Colombia: Rum Market 2024

Rum Market Size in Colombia

The Colombian rum market contracted modestly to $X in 2022, approximately reflecting the previous year. Over the period under review, the total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +6.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +82.1% against 2012 indices. Over the period under review, the market hit record highs at $X in 2021, and then dropped in the following year.

Rum Production in Colombia

In value terms, rum production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.0% over the period from 2012 to 2022; however, the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 24%. As a result, production reached the peak level of $X. From 2019 to 2022, production growth remained at a lower figure.

Rum Exports

Exports from Colombia

In 2022, the amount of rum exported from Colombia dropped to X litres, with a decrease of -2.3% against 2021 figures. Over the period under review, exports recorded a abrupt shrinkage. The growth pace was the most rapid in 2018 when exports increased by 26%. The exports peaked at X litres in 2012; however, from 2013 to 2022, the exports remained at a lower figure.

In value terms, rum exports shrank to $X in 2022. Overall, exports recorded a abrupt slump. The growth pace was the most rapid in 2017 with an increase of 31%. The exports peaked at $X in 2013; however, from 2014 to 2022, the exports remained at a lower figure.

Exports by Country

The United States (X litres), Peru (X litres) and the Netherlands (X litres) were the main destinations of rum exports from Colombia, together comprising 50% of total exports. Chile, Spain, Mexico, Ecuador, Slovakia, France, Panama, the Dominican Republic, Latvia and Canada lagged somewhat behind, together accounting for a further 36%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Latvia (with a CAGR of +55.2%), while the other leaders experienced more modest paces of growth.

In value terms, the United States ($X), Slovakia ($X) and France ($X) constituted the largest markets for rum exported from Colombia worldwide, with a combined 54% share of total exports. Peru, the Netherlands, Chile, Spain, Canada, Mexico, the Dominican Republic, Ecuador, Panama and Latvia lagged somewhat behind, together comprising a further 28%.

In terms of the main countries of destination, Latvia, with a CAGR of +77.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, waning by -4.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.2%. The growth pace was the most rapid in 2021 when the average export price increased by 27%. As a result, the export price reached the peak level of $X per litre, and then fell modestly in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Slovakia ($X per litre), while the average price for exports to Ecuador ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Latvia (+14.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into Colombia

Rum imports into Colombia reduced slightly to X litres in 2022, waning by -4.4% against the year before. Overall, total imports indicated notable growth from 2012 to 2022: its volume increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -8.2% against 2019 indices. The most prominent rate of growth was recorded in 2019 with an increase of 71%. As a result, imports attained the peak of X litres. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, rum imports reduced to $X in 2022. Over the period under review, total imports indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -20.6% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of 58% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Panama (X litres), Free Zones (X litres) and Peru (X litres) were the main suppliers of rum imports to Colombia, together comprising 83% of total imports. These countries were followed by the Dominican Republic, Mexico, Cuba, Guatemala, Venezuela, Trinidad and Tobago and the United States, which together accounted for a further 15%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by the Dominican Republic (with a CAGR of +36.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Panama ($X) constituted the largest supplier of rum to Colombia, comprising 36% of total imports. The second position in the ranking was taken by Free Zones ($X), with an 18% share of total imports. It was followed by the Dominican Republic, with a 13% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Panama totaled +30.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Free Zones (+13.9% per year) and the Dominican Republic (+35.9% per year).

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, with a decrease of -3.5% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average import price increased by 20% against the previous year. As a result, import price reached the peak level of $X per litre. From 2018 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Guatemala ($X per litre), while the price for Trinidad and Tobago ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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