In 2023, Thailand imported vermouth and other flavoured grape wine worth $8.037 million. This market has grown significantly since 2013, which saw imports valued at $1.197 million. The highest growth rate occurred in 2014, with a 240.77% year-on-year increase. Subsequent years have seen varied growth rates, with noticeable fluctuations such as the -16.98% decrease in 2016 and an impressive 73.44% increase in 2017. Over the last five years (2018-2023), the average annual growth rate (CAGR) stood at 6.47%.
Future trends to watch for include:
- The forecasted steady CAGR of 2.99% over the next five years (2024-2028), which implies a moderate yet consistent growth trend.
- Imports are projected to reach $9.7117 million by 2028, reflecting a forecasted growth rate of 15.9% over five years.
