustrated a downward trend over the same period. Chile (+8.7 p.p.) significantly strengthened its position in terms of the total exports, while Argentina saw its share reduced by -7.8% from 2012 to 2021, respectively.

In value terms, Chile ($X) remains the largest wine supplier in Latin America and the Caribbean, comprising 69% of total exports. The second position in the ranking was taken by Argentina ($X), with a 29% share of total exports.

In Chile, wine exports increased at an average annual rate of +1.1% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in Latin America and the Caribbean amounted to $X per litre, picking up by 11% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The level of export peaked at $X per litre in 2018; however, from 2019 to 2021, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per litre), while Chile amounted to $X per litre.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+1.5%).

Wine Imports

Imports in Latin America and the Caribbean

In 2021, approx. X litres of wine were imported in Latin America and the Caribbean; growing by 22% compared with 2020 figures. Total imports indicated a moderate expansion from 2012 to 2021: its volume increased at an average annual rate of +4.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +23.5% against 2017 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, wine imports surged to $X in 2021. The total import value increased at an average annual rate of +4.6% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X litres) represented the main importer of wine, creating 38% of total imports. Mexico (X litres) ranks second in terms of the total imports with a 15% share, followed by the Dominican Republic (6.3%), Paraguay (6.1%) and Colombia (6.1%). The following importers - Peru (X litres), Ecuador (X litres), Costa Rica (X litres), Guatemala (X litres) and Venezuela (X litres) - together made up 13% of total imports.

From 2012 to 2021, average annual rates of growth with regard to wine imports into Brazil stood at +8.1%. At the same time, the Dominican Republic (+11.9%), Guatemala (+9.5%), Ecuador (+9.2%), Costa Rica (+4.9%), Colombia (+4.6%), Mexico (+4.3%) and Peru (+3.6%) displayed positive paces of growth. Moreover, the Dominican Republic emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +11.9% from 2012-2021. Paraguay experienced a relatively flat trend pattern. By contrast, Venezuela (-12.4%) illustrated a downward trend over the same period. Brazil (+9.3 p.p.) and the Dominican Republic (+2.8 p.p.) significantly strengthened its position in terms of the total imports, while Paraguay and Venezuela saw its share reduced by -3.1% and -6.2% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and the Dominican Republic ($X) constituted the countries with the highest levels of imports in 2021, with a combined 63% share of total imports.

The Dominican Republic, with a CAGR of +14.7%, 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 2021, picking up by 6.6% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per litre in 2015; however, from 2016 to 2021, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Mexico ($X per litre), while Paraguay ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Costa Rica (+2.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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