Dominican Republic - Rum - Market Analysis, Forecast, Size, Trends And Insights
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View PricingRum Price in the Dominican Republic - 2023
Contents:
- Rum Price in the Dominican Republic (FOB) - 2023
- Rum Price in the Dominican Republic (CIF) - 2023
- Rum Exports in the Dominican Republic
- Rum Imports in the Dominican Republic
Rum Price in the Dominican Republic (FOB) - 2023
In March 2023, the average rum export price amounted to $2.6 per litre, falling by -14.1% against the previous month. Over the period under review, the export price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in April 2022 when the average export price increased by 20% month-to-month. Over the period under review, the average export prices reached the maximum at $3.3 per litre in May 2022; however, from June 2022 to March 2023, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major export markets. In March 2023, the country with the highest price was Panama ($3.9 per litre), while the average price for exports to Chile ($1.4 per litre) was amongst the lowest.
From March 2022 to March 2023, the most notable rate of growth in terms of prices was recorded for supplies to Panama (+4.5%), while the prices for the other major destinations experienced more modest paces of growth.
Rum Price in the Dominican Republic (CIF) - 2023
In March 2023, the average rum import price amounted to $2.0 per litre, shrinking by -53.3% against the previous month. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in May 2022 when the average import price increased by 180% m-o-m. As a result, import price attained the peak level of $10.6 per litre. From June 2022 to March 2023, the average import prices remained at a somewhat lower figure.
Prices varied noticeably by the country of origin: the country with the highest price was Guatemala ($3.2 per litre), while the price for Panama ($1.3 per litre) was amongst the lowest.
From March 2022 to March 2023, the most notable rate of growth in terms of prices was attained by Venezuela (+3.2%), while the prices for the other major suppliers experienced a decline.
Rum Exports in the Dominican Republic
In 2022, approx. 48M litres of rum were exported from the Dominican Republic; increasing by 24% against 2021. Overall, total exports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +14.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +70.7% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by 37%. Over the period under review, the exports reached the peak figure in 2022 and are likely to continue growth in the immediate term.
In value terms, rum exports surged to $138M in 2022. In general, total exports indicated a resilient expansion from 2019 to 2022: its value increased at an average annual rate of +16.4% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +74.3% against 2020 indices. The pace of growth was the most pronounced in 2021 with an increase of 42%. The exports peaked in 2022 and are expected to retain growth in the immediate term.
| Export of Rum in the Dominican Republic (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Spain | 33.3 | 27.3 | 43.1 | 59.3 | 21.2% |
| United States | 13.3 | 16.1 | 19.9 | 22.3 | 18.8% |
| Latvia | N/A | 0.2 | 0.1 | 11.7 | 664.9% |
| Netherlands | 3.8 | 3.1 | 3.9 | 5.8 | 15.1% |
| Italy | 3.8 | 2.8 | 4.3 | 5.0 | 9.6% |
| Chile | 1.1 | 0.8 | 3.1 | 4.0 | 53.8% |
| Germany | 3.1 | 2.9 | 4.1 | 4.0 | 8.9% |
| Russia | 6.5 | 8.6 | 6.7 | 2.5 | -27.3% |
| Panama | 0.5 | 0.5 | 0.9 | 2.1 | 61.3% |
| Peru | 0.8 | 0.7 | 1.4 | 2.1 | 37.9% |
| Colombia | 4.3 | 2.3 | 4.5 | 1.4 | -31.2% |
| Others | 16.8 | 13.8 | 20.0 | 17.4 | 1.2% |
| Total | 87.3 | 79.0 | 112 | 138 | 16.5% |
Top Export Markets for Rum from the Dominican Republic in 2022:
- Spain (18.4M litres)
- United States (7.9M litres)
- Latvia (6.5M litres)
- Chile (2.9M litres)
- Netherlands (1.9M litres)
- Russia (1.4M litres)
- Italy (1.2M litres)
- Peru (1.1M litres)
- Panama (0.9M litres)
- Germany (0.9M litres)
- Colombia (0.5M litres)
Rum Imports in the Dominican Republic
Rum imports into the Dominican Republic surged to 5.1M litres in 2022, rising by 314% on 2021. Over the period under review, imports saw a resilient expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, rum imports skyrocketed to $14M in 2022. Overall, imports enjoyed a prominent expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
| Import of Rum in the Dominican Republic (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Venezuela | 1,956 | 1,330 | 1,146 | 8,951 | 66.0% |
| Panama | 175 | 172 | 232 | 1,960 | 123.7% |
| Guatemala | 468 | 207 | 559 | 690 | 13.8% |
| Nicaragua | 1,886 | 1,422 | 1,525 | 503 | -35.6% |
| United States | 1,623 | 165 | 297 | 464 | -34.1% |
| Colombia | 5.3 | 74.8 | 46.4 | 335 | 298.3% |
| Spain | 332 | 175 | 174 | 116 | -29.6% |
| Others | 3,647 | 143 | 336 | 790 | -39.9% |
| Total | 10,093 | 3,688 | 4,315 | 13,809 | 11.0% |
Top Suppliers of Rum to the Dominican Republic in 2022:
- Venezuela (4224.2K litres)
- Panama (304.2K litres)
- Colombia (158.7K litres)
- Guatemala (77.2K litres)
- Spain (76.1K litres)
- Nicaragua (73.9K litres)
- United States (73.8K litres)
This report provides an in-depth analysis of the rum market in the Dominican Republic. 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:
- Dominican Republic
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the Dominican Republic
- 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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
-
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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