Jamaica: Rum Market and the Impact of COVID-19 on It in the Medium Term
The rum market in Jamaica was equal to 22.00 million USD (calculated in retail prices) in 2015. Until 2025, the rum market in Jamaica is forecast to reach 24.26 million USD (in retail prices), thus increasing at a CAGR of 1.07% per annum for the period 2020-2025. This is a decrease, compared to the growth of about 1.12% per year, registered in 2015-2019.
The average consumption per capita in value terms reached 7.57 USD per capita (in retail prices) in 2015. In the next five years, it grew at a CAGR of 0.98% per annum. In the medium term (by 2025), the indicator is forecast to speed up its growth and increase at a CAGR of 1.33% per annum.
Rum market has been significantly influenced by the modern drink culture in the past few years. Both consumers and bartenders are seriously interested in deepening their knowledge of alcoholic beverages and rum in particular. In addition, provenance, heritage and style are not only describing the dynamic spirit industry, but also create an emotional appeal and connect with the contemporary consumer. Over the last few years, consumers are increasingly interested in some not so traditional locations for rum production such as Philippines. Similarly, the golden rum is another growing category, prompting the overall rum market across the world. At the same time, as consumers are more willing to try different things, flavored rum is another popular category gaining momentum. Demand for more exotic aromas and unique tastes has stimulated the development and introduction of new taste combinations of fruits and spices such as coffee rum and coconut rum.
Premiumization is another strong trend, which is driving the overall market, led by customers’ desire to drink less but better. As a matter of fact, the global sales of premium rum, including super-premium and ultra-premium rums have been growing faster than the overall category. Following the growing trend of premiumization, companies are entering into corporate restructuring deals in order to premiumize their portfolios. For instance, in 2019 Diageo announced its agreement with Corporación Cuba Ron to form a joint venture called Ron Santiago. The agreement provides Diageo with an important opportunity to further expand its portfolio in the premium rum category.
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This report presents a strategic analysis of the Jamaican rum market and a forecast for its development in the medium term, taking into account the impact of COVID-19 on it. It provides a comprehensive overview of the market volume and value, dynamics, segmentation, characteristics, main players, prices, international trade, trends and insights, growth and demand drivers, challenges, etc. This is one of the most comprehensive reports about the Jamaican rum market, offering unmatched value, accuracy and expert insights.
The purpose of the report is to describe the state of the Jamaican rum market and to present real and expert-verified information about the volumes, values, dynamics, segmentation and characteristics of consumption, prices, imports, and exports. The report also presents a forecast for the market development in the short and medium term and the impact COVID-19 has and will have on it. In addition, the report presents an elaborate analysis of the main market participants, industry trends and insights, growth and demand drivers and challenges and all other factors, influencing the market development.
Questions This Report Answers
The report on the Jamaican rum market covers:
• Market volume, value and dynamics for the last five years;
• Analysis of the factors, influencing the market development (market trends and insights, drivers and challenges) and the impact COVID-19 has and will have on the market in both the short and the medium term;
• Value chain analysis and structure of price formation;
• Analysis of retail price levels and their dynamics for the last five years;
• Analysis of the major international trade flows;
• Volume, value, dynamics, and analysis of imports for the last five years;
• Volume, value, dynamics, and analysis of exports for the last five years;
• Volume and dynamics of the average import and export prices for the last five years;
• Volume, value, dynamics, and analysis of per capita consumption for the last five years;
• Forecast for market development in the medium term;
• Characteristics of the main players on the market;
• Analysis of the competitive landscape;
• Importance of the HoReCa channel (on-trade vs. off-trade consumption);
• Market shares of the main market players;
• Distribution channels for retail sales;
• Five Forces analysis;
• Analysis and forecast for the global economy and demographics.
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With the help of this report you can:
• Discover reliable and expert-verified market data, with which you can confidently make smarter business decisions and drive your business forward;
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• Track and identify key market trends and insights and key drivers behind recent market changes and see the impact COVID-19 has and will have on the market in both the short and the medium term;
• Strategically assess growth potential, opportunities, demand drivers and challenges on the market;
• Strategically assess the importance of the HoReCa channel on the market;
• Discover the importance of each distribution channel for the retail market;
• Build and execute upon a strong strategy based on verified market data and expert insights;
• Discover how the market performed in the past (in the last 3 years) and how it will perform in the future (in the next 6 years);
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What Kind of Data Is Presented in This Report?
This report presents data, which is:
• Reliable (the report is prepared using a proven methodology, including both primary and secondary research);
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This report presents reliable and real market data, providing valuable support to make important strategic decisions regarding:
• Strategic planning;
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• Regional and country evaluation and opportunity analysis;
• Market entry;
• Market growth;
• Pricing and promotion;
• New product development;
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• Company evaluation;
• Mergers and acquisitions.
Who Is This Report for?
This report is for people who already are actively working on this market, representatives of producers, distributors, importers, exporters, wholesalers, retailers, suppliers:
• Industry C Level executives;
• Industry strategists;
• Marketing professionals;
• Business development professionals;
• Product developers;
• Product marketers and strategists;
• Product managers;
• Project managers;
This report is also for people, not directly or actively involved in the market, representatives of investors, consultants, advisors and financial institutions:
• Management consultants;
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• M&A managers.
This research report has been prepared using the proven WMStrategy’s methodology, including a blend of qualitative and quantitative data. The information comes from official sources and insights from market experts (representatives of the main market participants), gathered by semi-structured interviews. For this particular report, more than 10 market expert interviews have been conducted with experts from the leading market companies (producers, distributors, retailers, suppliers, etc.). The full list of interviewed experts and a detailed methodology are available upon request.
This report covers the following product groups:
• Rum (including run and taffia; excluding ready-to-drink cocktails, containing rum or taffia).
This is the most valuable, detailed (COVID-19 updated) and comprehensive report about the Jamaican rum market currently available! We also offer similar reports, covering every global country and region separately and offer special terms for bundle purchases. So, if you are interested in the Jamaican rum market, this research report will provide you with reliable, expert-verified and real market data you can safely and confidently base your decisions on. In a quick and hassle-free way, it will provide you with a strategic analysis of the market, its recent and future development. In addition, this solution will save you time and money while presenting you all the necessary information, empowering you to make informed commercial decisions and move your business forward!
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