Italian vermouth exports grow by double digits
Shipments of vermouth from Italy in November 2023 were up by 14.2% compared with the same month in the previous year.
According to data from market intelligence platform IndexBox, Italian vermouth exports totalled 12 million litres, worth US$28 million, for the month.
Total exports increased at an average monthly rate of 1.1% from November 2022 to November 2023.
Although the figure was an increase on November 2022, it represented a 9.7% month-on-month fall following two months of growth.
For the month, Latvia (2.4m litres), Germany (2.3m litres) and Spain (1.4m litres) were the main destinations of vermouth exports from Italy, representing 49% of total exports.
Meanwhile, by value, Latvia (US$4.9m), the US (US$3.2m) and Germany (US$2.9m) were the largest markets.
Belgium, with a compound annual growth rate (CAGR) of +5.6%, saw the highest growth rate for the value of exports.
Vermouth prices were around US$2.30 per litre, which represented a 3.3% decline on the previous month but an average monthly rate growth of 1.2% in the previous 12 months.
The US had the highest price, at US$6.40 per litre, while Germany had one of the lowest at $1.30 per litre.
In 2023, Italian Vermouth di Torino was granted trademark certification in the US.
Vermouth’s growing popularity has been attributed to the boom of classic cocktails and an increased interest in lower ABV serves.
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