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Insight of the Day: Is rum finally turning premium?

The article discusses the potential of the rum category to experience a resurgence in the market, driven by the growing popularity of premium and super-premium rums. Here are the key points:

  1. Premiumization Trend: The rum market is experiencing a shift towards premiumization, similar to gin and tequila.

  2. Data Supporting Growth: IWSR data shows a 9% growth in the global rum category between 2021 and 2022, with the premium-and-above segment expected to continue growing.

  3. Changing Consumer Preferences: Consumers are increasingly interested in high-quality, aged rums for sipping, moving away from the traditional association with sweeter cocktails.

  4. Key Markets: The US, France, Germany, Italy, and Australia are the top markets for super-premium-and-above rum.

  5. UK Market Growth: Rum sales in the UK have surpassed £1 billion, exceeding whisky, driven by the popularity of spiced and dark rums.

  6. Acquisition Activity: Recent acquisitions, such as Brown-Forman's addition of Diplomático and Diageo's purchase of Don Papa, indicate strong interest in the rum category from major drinks companies.

  7. Influence of Tequila: Tequila's success in repositioning itself as a premium spirit serves as a potential model for rum's growth strategy.

  8. Marketing and Education: Brands are focusing on educating consumers about the different types and qualities of rum, highlighting its versatility and potential for sophisticated cocktails.

  9. Challenges: The current economic volatility and inflationary pressures pose a challenge for the entire spirits industry, including rum.

Overall, the article paints a positive picture for the future of rum, with a growing focus on premium offerings and a shift in consumer perception towards appreciating rum as a sophisticated spirit. While challenges remain, the industry is optimistic about the continued growth and resurgence of rum in the coming years.

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