Thailand: Vermouth Market 2024

Vermouth Market Size in Thailand

In 2022, the Thai vermouth market was finally on the rise to reach $X after three years of decline. Over the period under review, consumption showed a relatively flat trend pattern. As a result, consumption attained the peak level of $X. From 2017 to 2022, the growth of the market remained at a lower figure.

Vermouth Production in Thailand

In value terms, vermouth production reduced modestly to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2016 with an increase of 16% against the previous year. As a result, production attained the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Vermouth Exports

Exports from Thailand

In 2022, the amount of vermouth exported from Thailand surged to X litres, picking up by 100% on the previous year's figure. Overall, exports showed a remarkable increase. The pace of growth appeared the most rapid in 2021 with an increase of 222% against the previous year. The exports peaked in 2022 and are expected to retain growth in years to come.

In value terms, vermouth exports surged to $X in 2022. Over the period under review, exports posted a strong expansion. The most prominent rate of growth was recorded in 2018 with an increase of 183%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Cambodia (X litres) was the main destination for vermouth exports from Thailand, with a 88% share of total exports. Moreover, vermouth exports to Cambodia exceeded the volume sent to the second major destination, Myanmar (X litres), ninefold. The third position in this ranking was held by China (X litres), with a 0.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Cambodia stood at +280.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-5.8% per year) and China (-4.9% per year).

In value terms, Cambodia ($X) remains the key foreign market for vermouth exports from Thailand, comprising 79% of total exports. The second position in the ranking was taken by Myanmar ($X), with a 17% share of total exports. It was followed by China, with a 0.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Cambodia amounted to +165.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Myanmar (-3.4% per year) and China (-8.5% per year).

Export Prices by Country

In 2022, the average vermouth export price amounted to $X per litre, falling by -23.8% against the previous year. In general, the export price recorded a noticeable decrease. The pace of growth was the most pronounced in 2020 when the average export price increased by 52%. The export price peaked at $X per litre in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

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 Vietnam ($X per litre), while the average price for exports to Hong Kong SAR ($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 Vietnam (+18.7%), while the prices for the other major destinations experienced more modest paces of growth.

Vermouth Imports

Imports into Thailand

After four years of decline, overseas purchases of vermouth increased by 130% to X litres in 2022. In general, imports enjoyed a significant increase. The pace of growth was the most pronounced in 2014 with an increase of 225%. Over the period under review, imports reached the peak figure at X litres in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, vermouth imports surged to $X in 2022. Over the period under review, imports posted a significant expansion. The most prominent rate of growth was recorded in 2014 when imports increased by 241%. Imports peaked at $X in 2017; however, from 2018 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Australia (X litres) constituted the largest vermouth supplier to Thailand, accounting for a 64% share of total imports. Moreover, vermouth imports from Australia exceeded the figures recorded by the second-largest supplier, Italy (X litres), fivefold. The third position in this ranking was taken by France (X litres), with a 7.3% share.

From 2012 to 2022, the average annual growth rate of volume from Australia amounted to +5.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+7.0% per year) and France (+106.2% per year).

In value terms, Australia ($X) constituted the largest supplier of vermouth to Thailand, comprising 61% of total imports. The second position in the ranking was held by Italy ($X), with a 13% share of total imports. It was followed by Vietnam, with a 10% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Australia stood at +3.5%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+4.7% per year) and Vietnam (+6.1% per year).

Import Prices by Country

The average vermouth import price stood at $X per litre in 2022, reducing by -9.5% against the previous year. In general, the import price saw a pronounced contraction. The growth pace was the most rapid in 2019 when the average import price increased by 32% against the previous year. The import price peaked at $X per litre in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Vietnam ($X per litre), while the price for South Africa ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (+10.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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