Vermouth and other flavoured wine market in Greece

Earlier Report Observations

The market for vermouth and other flavoured wine in Greece saw its total volume reach 2.4 million litres in 2023, following a period of fluctuation from 2018. Domestic production more than halved over this timeframe, falling from over 1 million litres to just 495 thousand litres. This decline was offset by variable import volumes, which peaked at 1.9 million litres in 2023, allowing the overall market size to grow after a dip in the early 2020s.

A key driver of the sharp production drop in 2023 was consecutive heat waves and heavy rainfall that significantly damaged Greek vineyards, reducing the wine base essential for vermouth. Meanwhile, imports surged that year, maintaining total market supply. By 2024, imports retreated, aligning with reported shifts in consumer preferences and a slight decline in inbound shipments. Market dynamics were further influenced by a growing consumer interest in organic and biodynamic wines and increased investment in promoting domestic products through on-trade channels like wine bars.

Production vermouth and other flavoured wine in Greece

In kind, 2017-2020, M l

Globally, Greece ranked as the 23rd largest producer of vermouth and other flavoured wine from 2017 to 2020.

Top producers of vermouth and other flavoured wine, 2017-2020

World map of production of vermouth and other flavoured wine, 2017-2020

Following a two-year decline, Greece's production volume of vermouth and other flavoured wine increased. In 2020, production reached 1.0 M l, showing no significant change from the previous year. Over the period from 2017 to 2020, production decreased by 3.4%, which translates to an annualized rate of 1.1%. The lowest production level was recorded in 2019 at 1.0 M l, with the largest decline of 3.2% occurring in that same year.

Annual dynamics of production in Greece in kind, 2017-2020, M l

Exports vermouth and other flavoured wine from Greece

Exports in kind, K l

Market performance showed noticeable fluctuations during this period. Exports reached their lowest point in 2017 and peaked in 2018, with a 3.5-fold difference between these years. In 2020, exports from Greece amounted to 22 K l, marking a 30.4% increase compared to 2019. The highest export volume was recorded in 2018 at 27 K l. The largest decline of 37.8% occurred in 2019, while the largest increase of 246.8% was observed in 2018.

Annual dynamics of product's exports from Greece in kind, 2017-2020, K l

From 2017 to 2020, Greece's exports of vermouth and other flavoured wine were distributed across numerous countries. The top three destinations were the United States (25.2% of exports in kind), Australia (11.9%), and Cyprus (10.4%), which together accounted for 47.6% of total export flows.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Greece in kind, 2017-2020

Exports in value, K $ US

The market displayed an unstable trend throughout this timeframe. Exports hit their lowest point in 2017 and peaked in 2018, with a 3.6-fold gap between these years. In 2020, the value of exported vermouth and other flavoured wine from Greece totaled 95 K $ US, representing a significant gain of 23.2% over 2019. The maximum value was recorded in 2018 at 152 K $ US. The largest decline of 49.4% occurred in 2019, while the largest increase of 262.0% was observed in 2018.

Annual dynamics of product's exports from Greece in value, 2017-2020, K $ US

During 2017–2020, the United States (18.3% of exports in value terms), Cyprus (14.7%), and Australia (11.4%) were key buyers of vermouth and other flavoured wine from Greece. However, their combined share reached only 44.5% of total export value, with the remaining 55.5% distributed among many other trading partners.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Greece in value, 2017-2020

Imports vermouth and other flavoured wine to Greece

Imports in kind, K l

In 2020, Greece's imports of vermouth and other flavoured wine amounted to 1 174 K l, down by 20.4% compared to 2019. Between 2017 and 2020, imports decreased by 33.9%, equating to an annualized rate of 12.9%. The largest decline of 30.8% was recorded in 2018, while the largest increase of 20.0% occurred in 2019.

Annual dynamics of product's imports to Greece in kind, 2017-2020, K l

From 2017 to 2020, Spain (50.5% of imports in kind), Germany (27.3%), and Italy (14.6%) were the principal sources for Greece's imports, jointly accounting for 92.5% of total import flows.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Greece in kind, 2017-2020

Imports in value, K $ US

After a two-year increase, Greece's imports of vermouth and other flavoured wine declined. In 2020, imports totaled 2 579 K $ US, marking an abrupt fall of 27.2% compared to 2019. Over the period 2017–2020, imports decreased by 21.6%, with a compound annual growth rate (CAGR) of -7.8%. The maximum value was recorded in 2019 at 3 544 K $ US, while the largest increase of 7.4% occurred in 2018.

Annual dynamics of product's imports to Greece in value, 2017-2020, K $ US

In 2017–2020, Italy (40.2% of imports in value terms), Spain (27.8%), and Germany (15.7%) accounted for the largest share of Greece's imports by value, together comprising 83.8% of total import flows.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Greece in value, 2017-2020