Report Update Nov 1, 2024

Nigeria - Vermouth - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Vermouth Market 2024

Vermouth Market Size in Nigeria

The Nigerien vermouth market totaled $X in 2022, growing by 5.7% against the previous year. In general, consumption continues to indicate a remarkable increase. Vermouth consumption peaked at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Vermouth Production in Nigeria

In value terms, vermouth production reached $X in 2022 estimated in export price. Over the period under review, production continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2017 when the production volume increased by 46%. Vermouth production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Vermouth Exports

Exports from Nigeria

In 2022, exports of vermouth from Nigeria dropped markedly to X litres, shrinking by -66.8% on the previous year's figure. Over the period under review, exports recorded a precipitous curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 25% against the previous year. Over the period under review, the exports reached the peak figure at X litres in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, vermouth exports shrank remarkably to $X in 2022. In general, exports recorded a deep slump. The most prominent rate of growth was recorded in 2014 when exports increased by 6.4% against the previous year. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

Belgium (X litres) was the main destination for vermouth exports from Nigeria, accounting for a 38% share of total exports. Moreover, vermouth exports to Belgium exceeded the volume sent to the second major destination, South Africa (X litres), twofold.

From 2012 to 2022, the average annual growth rate of volume to Belgium was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (-6.8% per year) and Benin (-39.1% per year).

In value terms, Belgium ($X) emerged as the key foreign market for vermouth exports from Nigeria, comprising 44% of total exports. The second position in the ranking was taken by South Africa ($X), with a 9.2% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Belgium was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (-13.2% per year) and Benin (-45.5% per year).

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, growing by 59% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The export price peaked at $X per litre in 2016; afterwards, it flattened through to 2022.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per litre), while the average price for exports to Benin ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ghana (+2.1%), while the prices for the other major destinations experienced a decline.

Vermouth Imports

Imports into Nigeria

In 2022, vermouth imports into Nigeria surged to X litres, jumping by 501% against 2021. In general, imports posted significant growth. The pace of growth appeared the most rapid in 2013 with an increase of 543% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.

In value terms, vermouth imports surged to $X in 2022. Overall, imports showed significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Spain (X litres), Italy (X litres) and France (X litres) were the main suppliers of vermouth imports to Nigeria, with a combined 47% share of total imports. Germany, China, the UK and Panama lagged somewhat behind, together comprising a further 10%.

From 2012 to 2022, the biggest increases were recorded for Germany (with a CAGR of +98.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest vermouth suppliers to Nigeria were Italy ($X), France ($X) and Spain ($X), with a combined 31% share of total imports. Germany, the UK, Panama and China lagged somewhat behind, together comprising a further 16%.

Among the main suppliers, Germany, with a CAGR of +104.2%, saw the highest rates of growth with regard to 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 average vermouth import price amounted to $X per litre, increasing by 47% against the previous year. In general, import price indicated tangible growth from 2012 to 2022: its price increased at an average annual rate of +4.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The import price peaked at $X per litre in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($X per litre), while the price for Spain ($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 UK (+5.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for vermouth in the world?

The countries with the highest volumes of in 2021 were China, the United States and India, together accounting for 48% of global consumption.

What are the largest producers of vermouth in the world?

China constituted the country with the largest volume of vermouth production, comprising approx. 26% of total volume. Moreover, vermouth production in China exceeded the figures recorded by the second-largest producer, the United States, threefold. India ranked third in terms of total production with a 9.5% share.

What are the leading suppliers of vermouth to Nigeria?

In value terms, the largest vermouth suppliers to Nigeria were Italy, Spain and the UK, together comprising 66% of total imports. Germany, France, Moldova and Bulgaria lagged somewhat behind, together comprising a further 26%.

What are the leading importers of vermouth from Nigeria?

In value terms, Benin remains the key foreign market for vermouth exports from Nigeria, comprising 75% of total exports. The second position in the ranking was occupied by South Africa $634), with a 25% share of total exports.

What is the average export price for vermouth in Nigeria?

In 2021, the average vermouth export price amounted to $4.6 per litre, jumping by 193% against the previous year.

What is the average import price for vermouth in Nigeria?

In 2021, the average vermouth import price amounted to $2.1 per litre, picking up by 4.3% against the previous year.

This report provides an in-depth analysis of the vermouth market in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 11041000 - Vermouth and other wine of fresh grapes flavoured with plants or aromatic substances (excluding alcohol duty)

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023