Super-premium rum set for 50% growthBy Amy Hopkins
Volume sales of rum increased 40% between 2000 and 2010, while producers have “huge optimism” for the future of the category, particularly at the super-premium end.
According to the West Indies Rum and Spirits Producers’ Association’s (WIRSPA) new international market report, titled Decade of Rum, the sector grew from 101,757,000 nine-litre case sales in 2000, to 142,291,000 in 2010 (IWSR) – making it the fastest-growing spirits category in the world during that time.
The report notes that sales of spiced rum doubled between 2000 and 2010, while flavoured varieties grew 50%.
“Looking at the dynamics of the market, and the views of influential characters in the industry, there is huge optimism for the future of the category, which is being driven by four key factors – the breadth of appeal for rum, the growth of cocktails, the global trend to premiumisation and the enthusiasm of top trade professionals for the category,” the report reads
“At the younger end of the rum spectrum, spiced and flavoured products are bringing new consumers into the category all the time.”
Citing IWSR figures, WIRSPA said volume sales of super-premium rum will increase 50% by 2017 as many countries demonstrate the “right pre-conditions” for growth.
“While the talk in the global spirits market is that growth is being driven by developing markets, there are also great opportunities for premium rums in more mature areas, despite the weak global economy,” the report stated.
“Within the rum category, many consider that there is room for further premiumisation. The category is relatively under-developed at the top end and many have spoken about its potential.”
To view the full Decade of Rum report, click here.