In this article, we are going to discuss the best rum in 2024. If you’re up for the challenge, check out the other top rums in our list of the 20 Best Rums in 2024.
Global Rum Market:
As we mentioned in our article – 20 Countries that Export the Most Rum in the World – the global rum market was estimated at $17.4 billion in 2023 and is expected to reach $24.5 billion by 2033, with a CAGR of 3.5% during the forecast period.
Rum is building momentum and getting more popular in U.S.A. Today, the category is one of the most steadily growing and continues to benefit from several intersecting popularity shifts. In recent years, distillers have experimented with flavored rums, making the category much more versatile in offerings, and so today, flavored and spiced offerings account for over 57% of all rums sold.
This highly mixable spirit also provides a key function in cocktail culture. While rum is a staple of on-premise tiki bars, it is also one of the only spirits for which it’s common to blend multiple varieties in the same cocktail. According to Bacardi’s 2022 Cocktail Trends Report, four of the top-10 best-selling cocktails are rum drinks, making the spirit a must-have for all on-premise programs.
Premiumization in the Rum Category:
Rum has long been considered a spirit dedicated to tropical drinks, but in the last few years, consumer perception of the liquor has evolved dramatically. While the category is still dominated by major producers, consumer preferences are shifting away from value options and towards an appreciation for craft and aged rums. Due to the growing influence of aged and high-quality expressions, many consumers now see the spirit as a premium offering that can be sipped and appreciated in much the same way as rare whiskies and tequilas.
As with other spirits categories, premiumization in rum means finer quality ingredients and more creative barrel finishes, giving consumers a wider range of innovative flavors to explore through. While the global rum market is experiencing a period of slow growth, the premium rum category is growing at a CAGR of more than 24%.
The Rise of Alcohol-Free Rum:
The global low and no-alcohol consumer trend marks a significant shift in the drinks industry, driven by increasingly health-conscious consumers seeking alternatives to traditional alcoholic beverages. Millennials and Generation Z are the main insurgents, driving a transformation in choice and demanding more from their drinks. These younger generations are adopting a healthier lifestyle and reaping the benefits of going alcohol-free – but they’re not the only ones. From fitness fans and healthy lifestylers to a renaissance in older living, knowing what you’re putting into your body is now a key priority.
Several industry players have realized that the no-alcohol trend is here to stay and are coming up with innovative solutions to keep their current consumer base engaged, along with attracting a new generation of drinkers – and rum has been no exception.
Owned by Diageo plc (NYSE:DEO), the iconic Captain Morgan rum brand unveiled Captain Morgan Spiced Gold 0.0% in August 2023, an alcohol-free alternative to the famous Original Spiced Gold, offering a deliciously spiced flavor profile. Following the successful launch of Guinness 0.0%, Tanqueray 0.0%, and Gordons 0.0% over the past few years, Captain Morgan Spiced Gold 0.0% brings further choice to the market as the latest brand, and first dark spirit, to join Diageo plc (NYSE:DEO)’s alcohol-free portfolio. With 22.9 million cases sold worldwide in 2022, Captain Morgan is the 17th Most Popular Spirit in the World.
Initially launched in Great Britain in September last year, before a further rollout across Europe in 2024, Captain Morgan Spiced Gold 0.0% Alcohol Free Rum has an RRP of under $20 in Great Britain.
Diageo plc (NYSE:DEO) is ranked 4th among the Most Valuable Alcohol Companies in the World.
Methodology:
To collect data for this article, we have referred to a number of sources, such as Liquor, VinePair, Men’s Journal, Reddit etc., looking for the Top Rums to Buy in 2024. To make sure we only give you the best of the best, we shortlisted rums that appeared multiple times in the aforementioned websites, assigned them a score of 1 each time they were recommended on these sources, and then summed up the scores and ranked our list accordingly. When two or more rums had the same score, we ranked them by the price (excluding tax) of their 750 ml bottles.
1. Appleton Estate 12 Year Old Rare Casks Rum
Insider Monkey Score: 15
Ranked as the Number 1 Rum as per our methodology, this single estate spirit is made from hand-selected, rare golden rums which are all aged for a minimum of 12 years in the tropical climate of Jamaica. Smooth, robust, and woody, this sophisticated expression reveals aromas of toasted oak, dried fruit, and hazelnut.
Appleton, along with the Wray & Nephew and Coruba Rum brands, was acquired by Gruppo Campari in December 2012, as part of the Italian giant’s purchase of the Jamaican company Lascelles deMercado & Co for nearly $415 million.The Appleton Estate 12 Year Old Rare Casks Rum top our list of the Best Rums in 2024.
If you’re also curious about which other rums made the cut, please click here.
READ NEXT: 20 Best Rums for a Refreshing Mojito and 12 Countries that Produce the Best Rum in the World.
Disclosure: None. This article is originally published on Insider Monkey.