Western Africa: Vermouth Market 2024

Vermouth Market Size in Western Africa

The West African vermouth market expanded markedly to $X in 2022, picking up by 5.4% against the previous year. Over the period under review, consumption posted a buoyant increase. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption remained at a lower figure.

Vermouth Production in Western Africa

In value terms, vermouth production amounted to $X in 2022 estimated in export price. Overall, production recorded a buoyant expansion. The growth pace was the most rapid in 2017 with an increase of 43% against the previous year. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Vermouth Exports

Exports in Western Africa

In 2022, shipments abroad of vermouth decreased by -31.7% to X litres, falling for the second year in a row after two years of growth. In general, exports recorded a perceptible decrease. The most prominent rate of growth was recorded in 2020 with an increase of 286% against the previous year. As a result, the exports reached the peak of X litres. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, vermouth exports reduced markedly to $X in 2022. Over the period under review, exports showed a abrupt setback. The growth pace was the most rapid in 2020 with an increase of 141%. As a result, the exports reached the peak of $X. From 2021 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

In 2022, Benin (X litres) was the largest exporter of vermouth, achieving 54% of total exports. Ghana (X litres) ranks second in terms of the total exports with a 25% share, followed by Togo (7.3%). The following exporters - Burkina Faso (X litres), Senegal (X litres), Nigeria (X litres) and Cabo Verde (X litres) - together made up 14% of total exports.

Exports from Benin increased at an average annual rate of +4.8% from 2012 to 2022. At the same time, Senegal (+7.1%) and Cabo Verde (+3.4%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +7.1% from 2012-2022. Burkina Faso experienced a relatively flat trend pattern. By contrast, Togo (-3.3%), Ghana (-10.2%) and Nigeria (-20.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Benin, Senegal, Burkina Faso and Cabo Verde increased by +32, +2.4, +1.7 and +1.5 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cabo Verde ($X), Ghana ($X) and Senegal ($X) appeared to be the countries with the highest levels of exports in 2022, with a combined 67% share of total exports.

Cabo Verde, with a CAGR of +16.8%, recorded the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per litre in 2022, dropping by -15.1% against the previous year. Over the period under review, the export price saw a noticeable downturn. The most prominent rate of growth was recorded in 2013 an increase of 35%. As a result, the export price attained the peak level of $X per litre. From 2014 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Cabo Verde ($X per litre), while Benin ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cabo Verde (+12.9%), while the other leaders experienced more modest paces of growth.

Vermouth Imports

Imports in Western Africa

For the fourth consecutive year, Western Africa recorded growth in supplies from abroad of vermouth, which increased by 9.8% to X litres in 2022. Overall, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 31% against the previous year. The volume of import peaked at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, vermouth imports surged to $X in 2022. Total imports indicated a mild expansion from 2012 to 2022: its value increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +125.2% against 2016 indices. The most prominent rate of growth was recorded in 2019 with an increase of 37%. Over the period under review, imports hit record highs in 2022 and are likely to continue growth in the immediate term.

Imports by Country

Burkina Faso (X litres) and Ghana (X litres) were the main importers of vermouth in 2022, accounting for near 32% and 21% of total imports, respectively. It was distantly followed by Nigeria (X litres), Cote d'Ivoire (X litres), Benin (X litres), Senegal (X litres) and Guinea (X litres), together constituting a 38% share of total imports. Cabo Verde (X litres) held a relatively small share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Nigeria (with a CAGR of +52.0%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Nigeria ($X) and Burkina Faso ($X) appeared to be the countries with the highest levels of imports in 2022, together accounting for 57% of total imports.

Among the main importing countries, Nigeria, with a CAGR of +59.1%, saw 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 2022, the import price in Western Africa amounted to $X per litre, rising by 14% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.0%. The most prominent rate of growth was recorded in 2014 an increase of 15% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Senegal ($X per litre), while Burkina Faso ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (+5.8%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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