Canada: Rum Market 2024

Rum Market Size in Canada

For the third year in a row, the Canadian rum market recorded growth in sales value, which increased by 3.6% to $X in 2022. In general, consumption saw a perceptible expansion. Over the period under review, the market reached the maximum level in 2022 and is likely to see steady growth in the near future.

Rum Production in Canada

In value terms, rum production amounted to $X in 2022 estimated in export price. In general, production saw a resilient increase. The most prominent rate of growth was recorded in 2017 with an increase of 801% against the previous year. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Rum Exports

Exports from Canada

In 2022, the amount of rum exported from Canada soared to X litres, jumping by 31% on 2021 figures. Over the period under review, exports saw a prominent increase. The pace of growth was the most pronounced in 2013 when exports increased by 93%. Over the period under review, the exports attained the peak figure at X litres in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

In value terms, rum exports skyrocketed to $X in 2022. Overall, exports recorded a strong increase. The most prominent rate of growth was recorded in 2014 with an increase of 64% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United States (X litres) was the main destination for rum exports from Canada, with a 63% share of total exports. Moreover, rum exports to the United States exceeded the volume sent to the second major destination, South Africa (X litres), sevenfold. The third position in this ranking was taken by Mexico (X litres), with a 7.6% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United States totaled +5.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+186.9% per year) and Mexico (+26.1% per year).

In value terms, the United States ($X) remains the key foreign market for rum exports from Canada, comprising 63% of total exports. The second position in the ranking was held by South Africa ($X), with an 8.7% share of total exports. It was followed by Mexico, with a 7.6% share.

From 2012 to 2022, the average annual growth rate of value to the United States stood at +13.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: South Africa (+203.5% per year) and Mexico (+19.4% per year).

Export Prices by Country

The average rum export price stood at $X per litre in 2022, which is down by -3.8% against the previous year. In general, the export price, however, showed resilient growth. The most prominent rate of growth was recorded in 2017 an increase of 41% against the previous year. The export price peaked at $X per litre in 2021, and then fell modestly in the following year.

Average prices varied noticeably for the major overseas markets. In 2022, amid the top suppliers, the countries with the highest prices were Mexico ($X per litre) and South Africa ($X per litre), while the average price for exports to Australia ($X per litre) and Spain ($X per litre) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+8.4%), while the prices for the other major destinations experienced mixed trend patterns.

Rum Imports

Imports into Canada

In 2022, rum imports into Canada skyrocketed to X litres, rising by 16% against 2021 figures. Over the period under review, imports, however, showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2014 with an increase of 50% against the previous year. As a result, imports reached the peak of X litres. From 2015 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rum imports expanded significantly to $X in 2022. The total import value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2018 when imports increased by 27%. Imports peaked in 2022 and are expected to retain growth in the immediate term.

Imports by Country

In 2022, the United States (X litres) constituted the largest supplier of rum to Canada, with a 51% share of total imports. Moreover, rum imports from the United States exceeded the figures recorded by the second-largest supplier, Barbados (X litres), fivefold. The third position in this ranking was held by Jamaica (X litres), with a 6.5% share.

From 2012 to 2022, the average annual growth rate of volume from the United States stood at -7.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Barbados (+20.5% per year) and Jamaica (-5.1% per year).

In value terms, the United States ($X) constituted the largest supplier of rum to Canada, comprising 51% of total imports. The second position in the ranking was held by Barbados ($X), with an 11% share of total imports. It was followed by Jamaica, with a 6.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Barbados (+13.3% per year) and Jamaica (-5.2% per year).

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, falling by -7.1% against the previous year. Over the period under review, the import price, however, posted a resilient expansion. The most prominent rate of growth was recorded in 2015 when the average import price increased by 21%. The import price peaked at $X per litre in 2021, and then contracted in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the highest price was recorded for prices from Guatemala ($X per litre) and Cuba ($X per litre), while the price for France ($X per litre) and the Dominican Republic ($X per litre) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Guatemala (+15.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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