Uruguay: Wine Market 2024

Wine Market Size in Uruguay

In 2021, the Uruguayan wine market decreased by -1.9% to $X for the first time since 2018, thus ending a two-year rising trend. Over the period under review, consumption saw a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Wine Production in Uruguay

In value terms, wine production contracted modestly to $X in 2021 estimated in export price. Overall, production, however, saw a noticeable expansion. The pace of growth appeared the most rapid in 2014 with an increase of 112%. Over the period under review, production attained the maximum level at $X in 2015; however, from 2016 to 2021, production failed to regain momentum.

Wine Exports

Exports from Uruguay

In 2021, wine exports from Uruguay plummeted to X litres, reducing by -21.9% against 2020 figures. Overall, exports saw a drastic downturn. The pace of growth was the most pronounced in 2018 with an increase of 184% against the previous year. The exports peaked at X litres in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

In value terms, wine exports reached $X in 2021. Over the period under review, exports continue to indicate a slight decrease. The most prominent rate of growth was recorded in 2018 with an increase of 74% against the previous year. As a result, the exports attained the peak of $X. From 2019 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Brazil (X litres) was the main destination for wine exports from Uruguay, accounting for a 63% share of total exports. Moreover, wine exports to Brazil exceeded the volume sent to the second major destination, the United States (X litres), sevenfold. Russia (X litres) ranked third in terms of total exports with a 5.7% share.

From 2012 to 2021, the average annual growth rate of volume to Brazil amounted to +14.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+13.2% per year) and Russia (-34.1% per year).

In value terms, Brazil ($X) remains the key foreign market for wine exports from Uruguay, comprising 55% of total exports. The second position in the ranking was held by the United States ($X), with a 15% share of total exports. It was followed by the UK, with a 4.2% share.

From 2012 to 2021, the average annual growth rate of value to Brazil amounted to +9.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+7.0% per year) and the UK (+9.6% per year).

Export Prices by Country

In 2021, the average wine export price amounted to $X per litre, rising by 37% against the previous year. In general, the export price showed a strong increase. The most prominent rate of growth was recorded in 2014 when the average export price increased by 108%. Over the period under review, the average export prices hit record highs at $X per litre in 2015; however, from 2016 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United States ($X per litre), while the average price for exports to Russia ($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 Russia (+4.6%), while the prices for the other major destinations experienced mixed trend patterns.

Wine Imports

Imports into Uruguay

Wine imports into Uruguay surged to X litres in 2021, picking up by 25% on the previous year's figure. In general, imports saw a relatively flat trend pattern. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, wine imports expanded sharply to $X in 2021. Overall, imports, however, showed a mild reduction. The growth pace was the most rapid in 2020 when imports increased by 24% against the previous year. Over the period under review, imports hit record highs at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Argentina (X litres) constituted the largest supplier of wine to Uruguay, with a 68% share of total imports. Moreover, wine imports from Argentina exceeded the figures recorded by the second-largest supplier, Chile (X litres), threefold. The third position in this ranking was taken by Brazil (X litres), with a 2.7% share.

From 2012 to 2021, the average annual growth rate of volume from Argentina totaled +2.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (-1.4% per year) and Brazil (+76.8% per year).

In value terms, Argentina ($X) constituted the largest supplier of wine to Uruguay, comprising 67% of total imports. The second position in the ranking was taken by Chile ($X), with a 23% share of total imports. It was followed by Spain, with a 4% share.

From 2012 to 2021, the average annual growth rate of value from Argentina was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Chile (+1.5% per year) and Spain (-9.2% per year).

Import Prices by Country

In 2021, the average wine import price amounted to $X per litre, with a decrease of -13.8% against the previous year. Over the period under review, the import price continues to indicate a noticeable setback. The growth pace was the most rapid in 2017 when the average import price increased by 5.3%. Over the period under review, average import prices hit record highs at $X per litre in 2012; however, from 2013 to 2021, 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 ($X per litre), while the price for Brazil ($X per litre) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Chile (+2.9%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

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