Panama: Vermouth Market 2024

Vermouth Market Size in Panama

The Panamanian vermouth market declined modestly to $X in 2022, waning by -3.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, posted a tangible increase. Over the period under review, the market reached the peak level at $X in 2021, and then reduced modestly in the following year.

Vermouth Exports

Exports from Panama

In 2022, overseas shipments of vermouth decreased by -62.7% to X litres, falling for the third year in a row after four years of growth. In general, exports recorded a precipitous slump. The most prominent rate of growth was recorded in 2016 with an increase of 411%. The exports peaked at X litres in 2013; however, from 2014 to 2022, the exports failed to regain momentum.

In value terms, vermouth exports dropped sharply to $X in 2022. Over the period under review, exports showed a sharp curtailment. The pace of growth was the most pronounced in 2016 when exports increased by 607% 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 stood at a somewhat lower figure.

Exports by Country

Colombia (X litres), Paraguay (X litres) and the United States (X litres) were the main destinations of vermouth exports from Panama, with a combined 39% share of total exports. Aruba, Cuba, Costa Rica, Nicaragua, Venezuela, Nigeria, Grenada, Chile, Guatemala and Trinidad and Tobago lagged somewhat behind, together accounting for a further 34%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Aruba (with a CAGR of -6.1%), while the other leaders experienced a decline.

In value terms, the largest markets for vermouth exported from Panama were Paraguay ($X), Colombia ($X) and the United States ($X), together comprising 41% of total exports. Costa Rica, Cuba, Nicaragua, Aruba, Nigeria, Venezuela, Guatemala, Grenada, Chile and Trinidad and Tobago lagged somewhat behind, together accounting for a further 29%.

In terms of the main countries of destination, Aruba, with a CAGR of -8.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average vermouth export price stood at $X per litre in 2022, rising by 66% against the previous year. Overall, the export price recorded strong growth. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($X per litre), while the average price for exports to Aruba ($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 Nigeria (+15.6%), while the prices for the other major destinations experienced more modest paces of growth.

Vermouth Imports

Imports into Panama

In 2022, imports of vermouth into Panama shrank to X litres, declining by -9.5% on the previous year's figure. In general, imports saw a pronounced setback. The most prominent rate of growth was recorded in 2021 when imports increased by 46% against the previous year. Over the period under review, imports attained the maximum at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, vermouth imports dropped modestly to $X in 2022. Over the period under review, imports showed a slight downturn. The most prominent rate of growth was recorded in 2017 with an increase of 81%. Imports peaked at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Spain (X litres) constituted the largest vermouth supplier to Panama, accounting for a 83% share of total imports. Moreover, vermouth imports from Spain exceeded the figures recorded by the second-largest supplier, Italy (X litres), more than tenfold. The United States (X litres) ranked third in terms of total imports with a 4.2% share.

From 2012 to 2022, the average annual growth rate of volume from Spain stood at +13.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-13.1% per year) and the United States (-18.3% per year).

In value terms, Spain ($X) constituted the largest supplier of vermouth to Panama, comprising 73% of total imports. The second position in the ranking was taken by Italy ($X), with a 10% share of total imports. It was followed by the United States, with a 5.1% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Spain amounted to +19.7%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (-2.9% per year) and the United States (-14.2% per year).

Import Prices by Country

The average vermouth import price stood at $X per litre in 2022, growing by 7.8% against the previous year. Over the last decade, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2017 when the average import price increased by 28%. The import price peaked at $X per litre in 2019; however, from 2020 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Free Zones (+14.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform