Industry banking on higher demand for Caribbean rum
Caribbean rum is set for a comeback over the next five years.
Chief executive officer of the West Indies Rum and Spirits Association, Vaughn Renwick, said it was a tough year for rum in the Caribbean.
“Coming out of COVID, we saw a resurgence of demand in 2022 but that did not continue. It sort of levelled off in 2023 and while we expected another resurgence in 2024, it didn’t quite happen. We think it’s due to a combination of international instability, a certain amount of politics and issues with supply chains, but generally, 2024 has not been a great year,” he said.
Renwick was speaking to the media on Friday after the launch of Mount Gay’s newest barrel bond in St Lucy. He said predictions indicated international demand for Caribbean rum would rise again.
“We think things will pick up. The overall outlook for the next five years is very good and premium rum, which is the Caribbean’s and Barbados’ top export, is going to be doing well in the long term. That’s what we’re banking on.
‘Innovative new spirits’
“One of the things that we are doing is looking at how we tell our stories. For instance, here at Remy Cointreau, one of their mantras is drink less, drink better.
“So they premiumise and premiumise and premiumise by offering innovative new spirits and saying to people, ‘You’re going to pay a bit more for this, but it’s going to be really a great product for you to enjoy’. And so drinking less, but drinking better products and more premium products is part of that strategy,” he said.
The CEO said they still had strong faith in the quality of Barbados’ rum and rum in the Caribbean in general so they felt confident about the future. He said the launch of the barrel bond was also
a major step.
Quality
“Even though 2024 has not been a great year for premium rum for the industry, this is a statement that we believe in the future and that we’re prepared to put money into the future of premium rum, of building the Caribbean story and say to the world premium rum, quality rum comes from the Caribbean and Barbados,” he said.
Renwick said the aged rum varieties produced by the barrel bond would be shining examples of quality and longevity.
“Our rums are known internationally as high-quality products with a story behind them and Barbados has a lot of that story in it. So in presenting these premium products, one of the ways in which we do it is by presenting aged products.
“And so investing in new barrels and warehouses is a key element to build in your provenance and your quality and your story. There are other ways of doing it which might be related to your production traditions and techniques, but investment in barrels is something that everybody is doing.
“We’re not looking five years down the road or ten years. We’re looking at 20 years down the road because, of course, rum being put down now is going to be sold, some of it, in 20 to 25 years. So it is very much a long-term vision,” he said.
(CA)
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