South-Eastern Asia: Rum Market 2024

Rum Market Size in South-Eastern Asia

The Southeast Asian rum market amounted to $X in 2022, growing by 13% against the previous year. The total consumption indicated a strong expansion from 2012 to 2022: its value increased at an average annual rate of +5.8% 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 -7.1% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Rum Production in South-Eastern Asia

In value terms, rum production rose notably to $X in 2022 estimated in export price. In general, production saw strong growth. The growth pace was the most rapid in 2020 with an increase of 57%. As a result, production reached the peak level of $X. From 2021 to 2022, production growth remained at a somewhat lower figure.

Rum Exports

Exports in South-Eastern Asia

In 2022, exports of rum in South-Eastern Asia expanded rapidly to X litres, picking up by 12% compared with 2021 figures. Total exports indicated a notable expansion from 2012 to 2022: its volume 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, exports increased by +2.7% against 2019 indices. The growth pace was the most rapid in 2019 with an increase of 62% against the previous year. The volume of export peaked in 2022 and is likely to see steady growth in the near future.

In value terms, rum exports surged to $X in 2022. The total export value increased at an average annual rate of +3.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2022, the Philippines (X litres) represented the major exporter of rum, making up 69% of total exports. Singapore (X litres) ranks second in terms of the total exports with a 25% share, followed by Thailand (4.7%).

The Philippines was also the fastest-growing in terms of the rum exports, with a CAGR of +18.7% from 2012 to 2022. Thailand (-2.6%) and Singapore (-5.1%) illustrated a downward trend over the same period. The Philippines (+49 p.p.) significantly strengthened its position in terms of the total exports, while Thailand and Singapore saw its share reduced by -5% and -41.7% from 2012 to 2022, respectively.

In value terms, the largest rum supplying countries in South-Eastern Asia were Singapore ($X), the Philippines ($X) and Thailand ($X), with a combined 98% share of total exports.

The Philippines, with a CAGR of +31.0%, recorded the highest growth rate of the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2022, the export price in South-Eastern Asia amounted to $X per litre, growing by 19% against the previous year. In general, the export price, however, continues to indicate a slight setback. Over the period under review, the export prices attained the peak figure at $X per litre in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Singapore ($X per litre), while the Philippines ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+10.4%), while the other leaders experienced more modest paces of growth.

Rum Imports

Imports in South-Eastern Asia

In 2022, overseas purchases of rum were finally on the rise to reach X litres for the first time since 2018, thus ending a three-year declining trend. Overall, imports, however, saw a pronounced descent. The volume of import peaked at X litres in 2012; however, from 2013 to 2022, imports failed to regain momentum.

In value terms, rum imports soared to $X in 2022. In general, imports recorded a relatively flat trend pattern. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2022, imports failed to regain momentum.

Imports by Country

Singapore represented the key importer of rum in South-Eastern Asia, with the volume of imports recording X litres, which was approx. 62% of total imports in 2022. The Philippines (X litres) took a 20% share (based on physical terms) of total imports, which put it in second place, followed by Thailand (11%) and Malaysia (4.7%).

Singapore was also the fastest-growing in terms of the rum imports, with a CAGR of +1.2% from 2012 to 2022. The Philippines (-5.8%), Malaysia (-7.0%) and Thailand (-12.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Singapore increased by +25 percentage points.

In value terms, Singapore ($X) constitutes the largest market for imported rum in South-Eastern Asia, comprising 79% of total imports. The second position in the ranking was held by Thailand ($X), with a 7.3% share of total imports. It was followed by the Philippines, with a 7% share.

In Singapore, rum imports expanded at an average annual rate of +3.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Thailand (-4.7% per year) and the Philippines (-6.0% per year).

Import Prices by Country

The import price in South-Eastern Asia stood at $X per litre in 2022, increasing by 8.5% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +4.4%. The most prominent rate of growth was recorded in 2013 an increase of 18% against the previous year. Over the period under review, import prices hit record highs in 2022 and is likely to see steady growth in years to come.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Singapore ($X per litre), while the Philippines ($X per litre) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Thailand (+9.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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