Worldwide Rum Market: Anticipated CAGR of +3.4% in Volume and +5.7% in Value from 2024 to 2030

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Driven by increasing worldwide demand, the rum market is projected to see a +3.4% CAGR in volume and a +5.7% CAGR in value from 2024 to 2030. By the end of 2030, the market volume is expected to reach 975M litres and the market value is projected to hit $5.5B.

Market Forecast

Driven by increasing demand for rum worldwide, the market is expected to continue an upward consumption trend over the next six-year period. Market performance is forecast to accelerate, expanding with an anticipated CAGR of +3.4% for the period from 2024 to 2030, which is projected to bring the market volume to 975M litres by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.7% for the period from 2024 to 2030, which is projected to bring the market value to $5.5B (in nominal wholesale prices) by the end of 2030.

Consumption

World Consumption of Rum

In 2024, the amount of rum consumed worldwide contracted slightly to 797M litres, shrinking by -3.6% on 2023. Overall, consumption, however, continues to indicate a relatively flat trend pattern. Over the period under review, global consumption reached the maximum volume at 952M litres in 2019; however, from 2020 to 2024, consumption failed to regain momentum.

The global rum market revenue declined slightly to $4B in 2024, shrinking by -2.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.3% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded in certain years. Over the period under review, the global market reached the peak level at $4.1B in 2023, and then dropped in the following year.

Consumption By Country

The countries with the highest volumes of consumption in 2024 were China (169M litres), the United States (101M litres) and India (67M litres), together accounting for 42% of global consumption. France, Italy, Pakistan, Brazil, Spain, Germany and Chile lagged somewhat behind, together accounting for a further 25%.

From 2013 to 2024, the biggest increases were recorded for Italy (with a CAGR of +11.1%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, China ($516M), the United States ($429M) and France ($404M) constituted the countries with the highest levels of market value in 2024, together comprising 34% of the global market. Italy, Pakistan, Spain, India, Germany, Brazil and Chile lagged somewhat behind, together comprising a further 29%.

Italy, with a CAGR of +18.5%, saw the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of rum per capita consumption in 2024 were Chile (912 litres per 1000 persons), Italy (685 litres per 1000 persons) and France (661 litres per 1000 persons).

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the key consuming countries, was attained by Italy (with a CAGR of +11.3%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Rum

In 2024, approx. 836M litres of rum were produced worldwide; standing approx. at the year before. The total output volume increased at an average annual rate of +1.2% over the period from 2013 to 2024; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 11%. Global production peaked at 963M litres in 2019; however, from 2020 to 2024, production failed to regain momentum.

In value terms, rum production totaled $3.9B in 2024 estimated in export price. Over the period under review, the total production indicated a noticeable increase from 2013 to 2024: its value increased at an average annual rate of +3.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -0.1% against 2022 indices. The pace of growth appeared the most rapid in 2018 with an increase of 23%. Over the period under review, global production attained the peak level at $3.9B in 2022; afterwards, it flattened through to 2024.

Production By Country

The countries with the highest volumes of production in 2024 were China (165M litres), the United States (106M litres) and India (80M litres), together comprising 42% of global production. France, the Dominican Republic, Brazil, Cuba, Italy, Guatemala and Pakistan lagged somewhat behind, together accounting for a further 28%.

From 2013 to 2024, the most notable rate of growth in terms of production, amongst the main producing countries, was attained by Italy (with a CAGR of +17.7%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Rum

In 2024, overseas purchases of rum decreased by -12.9% to 276M litres, falling for the second year in a row after two years of growth. Over the period under review, imports recorded a perceptible setback. The most prominent rate of growth was recorded in 2021 when imports increased by 16% against the previous year. Global imports peaked at 382M litres in 2019; however, from 2020 to 2024, imports stood at a somewhat lower figure.

In value terms, rum imports fell to $1.8B in 2024. Overall, imports, however, continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 21%. Global imports peaked at $2.1B in 2022; however, from 2023 to 2024, imports stood at a somewhat lower figure.

Imports By Country

In 2024, the United States (28M litres), Italy (23M litres), the UK (23M litres), the Netherlands (22M litres), Spain (21M litres), Chile (18M litres), Canada (13M litres) and Germany (12M litres) was the key importer of rum in the world, generating 57% of total import. The United Arab Emirates (7.2M litres) and France (6.7M litres) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for the United Arab Emirates (with a CAGR of +12.5%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, Italy ($267M), the United States ($172M) and Spain ($155M) were the countries with the highest levels of imports in 2024, together accounting for 33% of global imports.

Italy, with a CAGR of +14.0%, recorded the highest growth rate of the value of imports, among the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2024, the average rum import price amounted to $6.6 per litre, with an increase of 2.9% against the previous year. In general, import price indicated noticeable growth from 2013 to 2024: its price increased at an average annual rate of +2.9% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 33% against the previous year. Over the period under review, average import prices hit record highs in 2024 and is expected to retain growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Italy ($12 per litre), while Chile ($758 per thousand litres) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Italy (+9.5%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Rum

In 2024, shipments abroad of rum decreased by -2.2% to 315M litres, falling for the second year in a row after two years of growth. Overall, exports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 17%. Over the period under review, the global exports reached the maximum at 393M litres in 2019; however, from 2020 to 2024, the exports failed to regain momentum.

In value terms, rum exports reduced to $1.6B in 2024. In general, total exports indicated a measured expansion from 2013 to 2024: its value increased at an average annual rate of +2.2% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports decreased by -16.0% against 2022 indices. The pace of growth was the most pronounced in 2021 when exports increased by 24% against the previous year. Over the period under review, the global exports attained the maximum at $1.9B in 2022; however, from 2023 to 2024, the exports stood at a somewhat lower figure.

Exports By Country

In 2024, the Dominican Republic (45M litres), the United States (32M litres), Cuba (30M litres), Guatemala (25M litres), Nicaragua (22M litres), the Netherlands (17M litres), Jamaica (17M litres), Venezuela (14M litres) and India (13M litres) was the major exporter of rum in the world, generating 69% of total export. Italy (12M litres) followed a long way behind the leaders.

From 2013 to 2024, the biggest increases were recorded for India (with a CAGR of +21.4%), while shipments for the other global leaders experienced more modest paces of growth.

In value terms, the largest rum supplying countries worldwide were Italy ($195M), the Netherlands ($143M) and the United States ($138M), together accounting for 30% of global exports.

Italy, with a CAGR of +17.3%, saw 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 global leaders experienced more modest paces of growth.

Export Prices By Country

The average rum export price stood at $5.1 per litre in 2024, dropping by -10.7% against the previous year. In general, export price indicated a moderate increase from 2013 to 2024: its price increased at an average annual rate of +3.0% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 29% against the previous year. The global export price peaked at $5.7 per litre in 2023, and then fell in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Italy ($16 per litre), while Nicaragua ($1.5 per litre) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by the Netherlands (+15.9%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform