GCC: Rum Market 2024

Rum Market Size in GCC

After two years of growth, the GCC rum market decreased by X% to $X in 2023. Overall, consumption, however, saw a buoyant expansion. Over the period under review, the market attained the peak level at $X in 2019; however, from 2020 to 2023, consumption remained at a lower figure.

Rum Production in GCC

In value terms, rum production totaled $X in 2023 estimated in export price. Overall, production, however, enjoyed a resilient expansion. The pace of growth appeared the most rapid in 2019 with an increase of X% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2023, production growth failed to regain momentum.

Rum Exports

Exports in GCC

In 2023, rum exports in GCC shrank remarkably to X litres, with a decrease of X% on the previous year's figure. In general, exports recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2017 when exports increased by X%. As a result, the exports reached the peak of X litres. From 2018 to 2023, the growth of the exports remained at a lower figure.

In value terms, rum exports declined dramatically to $X in 2023. Overall, exports, however, enjoyed a notable increase. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, the exports attained the peak of $X. From 2018 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the key exporter of rum in GCC, with the volume of exports amounting to X litres, which was approx. X% of total exports in 2023. It was distantly followed by Bahrain (X litres), creating a X% share of total exports.

Exports from the United Arab Emirates decreased at an average annual rate of X% from 2012 to 2023. At the same time, Bahrain (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing exporter exported in GCC, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Bahrain increased by X percentage points.

In value terms, the United Arab Emirates ($X) remains the largest rum supplier in GCC, comprising X% of total exports. The second position in the ranking was held by Bahrain ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in the United Arab Emirates stood at X%.

Export Prices by Country

The export price in GCC stood at $X per litre in 2023, jumping by X% against the previous year. In general, the export price saw a resilient expansion. The pace of growth was the most pronounced in 2015 an increase of X%. As a result, the export price reached the peak level of $X per litre. From 2016 to 2023, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Bahrain ($X per litre), while the United Arab Emirates stood at $X per litre.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Rum Imports

Imports in GCC

In 2023, supplies from abroad of rum decreased by X% to X litres for the first time since 2020, thus ending a two-year rising trend. Over the period under review, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 when imports increased by X%. The volume of import peaked at X litres in 2022, and then fell remarkably in the following year.

In value terms, rum imports declined markedly to $X in 2023. Total imports indicated strong growth from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. As a result, imports reached the peak of $X, and then plummeted in the following year.

Imports by Country

The United Arab Emirates represented the key importing country with an import of around X litres, which reached X% of total imports. Bahrain (X litres) ranks second in terms of the total imports with a X% share, followed by Oman (X%) and Qatar (X%).

The United Arab Emirates experienced a relatively flat trend pattern with regard to volume of imports of rum. At the same time, Bahrain (X%) displayed positive paces of growth. Moreover, Bahrain emerged as the fastest-growing importer imported in GCC, with a CAGR of X% from 2012-2023. By contrast, Qatar (X%) and Oman (X%) illustrated a downward trend over the same period. While the share of the United Arab Emirates (X p.p.) and Bahrain (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Oman (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) constitutes the largest market for imported rum in GCC, comprising X% of total imports. The second position in the ranking was taken by Bahrain ($X), with a X% share of total imports. It was followed by Oman, with a X% share.

In the United Arab Emirates, rum imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Bahrain (X% per year) and Oman (X% per year).

Import Prices by Country

The import price in GCC stood at $X per litre in 2023, with an increase of X% against the previous year. Import price indicated resilient growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, rum import price increased by X% against 2020 indices. 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 destination: amid the top importers, the country with the highest price was the United Arab Emirates ($X per litre), while Oman ($X per litre) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bahrain (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform