The world’s oldest spirit, Rum has been enjoyed since the mid-17th century. Famous for its historical ties to piracy and the navy, it’s a drink distilled and enjoyed the world around. Once valued so highly it became its own commodity for seafaring travellers, Rum has sadly slipped behind its contemporaries in recent times.
Unlike other established spirits such as Gin, Vodka, and Whisky, Rum is only just beginning its journey into the premium market. Following in the footsteps of these other spirits, sales of Premium Rum in the UK increased by 18% in 2021 and a further 85% in the last quarter of this year.
The potential for this growth is significant too, with Premium Rum only accounting for just 3.2% of global Rum volume in 2020. Compare that to the 10.9% for Premium Gin, and 26.6% for Scotch Whisky, and the potential growth is clear for all to see. With such a dramatic shift into the premium marketplace, should we now start thinking of Rum in the same light as fine wine and Scotch Whisky? Not just as a drink, but as an investment?
Early indications certainly suggest so, and that is not just because of a recent change in drinking habits. Unlike Champagne or Scotch Whisky, Rum is a product made around the world and in varying jurisdictions, all without an overriding body. Although many would argue this freedom has allowed for the wild creativity seen within the space, creating the various varieties and flavours of Rum, it’s also created downsides that have held the spirit back.