Latin America and the Caribbean: Rum Market 2024

Rum Market Size in Latin America and the Caribbean

The Latin American rum market shrank modestly to $X in 2023, reducing by X% against the previous year. In general, consumption recorded a abrupt decline. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2023, consumption remained at a lower figure.

Rum Production in Latin America and the Caribbean

In value terms, rum production expanded modestly to $X in 2023 estimated in export price. Overall, production recorded a slight setback. The growth pace was the most rapid in 2017 when the production volume increased by X%. The level of production peaked at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Rum Exports

Exports in Latin America and the Caribbean

In 2023, shipments abroad of rum decreased by X% to X litres for the first time since 2020, thus ending a two-year rising trend. Overall, exports, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2022 with an increase of X%. As a result, the exports reached the peak of X litres, and then dropped slightly in the following year.

In value terms, rum exports shrank to $X in 2023. The total export value increased at an average annual rate of X% from 2012 to 2023; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then shrank slightly in the following year.

Exports by Country

In 2023, the Dominican Republic (X litres), distantly followed by Cuba (X litres), Guatemala (X litres), Nicaragua (X litres), Jamaica (X litres), Venezuela (X litres) and Brazil (X litres) were the major exporters of rum, together comprising X% of total exports.

From 2012 to 2023, average annual rates of growth with regard to rum exports from the Dominican Republic stood at X%. At the same time, Guatemala (X%), Nicaragua (X%) and Venezuela (X%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in Latin America and the Caribbean, with a CAGR of X% from 2012-2023. Brazil experienced a relatively flat trend pattern. By contrast, Jamaica (X%) and Cuba (X%) illustrated a downward trend over the same period. The Dominican Republic (X p.p.), Guatemala (X p.p.), Nicaragua (X p.p.) and Venezuela (X p.p.) significantly strengthened its position in terms of the total exports, while Cuba saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the largest rum supplying countries in Latin America and the Caribbean were the Dominican Republic ($X), Venezuela ($X) and Cuba ($X), with a combined X% share of total exports.

Venezuela, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Latin America and the Caribbean amounted to $X per litre, approximately mirroring the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, the export prices hit record highs at $X per litre in 2021; afterwards, it flattened through to 2023.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Venezuela ($X per litre), while Nicaragua ($X per litre) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the Dominican Republic (X%), while the other leaders experienced more modest paces of growth.

Rum Imports

Imports in Latin America and the Caribbean

In 2023, purchases 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 continue to indicate a noticeable setback. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, imports reached the maximum at X litres in 2012; however, from 2013 to 2023, imports remained at a lower figure.

In value terms, rum imports reduced to $X in 2023. Overall, imports saw a pronounced descent. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, El Salvador (X litres), followed by Chile (X litres), the Dominican Republic (X litres), Honduras (X litres), Peru (X litres), Costa Rica (X litres) and Colombia (X litres) represented the key importers of rum, together committing X% of total imports. Paraguay (X litres), Panama (X litres), Bolivia (X litres), Argentina (X litres), Ecuador (X litres) and Barbados (X litres) followed a long way behind the leaders.

From 2012 to 2023, the biggest increases were recorded for the Dominican Republic (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), El Salvador ($X) and the Dominican Republic ($X) appeared to be the countries with the highest levels of imports in 2023, together comprising X% of total imports.

The Dominican Republic, with a CAGR of X%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Latin America and the Caribbean stood at $X per litre in 2023, growing by X% against the previous year. Over the last eleven-year period, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2013 an increase of X%. Over the period under review, import prices hit record highs at $X per litre in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Bolivia ($X per litre), while Paraguay ($X per litre) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Bolivia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform