U.S. - Rum - Market Analysis, Forecast, Size, Trends And Insights
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View PricingRum Price in the United States - 2023
Contents:
- Rum Price in the United States (CIF) - 2023
- Rum Price in the United States (FOB) - 2023
- Rum Imports in the United States
- Rum Exports in the United States
Rum Price in the United States (CIF) - 2023
The average rum import price stood at $5.5 per litre in July 2023, waning by -3.1% against the previous month. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in February 2023 an increase of 52% against the previous month. The import price peaked at $7.4 per litre in September 2022; however, from October 2022 to July 2023, import prices remained at a lower figure.
There were significant differences in the average prices amongst the major supplying countries. In July 2023, the country with the highest price was Guyana ($15.2 per litre), while the price for Bermuda ($1.2 per litre) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was attained by Guyana (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.
Rum Price in the United States (FOB) - 2023
The average rum export price stood at $3.1 per litre in July 2023, waning by -59.5% against the previous month. Over the period under review, the export price showed a drastic downturn. The most prominent rate of growth was recorded in March 2023 when the average export price increased by 249% month-to-month. The export price peaked at $11.3 per litre in July 2022; however, from August 2022 to July 2023, the export prices stood at a somewhat lower figure.
There were significant differences in the average prices for the major external markets. In July 2023, the country with the highest price was Canada ($9.5 per litre), while the average price for exports to Italy ($1.7 per litre) was amongst the lowest.
From July 2022 to July 2023, the most notable rate of growth in terms of prices was recorded for supplies to Mexico (+1.7%), while the prices for the other major destinations experienced a decline.
Rum Imports in the United States
In 2022, the amount of rum imported into the United States rose slightly to 28M litres, with an increase of 2.1% against the previous year's figure. The total import volume increased at an average annual rate of +2.4% from 2019 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The growth pace was the most rapid in 2021 when imports increased by 3.1% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the near future.
In value terms, rum imports reached $184M in 2022. The total import value increased at an average annual rate of +6.3% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2021 when imports increased by 25% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
| Import of Rum in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Guatemala | 17.0 | 15.5 | 21.3 | 20.3 | 6.1% |
| Nicaragua | 13.1 | 12.9 | 17.8 | 18.4 | 12.0% |
| Barbados | 16.5 | 14.1 | 15.8 | 17.7 | 2.4% |
| Dominican Republic | 14.2 | 19.9 | 20.4 | 17.5 | 7.2% |
| France | 11.7 | 12.7 | 15.9 | 16.6 | 12.4% |
| Jamaica | 22.5 | 18.5 | 17.0 | 15.7 | -11.3% |
| Venezuela | 11.8 | 10.4 | 16.7 | 15.0 | 8.3% |
| Canada | 1.9 | 6.3 | 6.6 | 8.3 | 63.5% |
| Brazil | 4.5 | 2.8 | 4.4 | 5.7 | 8.2% |
| Panama | 2.5 | 2.2 | 5.0 | 5.5 | 30.1% |
| Colombia | 4.8 | 2.4 | 3.1 | 4.7 | -0.7% |
| United Kingdom | 3.7 | 2.1 | 2.6 | 3.4 | -2.8% |
| Bermuda | 1.7 | 1.1 | 0.8 | 1.0 | -16.2% |
| Others | 27.6 | 26.3 | 36.8 | 34.7 | 7.9% |
| Total | 154 | 147 | 184 | 184 | 6.1% |
Top Suppliers of Rum to the United States in 2022:
- Barbados (6.8M litres)
- Dominican Republic (4.9M litres)
- Jamaica (2.5M litres)
- Canada (1.8M litres)
- Nicaragua (1.7M litres)
- France (1.2M litres)
- Venezuela (1.1M litres)
- Guatemala (0.9M litres)
- Brazil (0.8M litres)
- Bermuda (0.8M litres)
- Panama (0.7M litres)
- United Kingdom (0.7M litres)
- Colombia (0.7M litres)
Rum Exports in the United States
In 2022, approx. 37M litres of rum were exported from the United States; picking up by 12% against the previous year. Overall, exports showed a relatively flat trend pattern. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, rum exports soared to $182M in 2022. The total export value increased at an average annual rate of +7.7% from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Rum in the United States (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Canada | 58.1 | 64.8 | 63.7 | 67.4 | 5.1% |
| Italy | 37.8 | 34.7 | 35.2 | 43.1 | 4.5% |
| Australia | 9.8 | 14.9 | 16.2 | 15.9 | 17.5% |
| Mexico | 7.5 | 3.7 | 2.6 | 4.8 | -13.8% |
| Others | 32.7 | 25.0 | 31.6 | 51.0 | 16.0% |
| Total | 146 | 143 | 149 | 182 | 7.6% |
Top Export Markets for Rum from the United States in 2022:
- Italy (20.2M litres)
- Canada (6.0M litres)
- Mexico (2.8M litres)
- Australia (2.2M litres)
This report provides an in-depth analysis of the rum market in the U.S.. 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:
- United States
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in the U.S.
- 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
- 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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