United Kingdom: Rum Market 2024

Rum Market Size in the UK

In 2022, the UK rum market decreased by X% to $X, falling for the second consecutive year after four years of growth. In general, the total consumption indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. Over the period under review, the market attained the peak level at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Rum Production in the UK

In value terms, rum production expanded slightly to $X in 2022 estimated in export price. In general, the total production indicated prominent growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by X% against 2020 indices. The pace of growth appeared the most rapid in 2018 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

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Rum Exports

Exports from the UK

In 2022, the amount of rum exported from the UK soared to X litres, with an increase of X% compared with 2021. Over the period under review, total exports indicated a strong increase from 2012 to 2022: its volume increased at an average annual rate of X% 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 X% against 2020 indices. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

In value terms, rum exports rose notably to $X in 2022. Overall, total exports indicated a noticeable increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The pace of growth was the most pronounced in 2021 when exports increased by X%. The exports peaked in 2022 and are expected to retain growth in years to come.

Exports by Country

Italy (X litres), the Netherlands (X litres) and Germany (X litres) were the main destinations of rum exports from the UK, with a combined X% share of total exports.

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

In value terms, the Netherlands ($X), Italy ($X) and the United States ($X) constituted the largest markets for rum exported from the UK worldwide, together accounting for X% of total exports.

The Netherlands, with a CAGR of X%, recorded the highest growth rate of the value of exports, among 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, which is down by X% against the previous year. Overall, the export price recorded a mild downturn. The most prominent rate of growth was recorded in 2018 when the average export price increased by X% against the previous year. Over the period under review, the average 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.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the Czech Republic ($X per litre), while the average price for exports to Turkey ($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 Australia (X%), while the prices for the other major destinations experienced more modest paces of growth.

Rum Imports

Imports into the UK

In 2022, overseas purchases of rum decreased by X% to X litres, falling for the second year in a row after two years of growth. In general, imports, however, showed a noticeable expansion. The most prominent rate of growth was recorded in 2019 when imports increased by X%. Imports peaked at X litres in 2020; however, from 2021 to 2022, imports remained at a lower figure.

In value terms, rum imports rose rapidly to $X in 2022. The total import value increased at an average annual rate of X% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in years to come.

Imports by Country

In 2022, the United States (X litres) constituted the largest rum supplier to the UK, with a X% share of total imports. Moreover, rum imports from the United States exceeded the figures recorded by the second-largest supplier, Guyana (X litres), twofold. The third position in this ranking was held by Guatemala (X litres), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from the United States totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Guyana (X% per year) and Guatemala (X% per year).

In value terms, the United States ($X), Guatemala ($X) and Jamaica ($X) constituted the largest rum suppliers to the UK, together comprising X% of total imports.

Among the main suppliers, the United States, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The average rum import price stood at $X per litre in 2022, rising by X% against the previous year. Overall, the import price, however, showed a slight setback. The pace of growth was the most pronounced in 2013 when the average import price increased by X%. As a result, import price attained the peak level of $X per litre. From 2014 to 2022, the average import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Trinidad and Tobago (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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