In this article, we are going to discuss the no. 1 rum for beginners in 2024. If you want more options to take your first steps into the alluring world of rum, check out our full list of the 15 Best Rums for Beginners in 2024.
Global Rum Market:
As we mentioned in our article – The Best Rum in 2024 – 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.
Recent Developments in the Rum Industry:
The growth of premium rum has also been reflected in the merger and acquisition space recently. It was announced last year that Brown-Forman Corporation (NYSE:BF-B) had completed the acquisition of the Diplomático Rum brand and related assets from Destillers United Group S.L. (Spain), for an estimated $725 million. The spirits giant announced its agreement to purchase the brand in October 2022, giving it an entry into the growing super-premium rum category.
As part of the acquisition, Brown-Forman Corporation (NYSE:BF-B) added a Panama-based aging, bottling, and shipping production facility to the company. Destillers United Group S.L. will continue to produce and age the unique, carefully-crafted, and complex Diplomático Rum in their original distillery at the foot of the Andes mountains.
Shares of Brown-Forman Corporation (NYSE:BF-B) were held by 30 hedge funds at the end of Q1 2024. Fundsmith LLP held the largest stake of almost 11.46 shares, valued at $591.5 million.
Another industry giant that has recently been busy making deals in the rum industry is Diageo plc (NYSE:DEO). It was announced in 2023 that the spirits behemoth has completed the acquisition of the Don Papa Rum brand. The upfront consideration was $276 million, with a further potential consideration of up to $188.6 million through to 2028 subject to performance, reflecting the brand’s current growth potential. Available in over 30 countries worldwide, Don Papa Small Batch Rum is a super-premium dark rum from the Philippines.
Diageo plc (NYSE:DEO) made headlines recently after it announced new plans to trial sustainable paper bottles to hold its Irish Cream Liqueur Baileys. The company has partnered with PA Consulting and PulPac to trial a dry molded fiber bottle which is 90% paper, with a thin plastic liner and a foil seal. Alongside this, the spirits giant is also developing an original spiral-wound paper-based bottle with its Don Papa rum brand. The bottle is in feasibility testing and is expected to be 90% paper-based.
The stock of DEO was also held by 30 hedge funds at the end of Q1 2024 in the Insider Monkey database, with a collective stake value of around $634.21 million. Orbis Investment Management boasted the largest stake of a little over 1.54 million shares, valued at $229.2 million.
Both Brown-Forman Corporation (NYSE:BF-B) and Diageo plc (NYSE:DEO) are ranked among the Most Valuable Alcohol Companies in the World.
With that said, here are the Best Rums to Try for Your First Time.
Methodology:
To collect data for this article, we have referred to a number of sources, such as RumX, Master of Malt, Tasting Table, Reddit etc., looking for the Best Rums for Beginners. To make sure we give you the best of the best, we shortlisted rums that appeared multiple times in the aforementioned sources, assigned them a score of 1 each time they were recommended on these websites, 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: 16
A true expression of Master Blender Joy Spence’s passion, this single estate spirit is made from hand-selected, rare golden rums aged for a minimum of 12 years in the tropical climate of Jamaica. Smooth, robust, and woody – this superb blend reveals aromas of toasted oak, dried fruit, hazelnut, dark cocoa, molasses, orange peel, vanilla, and hints of coffee. Perfect for sipping or mixing into extraordinary cocktails, AE 12 Rare Casks is bottled at 43% ABV.
Appleton Estate, the oldest sugar estate and distillery in Jamaica, produces over 10 million liters of rum annually, 80% of which is destined to be exported.
To learn about other entry-level rums, you can refer to our list of the 15 Best Rums for Beginners in 2024.
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Disclosure: This article is originally published at Insider Monkey.