Latin America and the Caribbean: Wine Market 2023

Wine Market Size in Latin America and the Caribbean

In 2021, the Latin American wine market was finally on the rise to reach $X after three years of decline. Overall, consumption, however, saw a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Wine Production in Latin America and the Caribbean

In value terms, wine production stood at $X in 2021 estimated in export price. Overall, production showed a mild reduction. The most prominent rate of growth was recorded in 2014 with an increase of 4% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Wine Exports

Exports in Latin America and the Caribbean

After two years of growth, shipments abroad of wine and grape must decreased by -2.3% to X litres in 2021. In general, exports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when exports increased by 8.2% against the previous year. As a result, the exports reached the peak of X litres. From 2014 to 2021, the growth of the exports failed to regain momentum.

In value terms, wine exports expanded markedly to $X in 2021. Overall, exports, however, continue to indicate a relatively flat trend pattern. The level of export peaked at $X in 2017; afterwards, it flattened through to 2021.

Exports by Country

Chile was the largest exporter of wine and grape must in Latin America and the Caribbean, with the volume of exports accounting for X litres, which was approx. 73% of total exports in 2021. It was distantly followed by Argentina (X litres), generating a 25% share of total exports.

Chile was also the fastest-growing in terms of the wine and grape must exports, with a CAGR of +1.6% from 2012 to 2021. Argentina (-2.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Chile increased by +8.9 percentage points.

In value terms, Chile ($X) remains the largest wine supplier in Latin America and the Caribbean, comprising 69% of total exports. The second position in the ranking was taken by Argentina ($X), with a 29% share of total exports.

In Chile, wine exports expanded at an average annual rate of +1.0% over the period from 2012-2021.

Export Prices by Country

The export price in Latin America and the Caribbean stood at $X per litre in 2021, picking up by 11% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The level of export peaked at $X per litre in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Argentina ($X per litre), while Chile amounted to $X per litre.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Argentina (+1.5%).

Wine Imports

Imports in Latin America and the Caribbean

For the third year in a row, LatAmerica and the Caribbean recorded growth in overseas purchases of wine and grape must, which increased by 18% to X litres in 2021. The total import volume increased at an average annual rate of +4.3% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2017 with an increase of 22%. Over the period under review, imports attained the peak figure in 2021 and are expected to retain growth in the immediate term.

In value terms, wine imports soared to $X in 2021. The total import value increased at an average annual rate of +4.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

Brazil was the major importer of wine and grape must in Latin America and the Caribbean, with the volume of imports recording X litres, which was approx. 39% of total imports in 2021. Mexico (X litres) took the second position in the ranking, distantly followed by Paraguay (X litres) and Colombia (X litres). All these countries together took approx. 28% share of total imports. The following importers - the Dominican Republic (X litres), Peru (X litres), Ecuador (X litres), Costa Rica (X litres), Guatemala (X litres), Chile (X litres), Venezuela (X litres) and Haiti (X litres) - together made up 20% of total imports.

Imports into Brazil increased at an average annual rate of +8.1% from 2012 to 2021. At the same time, Chile (+24.4%), Guatemala (+9.5%), Ecuador (+9.1%), the Dominican Republic (+5.3%), Colombia (+4.5%), Mexico (+4.4%), Costa Rica (+4.3%) and Peru (+3.6%) displayed positive paces of growth. Moreover, Chile emerged as the fastest-growing importer imported in Latin America and the Caribbean, with a CAGR of +24.4% from 2012-2021. Haiti and Paraguay experienced a relatively flat trend pattern. By contrast, Venezuela (-12.3%) illustrated a downward trend over the same period. Brazil (+11 p.p.) significantly strengthened its position in terms of the total imports, while Paraguay and Venezuela saw its share reduced by -2.8% and -6.1% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Brazil ($X), Mexico ($X) and Colombia ($X) appeared to be the countries with the highest levels of imports in 2021, with a combined 63% share of total imports. The Dominican Republic, Paraguay, Peru, Costa Rica, Ecuador, Chile, Guatemala, Venezuela and Haiti lagged somewhat behind, together comprising a further 21%.

Chile, with a CAGR of +14.2%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Latin America and the Caribbean amounted to $X per litre, with an increase of 6.5% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the import price increased by 6.8%. The level of import peaked at $X per litre in 2015; however, from 2016 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Haiti (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

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