Spain: Vermouth Market 2024

Vermouth Market Size in Spain

The Spanish vermouth market shrank sharply to $X in 2022, which is down by -74.7% against the previous year. Over the period under review, consumption faced a abrupt contraction. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Vermouth Production in Spain

In value terms, vermouth production surged to $X in 2022 estimated in export price. In general, the total production indicated a buoyant increase from 2012 to 2022: its value increased at an average annual rate of +8.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +86.8% against 2019 indices. As a result, production reached the peak level and is likely to continue growth in the immediate term.

Vermouth Exports

Exports from Spain

In 2022, overseas shipments of vermouth increased by 5.8% to X litres, rising for the third consecutive year after two years of decline. In general, exports, however, showed a slight curtailment. The pace of growth was the most pronounced in 2014 when exports increased by 17%. Over the period under review, the exports hit record highs at X litres in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, vermouth exports totaled $X in 2022. Over the period under review, exports continue to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2013 when exports increased by 19%. The exports peaked at $X in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X litres), France (X litres) and Portugal (X litres) were the main destinations of vermouth exports from Spain, with a combined 39% share of total exports. Germany, Belgium, Japan, the UK, Costa Rica, Panama, Italy, Greece, Togo and Ghana lagged somewhat behind, together comprising 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 Costa Rica (with a CAGR of +29.8%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), France ($X) and Japan ($X) constituted the largest markets for vermouth exported from Spain worldwide, together accounting for 41% of total exports. Germany, Belgium, Portugal, the UK, Panama, Costa Rica, Greece, Italy, Togo and Ghana lagged somewhat behind, together accounting for a further 27%.

Costa Rica, with a CAGR of +37.4%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, waning by -5.2% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.8%. The most prominent rate of growth was recorded in 2013 an increase of 51% against the previous year. As a result, the export price reached the peak level of $X per litre. From 2014 to 2022, the average export prices remained at a somewhat 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 Japan ($X per litre), while the average price for exports to Portugal ($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 Costa Rica (+5.9%), while the prices for the other major destinations experienced more modest paces of growth.

Vermouth Imports

Imports into Spain

Vermouth imports into Spain fell modestly to X litres in 2022, declining by -3.6% on the previous year's figure. Overall, imports showed a slight setback. The growth pace was the most rapid in 2016 with an increase of 138%. Over the period under review, imports hit record highs at X litres in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, vermouth imports declined notably to $X in 2022. In general, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2016 with an increase of 231% against the previous year. Imports peaked at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Italy (X litres) was the main supplier of vermouth to Spain, with a 95% share of total imports. It was followed by Germany (X litres), with a 2.8% share of total imports.

From 2012 to 2022, the average annual growth rate of volume from Italy totaled -1.9%.

In value terms, Italy ($X) constituted the largest supplier of vermouth to Spain, comprising 94% of total imports. The second position in the ranking was held by Germany ($X), with a 2.1% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Italy totaled -6.0%.

Import Prices by Country

In 2022, the average vermouth import price amounted to $X per litre, waning by -13.1% against the previous year. Overall, the import price continues to indicate a pronounced decrease. The most prominent rate of growth was recorded in 2016 when the average import price increased by 39% against the previous year. The import price peaked at $X per litre in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($X per litre), while the price for Germany totaled $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+1.2%).

Source: IndexBox Platform

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