LONDON, March 15, 2018 /PRNewswire/ --
Global rum sales have disappointed in recent years, but the category could be set for a much-needed resurgence over the next five years, according to the Global Rum Insights 2018 report from just-drinks and The IWSR.
Blaming rum's poor recent performance on declines in the vital US market, the maturity of category leader Bacardi and its lack of premiumisation, the report notes that, following a peak in 2013, rum sales (excluding low-priced products) have consistently declined ever since. The immediate prospects, however, look much brighter, the report notes, despite predictions of continued declines in the US.
Between 2016 and 2021, all of rum's other top 15 markets, barring Venezuela and Italy, are expected to expand.
"Among the leading markets, France is likely to be the big mover, overtaking both Canada and the UK to become the world's second-largest market (excluding low-priced) by 2021," the report says.
And, while rum has come late to the premiumisation party, it is beginning to move, with premium-plus sales growing by almost 2.2m cases between 2011 and 2016.
This shift towards higher-price echelons is being helped by increasing consumer curiosity about the category's geographical and flavour diversity, as well as brands tapping into rum's helpful associations of provenance, history and lifestyle with an array of new products, especially within spiced, flavoured and sipping rum.
About the IWSR
The IWSR is the leading source of data and analysis on the alcoholic beverage market. The IWSR's database, essential to the industry, quantifies the global market of wine, spirits, beer, cider and mixed drinks by volume and value in 157 countries, and provides insight into short- and long-term trends, including five-year volume and value forecasts.
The IWSR tracks overall consumption and trends at brand, quality and category level. Our data is used by the major multinational wine, spirits and beer companies, as well as financial and alcoholic beverage market suppliers. The IWSR's unique methodology allows us to get closer to what is actually consumed and better understand how markets work. Our analysts travel the world in order to meet over 1,600 local professionals to capture market trends and the 'why' behind the numbers.
The IWSR Magazine, written by the IWSR's specialist international analysts, features industry news, new products, interviews with key industry players and in-depth market analysis based on unique access to the IWSR's data.
just-drinks.com is the online news, insight and research portal for the global drinks industry. Our editorial team includes contributors from around the world, while our commentators comprise experts in their respective fields of beer, bottled water, soft drinks, spirits (both brown and white) and wine. Under the direction of managing editor Olly Wehring, we offer an impartial voice and are driven by our passion for the drinks industry.
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SOURCE just-drinks and The IWSR