India: Rum Market 2024

Rum Market Size in India

The Indian rum market was estimated at $X in 2022, flattening at the previous year. The market value increased at an average annual rate of +3.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market attained the maximum level at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Rum Production in India

In value terms, rum production stood at $X in 2022 estimated in export price. The total output value increased at an average annual rate of +4.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2013 with an increase of 40%. Rum production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Rum Exports

Exports from India

For the sixth consecutive year, India recorded growth in overseas shipments of rum, which increased by 1.8% to X litres in 2022. In general, exports saw a buoyant increase. The pace of growth appeared the most rapid in 2019 when exports increased by 52% against the previous year. The exports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, rum exports rose markedly to $X in 2022. Overall, exports saw a buoyant expansion. The pace of growth was the most pronounced in 2013 when exports increased by 65%. The exports peaked in 2022 and are expected to retain growth in the immediate term.

Exports by Country

The United Arab Emirates (X litres), Ghana (X litres) and Latvia (X litres) were the main destinations of rum exports from India, together accounting for 75% of total exports. These countries were followed by Togo, Tanzania, Qatar, Russia, Democratic Republic of the Congo, Singapore, Thailand, Oman and Angola, which together accounted for a further 18%.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Democratic Republic of the Congo (with a CAGR of +76.3%), while the other leaders experienced more modest paces of growth.

In value terms, the United Arab Emirates ($X) emerged as the key foreign market for rum exports from India, comprising 44% of total exports. The second position in the ranking was taken by Ghana ($X), with an 18% share of total exports. It was followed by Latvia, with a 9.8% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates totaled +34.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: Ghana (+22.4% per year) and Latvia (+66.4% per year).

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, with an increase of 5.2% against the previous year. Overall, the export price saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2013 an increase of 68%. Over the period under review, the average export prices hit record highs at $X per litre in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the average price for exports to Togo ($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 the United Arab Emirates (+11.7%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into India

In 2022, imports of rum into India skyrocketed to X litres, growing by 132% compared with 2021 figures. In general, imports continue to indicate a prominent increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, rum imports skyrocketed to $X in 2022. Overall, imports posted a strong expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

Spain (X litres), Singapore (X litres) and the UK (X litres) were the main suppliers of rum imports to India, with a combined 50% share of total imports. Venezuela, the United States, the United Arab Emirates and France lagged somewhat behind, together comprising a further 38%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Venezuela (with a CAGR of +313.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Venezuela ($X), Singapore ($X) and Spain ($X) constituted the largest rum suppliers to India, with a combined 56% share of total imports.

Venezuela, with a CAGR of +239.0%, saw the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, growing by 20% against the previous year. In general, import price indicated mild growth from 2012 to 2022: its price increased at an average annual rate of +1.9% 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 +31.8% against 2020 indices. The most prominent rate of growth was recorded in 2016 when the average import price increased by 35% against the previous year. Over the period under review, average import prices hit record highs in 2022 and is likely to continue growth in the near future.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Panama (+22.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :