Report Update Nov 1, 2024

Sri Lanka - Rum - Market Analysis, Forecast, Size, Trends and Insights

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Sri Lanka: Rum Market 2024

Rum Exports

Exports from Sri Lanka

In 2022, the amount of rum exported from Sri Lanka skyrocketed to X litres, growing by 25% on the previous year's figure. Overall, exports saw a resilient expansion. The pace of growth appeared the most rapid in 2020 when exports increased by 499% against the previous year. The exports peaked at X litres in 2017; however, from 2018 to 2022, the exports failed to regain momentum.

In value terms, rum exports surged to $X in 2022. Over the period under review, exports enjoyed a prominent increase. The most prominent rate of growth was recorded in 2020 when exports increased by 787% against the previous year. As a result, the exports attained the peak of $X. From 2021 to 2022, the growth of the exports remained at a somewhat lower figure.

Exports by Country

The United Arab Emirates (X litres) was the main destination for rum exports from Sri Lanka, accounting for a 55% share of total exports. Moreover, rum exports to the United Arab Emirates exceeded the volume sent to the second major destination, Maldives (X litres), threefold. The third position in this ranking was taken by Ukraine (X litres), with a 7.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to the United Arab Emirates totaled +52.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-1.0% per year) and Ukraine (+79.7% per year).

In value terms, the United Arab Emirates ($X) remains the key foreign market for rum exports from Sri Lanka, comprising 69% of total exports. The second position in the ranking was held by Maldives ($X), with a 12% share of total exports. It was followed by Ukraine, with a 6.1% share.

From 2012 to 2022, the average annual growth rate of value to the United Arab Emirates amounted to +58.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Maldives (-1.9% per year) and Ukraine (+72.5% per year).

Export Prices by Country

In 2022, the average rum export price amounted to $X per litre, with an increase of 26% against the previous year. In general, export price indicated a noticeable expansion from 2012 to 2022: its price increased at an average annual rate of +4.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, rum export price increased by +135.4% against 2018 indices. The most prominent rate of growth was recorded in 2020 an increase of 48%. The export price peaked at $X per litre in 2016; however, from 2017 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was the United Arab Emirates ($X per litre), while the average price for exports to the Netherlands ($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 France (+4.9%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into Sri Lanka

In 2022, after two years of decline, there was significant growth in purchases abroad of rum, when their volume increased by 43% to X litres. Over the period under review, imports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2013 when imports increased by 53%. As a result, imports attained the peak of X litres. From 2014 to 2022, the growth of imports remained at a lower figure.

In value terms, rum imports skyrocketed to $X in 2022. Overall, imports, however, recorded a deep contraction. Over the period under review, imports attained the peak figure at $X in 2016; however, from 2017 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, India (X litres) constituted the largest supplier of rum to Sri Lanka, accounting for a 43% share of total imports. Moreover, rum imports from India exceeded the figures recorded by the second-largest supplier, the United States (X litres), twofold. The UK (X litres) ranked third in terms of total imports with an 18% share.

From 2012 to 2022, the average annual rate of growth in terms of volume from India amounted to -3.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+40.3% per year) and the UK (-10.8% per year).

In value terms, India ($X), the United States ($X) and the UK ($X) were the largest rum suppliers to Sri Lanka, with a combined 78% share of total imports. Jamaica, Germany, Italy and Mexico lagged somewhat behind, together accounting for a further 14%.

Jamaica, with a CAGR of +45.9%, saw the highest rates of growth with regard to the value of imports, among 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, increasing by 47% against the previous year. Overall, the import price saw modest growth. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Jamaica (+2.9%), 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 constituted the country with the largest volume of rum consumption, accounting for 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 constituted the country with the largest volume of rum production, 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 Sri Lanka?

In value terms, the United States constituted the largest supplier of rum to Sri Lanka, comprising 47% of total imports. The second position in the ranking was occupied by the United Arab Emirates, with an 11% share of total imports. It was followed by India, with an 8% share.

What are the leading importers of rum from Sri Lanka?

In value terms, the United Arab Emirates remains the key foreign market for rum exports from Sri Lanka, comprising 61% of total exports. The second position in the ranking was occupied by Singapore, with an 11% share of total exports. It was followed by the UK, with an 11% share.

What is the average export price for rum in Sri Lanka?

The average rum export price stood at $5.2 per litre in 2021, dropping by -20.2% against the previous year.

What is the average import price for rum in Sri Lanka?

In 2021, the average rum import price amounted to $3.9 per litre, declining by -21.3% against the previous year.

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

Sri Lanka

Data coverage:

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