Peru: Wine Market 2024

Wine Market Size in Peru

The Peruvian wine market rose notably to $X in 2021, increasing by 7.9% against the previous year. The market value increased at an average annual rate of +4.2% over the period from 2012 to 2021; the trend pattern remained consistent, with only minor fluctuations being recorded in certain years. Over the period under review, the market hit record highs in 2021 and is expected to retain growth in years to come.

Wine Production in Peru

In value terms, wine production rose modestly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +4.3% from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2013 with an increase of 35%. Wine production peaked at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Wine Exports

Exports from Peru

In 2021, shipments abroad of wine increased by 17% to X litres for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when exports increased by 24% against the previous year. The exports peaked at X litres in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

In value terms, wine exports surged to $X in 2021. The total export value increased at an average annual rate of +2.3% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The United States (X litres) was the main destination for wine exports from Peru, accounting for a 66% share of total exports. Moreover, wine exports to the United States exceeded the volume sent to the second major destination, France (X litres), fivefold. The UK (X litres) ranked third in terms of total exports with a 4.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to the United States was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+72.4% per year) and the UK (+10.2% per year).

In value terms, the United States ($X) remains the key foreign market for wine exports from Peru, comprising 68% of total exports. The second position in the ranking was held by France ($X), with an 11% share of total exports. It was followed by China, with a 3.9% share.

From 2012 to 2021, the average annual growth rate of value to the United States stood at +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: France (+63.8% per year) and China (-15.8% per year).

Export Prices by Country

In 2021, the average wine export price amounted to $X per litre, growing by 9.7% against the previous year. Over the last nine-year period, it increased at an average annual rate of +2.5%. The most prominent rate of growth was recorded in 2013 when the average export price increased by 16% against the previous year. Over the period under review, the average export prices attained the peak figure in 2021 and is expected to retain growth in the near future.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Costa Rica (+14.7%), while the prices for the other major destinations experienced more modest paces of growth.

Wine Imports

Imports into Peru

In 2021, purchases abroad of wine was finally on the rise to reach X litres after two years of decline. The total import volume increased at an average annual rate of +3.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, wine imports soared to $X in 2021. The total import value increased at an average annual rate of +2.2% from 2012 to 2021; however, the trend pattern remained consistent, with only minor fluctuations being observed in certain years. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Argentina (X litres), Chile (X litres) and Italy (X litres) were the main suppliers of wine imports to Peru, together accounting for 81% of total imports.

From 2012 to 2021, the biggest increases were recorded for Argentina (with a CAGR of +5.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest wine suppliers to Peru were Argentina ($X), Chile ($X) and Spain ($X), together comprising 78% of total imports.

Among the main suppliers, Spain, with a CAGR of +6.0%, recorded the highest growth rate of 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 2021, the average wine import price amounted to $X per litre, declining by -13.3% against the previous year. Overall, the import price recorded a mild curtailment. The growth pace was the most rapid in 2016 when the average import price increased by 9.3% against the previous year. The import price peaked at $X per litre in 2014; however, from 2015 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Spain (+2.5%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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