Eastern Asia: Rum Market 2024

Rum Market Size in Eastern Asia

The East Asian rum market expanded to $X in 2022, surging by 3.2% against the previous year. The total consumption indicated a pronounced expansion from 2012 to 2022: its value increased at an average annual rate of +4.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by -3.1% against 2020 indices. Over the period under review, the market hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Rum Production in Eastern Asia

In value terms, rum production amounted to $X in 2022 estimated in export price. The total production indicated a resilient expansion from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +11.4% against 2019 indices. The most prominent rate of growth was recorded in 2014 with an increase of 24%. The level of production peaked at $X in 2018; however, from 2019 to 2022, production remained at a lower figure.

Rum Exports

Exports in Eastern Asia

In 2022, the amount of rum exported in Eastern Asia skyrocketed to X litres, picking up by 38% compared with 2021 figures. Over the period under review, exports, however, faced a precipitous curtailment. The pace of growth was the most pronounced in 2021 with an increase of 132% against the previous year. The volume of export peaked at X litres in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, rum exports rose markedly to $X in 2022. Overall, exports, however, recorded a pronounced descent. The most prominent rate of growth was recorded in 2021 with an increase of 135% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

Exports by Country

China (X litres) and Japan (X litres) dominates exports structure, together comprising 88% of total exports. It was distantly followed by Hong Kong SAR (X litres), making up a 6.3% share of total exports. The following exporters - Taiwan (Chinese) (X litres) and South Korea (X litres) - each reached a 5.4% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Japan (with a CAGR of +83.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest rum supplying countries in Eastern Asia were Japan ($X), China ($X) and Hong Kong SAR ($X), together comprising 93% of total exports.

In terms of the main exporting countries, Japan, with a CAGR of +80.2%, saw the highest rates of growth with regard to 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

The export price in Eastern Asia stood at $X per litre in 2022, reducing by -18.4% against the previous year. Overall, the export price, however, continues to indicate significant growth. The most prominent rate of growth was recorded in 2014 when the export price increased by 286%. The level of export peaked at $X per litre in 2017; however, from 2018 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per litre), while South Korea ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+19.8%), while the other leaders experienced more modest paces of growth.

Rum Imports

Imports in Eastern Asia

In 2022, imports of rum in Eastern Asia fell slightly to X litres, which is down by -3% against the previous year's figure. Over the period under review, imports showed a noticeable shrinkage. The most prominent rate of growth was recorded in 2017 when imports increased by 14% against the previous year. Over the period under review, imports hit record highs at X litres in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.

In value terms, rum imports contracted to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 with an increase of 17%. As a result, imports attained the peak of $X, and then dropped in the following year.

Imports by Country

China (X litres) and Japan (X litres) represented roughly 76% of total imports in 2022. South Korea (X litres) held the next position in the ranking, followed by Taiwan (Chinese) (X litres). All these countries together held approx. 21% share of total imports. Hong Kong SAR (X litres) took a little share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Taiwan (Chinese) (with a CAGR of +8.0%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Japan ($X), China ($X) and Taiwan (Chinese) ($X) constituted the countries with the highest levels of imports in 2022, with a combined 89% share of total imports.

Taiwan (Chinese), with a CAGR of +10.3%, recorded the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Eastern Asia amounted to $X per litre, declining by -3% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The growth pace was the most rapid in 2021 when the import price increased by 13%. As a result, import price attained the peak level of $X per litre, and then dropped slightly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Japan ($X per litre), while South Korea ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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