Italy: Rum Market 2024

Rum Market Size in Italy

The Italian rum market expanded to $X in 2022, rising by 2.2% against the previous year. Overall, consumption enjoyed a strong expansion. Over the period under review, the market reached the maximum level at $X in 2019; however, from 2020 to 2022, consumption stood at a somewhat lower figure.

Rum Production in Italy

In value terms, rum production fell to $X in 2022 estimated in export price. In general, production, however, posted a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 311% against the previous year. Over the period under review, production hit record highs at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Rum Exports

Exports from Italy

In 2022, the amount of rum exported from Italy reached X litres, with an increase of 5% compared with the year before. Overall, exports recorded a significant expansion. The most prominent rate of growth was recorded in 2017 when exports increased by 124%. The exports peaked at X litres in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

In value terms, rum exports declined modestly to $X in 2022. In general, exports posted a significant expansion. The growth pace was the most rapid in 2017 with an increase of 199% against the previous year. Over the period under review, the exports hit record highs at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

The UK (X litres), Germany (X litres) and Spain (X litres) were the main destinations of rum exports from Italy, together comprising 46% of total exports. These countries were followed by Belgium, Poland, France, China, Greece, the United Arab Emirates, Russia, Austria, South Africa and Ireland, which together accounted for a further 37%.

From 2012 to 2022, the biggest increases were recorded for South Africa (with a CAGR of +99.1%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the UK ($X), Belgium ($X) and Germany ($X) appeared to be the largest markets for rum exported from Italy worldwide, together comprising 42% of total exports. Spain, France, Poland, the United Arab Emirates, Greece, China, Austria, Russia, Ireland and South Africa lagged somewhat behind, together comprising a further 36%.

The United Arab Emirates, with a CAGR of +80.7%, recorded the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average rum export price stood at $X per litre in 2022, dropping by -4.9% against the previous year. Over the last decade, it increased at an average annual rate of +1.4%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 34% against the previous year. The export price peaked at $X per litre in 2018; however, from 2019 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per litre), while the average price for exports to China ($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 (+6.6%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into Italy

After two years of decline, purchases abroad of rum increased by 19% to X litres in 2022. Overall, imports saw prominent growth. The growth pace was the most rapid in 2018 with an increase of 60% against the previous year. Over the period under review, imports hit record highs at X litres in 2019; however, from 2020 to 2022, imports failed to regain momentum.

In value terms, rum imports expanded notably to $X in 2022. Over the period under review, imports saw prominent growth. The pace of growth was the most pronounced in 2017 with an increase of 122% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

In 2022, the United States (X litres) constituted the largest supplier of rum to Italy, with a 60% share of total imports. Moreover, rum imports from the United States exceeded the figures recorded by the second-largest supplier, Venezuela (X litres), fivefold. Spain (X litres) ranked third in terms of total imports with a 4.4% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from the United States stood at +120.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Venezuela (-3.5% per year) and Spain (-11.5% per year).

In value terms, the United States ($X) constituted the largest supplier of rum to Italy, comprising 71% of total imports. The second position in the ranking was taken by Venezuela ($X), with a 5.5% share of total imports. It was followed by the Netherlands, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from the United States stood at +134.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Venezuela (+3.5% per year) and the Netherlands (+6.2% per year).

Import Prices by Country

In 2022, the average rum import price amounted to $X per litre, dropping by -6.6% against the previous year. In general, the import price, however, posted a remarkable increase. The pace of growth was the most pronounced in 2017 an increase of 49% against the previous year. Over the period under review, average import prices hit record highs at $X per litre in 2021, and then reduced in the following year.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Venezuela (+7.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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