South Africa: Vermouth Market 2024

Vermouth Market Size in South Africa

In 2022, after three years of decline, there was significant growth in the South African vermouth market, when its value increased by 8.4% to $X. In general, consumption, however, continues to indicate a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2016 to 2022, the growth of the market remained at a lower figure.

Vermouth Production in South Africa

In value terms, vermouth production fell slightly to $X in 2022 estimated in export price. Overall, production, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 when the production volume increased by 14% against the previous year. Over the period under review, production reached the peak level at $X in 2015; however, from 2016 to 2022, production remained at a lower figure.

Vermouth Exports

Exports from South Africa

In 2022, overseas shipments of vermouth decreased by -30.9% to X litres for the first time since 2019, thus ending a two-year rising trend. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2014 when exports increased by 842% against the previous year. Over the period under review, the exports hit record highs at X litres in 2021, and then contracted sharply in the following year.

In value terms, vermouth exports contracted notably to $X in 2022. In general, exports, however, recorded a resilient expansion. The pace of growth appeared the most rapid in 2014 with an increase of 1,359%. As a result, the exports reached the peak of $X. From 2015 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Namibia (X litres) was the main destination for vermouth exports from South Africa, with a 98% share of total exports. It was followed by Botswana (X litres), with a 0.1% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to Namibia totaled +35.1%.

In value terms, Namibia ($X) remains the key foreign market for vermouth exports from South Africa, comprising 93% of total exports. The second position in the ranking was taken by Botswana ($X), with a 0.6% share of total exports.

From 2012 to 2022, the average annual growth rate of value to Namibia totaled +27.5%.

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, dropping by -4.2% against the previous year. In general, the export price saw a abrupt descent. The most prominent rate of growth was recorded in 2014 an increase of 55%. As a result, the export price reached the peak level of $X per litre. From 2015 to 2022, the average export prices remained at a lower figure.

There were significant differences in the average prices for the major foreign markets. In 2022, amid the top suppliers, the country with the highest price was Botswana ($X per litre), while the average price for exports to Namibia stood at $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Botswana (+4.8%).

Vermouth Imports

Imports into South Africa

In 2022, purchases abroad of vermouth increased by 21% to X litres, rising for the third year in a row after five years of decline. In general, imports, however, recorded a pronounced curtailment. The pace of growth was the most pronounced in 2014 when imports increased by 38% against the previous year. Imports peaked at X litres in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, vermouth imports surged to $X in 2022. Overall, imports, however, showed a pronounced shrinkage. The growth pace was the most rapid in 2021 when imports increased by 78% against the previous year. Over the period under review, imports reached the maximum at $X in 2014; however, from 2015 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Italy (X litres) constituted the largest supplier of vermouth to South Africa, accounting for a 78% share of total imports. Moreover, vermouth imports from Italy exceeded the figures recorded by the second-largest supplier, Spain (X litres), sixfold. Portugal (X litres) ranked third in terms of total imports with a 5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-11.8% per year) and Portugal (+5.1% per year).

In value terms, Italy ($X) constituted the largest supplier of vermouth to South Africa, comprising 85% of total imports. The second position in the ranking was held by France ($X), with a 7.4% share of total imports. It was followed by Portugal, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Italy was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: France (-5.8% per year) and Portugal (+8.2% per year).

Import Prices by Country

In 2022, the average vermouth import price amounted to $X per litre, picking up by 20% against the previous year. In general, import price indicated a modest expansion from 2012 to 2022: its price increased at an average annual rate of +1.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, vermouth import price increased by +88.2% against 2020 indices. The pace of growth appeared the most rapid in 2021 when the average import price increased by 56% against the previous year. Over the period under review, average import prices hit record highs at $X per litre in 2013; however, from 2014 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 France ($X per litre), while the price for Spain ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+7.3%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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