Report Update Nov 1, 2024

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

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Hungary: Rum Market 2024

Rum Market Size in Hungary

The Hungarian rum market fell to $X in 2022, reducing by -5.1% against the previous year. Overall, consumption, however, enjoyed strong growth. As a result, consumption reached the peak level of $X, and then fell in the following year.

Rum Production in Hungary

In value terms, rum production reduced modestly to $X in 2022 estimated in export price. Overall, production, however, faced a drastic downturn. The most prominent rate of growth was recorded in 2021 when the production volume increased by 0.2%. Rum production peaked at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Rum Exports

Exports from Hungary

In 2022, overseas shipments of rum increased by 808% to X litres, rising for the second consecutive year after two years of decline. In general, exports showed a significant increase. The exports peaked at X litres in 2018; however, from 2019 to 2022, the exports stood at a somewhat lower figure.

In value terms, rum exports soared to $X in 2022. Over the period under review, exports recorded a significant expansion. Over the period under review, the exports reached the peak figure at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

The Netherlands (X litres) was the main destination for rum exports from Hungary, with a approx. 99% share of total exports.

From 2012 to 2022, the average annual growth rate of volume to the Netherlands stood at -35.4%.

From 2012 to 2022, the average annual growth rate of value to the Netherlands stood at -30.4%.

Export Prices by Country

The average rum export price stood at $X per litre in 2022, growing by 160% against the previous year. Over the period under review, the export price enjoyed a prominent expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for the Netherlands.

From 2012 to 2022, the rate of growth in terms of prices for Belgium amounted to +13.4% per year.

Rum Imports

Imports into Hungary

In 2022, after five years of growth, there was decline in overseas purchases of rum, when their volume decreased by -1.4% to X litres. In general, total imports indicated a tangible increase from 2012 to 2022: its volume increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +89.1% against 2016 indices. The pace of growth appeared the most rapid in 2014 with an increase of 44% against the previous year. As a result, imports reached the peak of X litres; afterwards, it flattened through to 2022.

In value terms, rum imports contracted to $X in 2022. Overall, imports, however, saw a strong expansion. The growth pace was the most rapid in 2021 when imports increased by 76% against the previous year. As a result, imports attained the peak of $X, and then shrank in the following year.

Imports by Country

In 2022, Germany (X litres) constituted the largest rum supplier to Hungary, with a 50% share of total imports. Moreover, rum imports from Germany exceeded the figures recorded by the second-largest supplier, Italy (X litres), threefold. Panama (X litres) ranked third in terms of total imports with a 7% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from Germany totaled -1.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+32.4% per year) and Panama (+389.9% per year).

In value terms, Italy ($X), Panama ($X) and Germany ($X) constituted the largest rum suppliers to Hungary, with a combined 47% share of total imports.

Among the main suppliers, Panama, with a CAGR of +437.3%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, falling by -4.4% against the previous year. Over the period under review, import price indicated tangible growth from 2012 to 2022: its price 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, rum import price increased by +25.8% against 2020 indices. The pace of growth appeared the most rapid in 2016 an increase of 34%. Over the period under review, average import prices attained the peak figure at $X per litre in 2021, and then shrank in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the Netherlands ($X per litre), while the price for Germany ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by France (+14.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for rum in the world?

The United States remains the largest rum consuming country worldwide, 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, comprising approx. 72% of total volume. Moreover, rum production in the United States exceeded the figures recorded by the second-largest producer, China, more than tenfold. India ranked third in terms of total production with a 2.7% share.

What are the leading suppliers of rum to Hungary?

In value terms, Italy, the Netherlands and Venezuela appeared to be the largest rum suppliers to Hungary, with a combined 53% share of total imports.

What is the average export price for rum in Hungary?

The average rum export price stood at $8.2 per litre in 2021, falling by -43.1% against the previous year.

What is the average import price for rum in Hungary?

The average rum import price stood at $5.7 per litre in 2021, jumping by 30% against the previous year.

This report provides an in-depth analysis of the rum market in Hungary. 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:

Hungary

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Hungary
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