Report Update Nov 1, 2024

Cuba - Rum - Market Analysis, Forecast, Size, Trends and Insights

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Cuba: Rum Market 2024

Rum Market Size in Cuba

The Cuban rum market soared to $X in 2022, jumping by 23% against the previous year. Over the period under review, consumption saw a prominent expansion. Over the period under review, the market reached the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Rum Production in Cuba

In value terms, rum production declined to $X in 2022 estimated in export price. In general, production showed a mild reduction. The pace of growth appeared the most rapid in 2013 with an increase of 8.3% against the previous year. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Rum Exports

Exports from Cuba

In 2022, approx. X litres of rum were exported from Cuba; with a decrease of -23.6% against the previous year's figure. Over the period under review, exports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when exports increased by 87% against the previous year. As a result, the exports attained the peak of X litres, and then shrank remarkably in the following year.

In value terms, rum exports declined rapidly to $X in 2022. In general, exports saw a relatively flat trend pattern. The growth pace was the most rapid in 2021 when exports increased by 83%. As a result, the exports attained the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Spain (X litres) was the main destination for rum exports from Cuba, accounting for a 36% share of total exports. Moreover, rum exports to Spain exceeded the volume sent to the second major destination, the UK (X litres), more than tenfold. The third position in this ranking was taken by Chile (X litres), with a 2.2% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Spain amounted to -4.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+59.2% per year) and Chile (-8.8% per year).

In value terms, Spain ($X) remains the key foreign market for rum exports from Cuba, comprising 26% of total exports. The second position in the ranking was held by the UK ($X), with a 5.3% share of total exports. It was followed by Germany, with a 4.5% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Spain stood at -4.6%. Exports to the other major destinations recorded the following average annual rates of exports growth: the UK (+66.5% per year) and Germany (+0.0% per year).

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, remaining constant against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the average export price increased by 13%. Over the period under review, the average export prices attained the peak figure at $X per litre in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($X per litre), while the average price for exports to Spain ($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 France (+13.8%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into Cuba

In 2022, imports of rum into Cuba reduced remarkably to X litres, shrinking by -21.4% compared with 2021 figures. Overall, imports, however, enjoyed resilient growth. The growth pace was the most rapid in 2021 when imports increased by 545%. As a result, imports attained the peak of X litres, and then declined dramatically in the following year.

In value terms, rum imports reduced remarkably to $X in 2022. Over the period under review, imports, however, enjoyed a strong expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 561%. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Spain (X litres) constituted the largest supplier of rum to Cuba, with a 18% share of total imports. Moreover, rum imports from Spain exceeded the figures recorded by the second-largest supplier, Barbados (X litres), more than tenfold.

From 2012 to 2022, the average annual growth rate of volume from Spain was relatively modest.

In value terms, Spain ($X) constituted the largest supplier of rum to Cuba, comprising 49% of total imports. The second position in the ranking was held by Barbados ($X), with a 2.2% share of total imports.

From 2012 to 2022, the average annual growth rate of value from Spain totaled +1.3%.

Import Prices by Country

The average rum import price stood at $X per litre in 2022, shrinking by -26.8% against the previous year. Overall, the import price recorded a deep contraction. The pace of growth appeared the most rapid in 2018 an increase of 91%. The import price peaked at $X per litre in 2014; however, from 2015 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Spain ($X per litre), while the price for Barbados totaled $X per litre.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Spain (+0.4%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for rum in the world?

The United States constituted the country with the largest volume of rum consumption, comprising approx. 71% of total volume. Moreover, rum consumption in the United States exceeded the figures recorded by the second-largest consumer, China, more than tenfold. The third position in this ranking was occupied by the UK, with a 2.8% share.

What are the largest producers of rum in the world?

The United States remains the largest rum producing country worldwide, accounting for 72% of total volume. Moreover, rum production in the United States exceeded the figures recorded by the second-largest producer, China, more than tenfold. The third position in this ranking was occupied by India, with a 2.7% share.

What are the leading suppliers of rum to Cuba?

In value terms, Spain constituted the largest supplier of rum to Cuba.

What are the leading importers of rum from Cuba?

In value terms, Spain remains the key foreign market for rum exports from Cuba, comprising 48% of total exports. The second position in the ranking was occupied by Germany, with a 15% share of total exports. It was followed by Italy, with a 5.6% share.

What is the average export price for rum in Cuba?

In 2021, the average rum export price amounted to $3.3 per litre, picking up by 2.4% against the previous year.

What is the average import price for rum in Cuba?

The average rum import price stood at $5.3 per litre in 2021, rising by 8.7% against the previous year.

This report provides an in-depth analysis of the rum market in Cuba. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 11011040 - Rum and other spirits obtained by distilling fermented sugarcane products (important: excluding alcohol duty)

Country coverage:

Cuba

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Cuba
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023