TheRumLab Industry Newsletter Week #27 of 2025

Rum Knowledge  Infographic of the week:  CHAIRMAN'S RESERVE SPICED

From the heart of Saint Lucia, Chairman's Reserve Spiced is a sensorial experience that combines tradition, flavor, and Caribbean authenticity. With aromatic notes of bitter orange, nutmeg, cinnamon, and sweet raisins, this spiced rum is distinguished by its natural complexity thanks to real ingredients, including exotic Bois Bandé, an aphrodisiac bark native to the Caribbean.

Its amber color reflects the warmth of the island, and its elegant bottle is engraved with the iconic Piton Mountains, a symbol of its origin. Furthermore, the label clearly displays the spices that make up this award-winning blend.

Already distributed in the United States, England, Europe, and the Caribbean, Chairman's Reserve Spiced has won over palates for its authenticity and honest design. A curious fact: each bottle sparks conversation with its illustrated label, inviting you to discover what's inside, even before opening it.

Get ready to explore an infusion of history, flavor, and passion in every sip.

Taste of Rum 2025 recap

Miona Madsen – 07/01/2025 – The Spirits Business

https://www.thespiritsbusiness.com/2025/07/taste-of-rum-2025-recap/

More than 1,800 visitors and 80 brands attended Puerto Rico’s 15th international rum festival, Taste of Rum 2025, in March.

Organised by The Rum Lab, the 15th edition of the festival was held at the Puerto Rico Convention Center on 29 March.

More than 1,800 guests, including enthusiasts, content creators, and industry professionals, attended the event, featuring in excess of 80 rum brands. Some of the brands present included Bacardí, Don Q, Ron Boricua, Artesano, Ron Barrilito, Barceló, Planteray, Ron Capo, and Tres Clavos.

According to the organisers, the strong turnout showcased Puerto Rico’s prominent role and appeal in the global rum market.

Gerardo Ortiz, content creator and photographer, shared: “Taste of Rum 2025: an unforgettable experience. If there’s one place where rum is truly celebrated, it’s here. Puerto Rico not only produces the best rum – it lives it, breathes it, and shares it with the world.”

In addition to rum, the event featured a broader spectrum of craft spirits than it has done previously.

Federico J Hernández, creator and organiser of Taste of Rum, said: “After attending WhiskeyLive Paris and experiencing the rum and sake area of the event, I learned that other spirits can co-exist in these events.

“That being said, while rum remained the centrepiece, whiskey, Bourbon, and craft beer were also featured, making the event a more inclusive celebration of the Caribbean’s evolving drink culture.”

Seminars

Attendees were offered seven seminars and educational talks as part of The Rum Conference education program, led by Hernández.

With more than 15 industry speakers, the conference allowed participants to explore topics such as production techniques, market challenges, and brand histories.

Since the congress was added to the festival, the event has attracted a global audience who travel to the island to participate in and learn from the educational panels.

A highlight of The Rum Conference was the talk titled ‘New and Untouched: Try New Expressions Made in Puerto Rico,’ led by Frank Stipes from Ron Superior and José Roberto Álvarez from San Juan Artisan Distillers. This educational session revealed the stories behind upcoming releases from these two local brands.

Another notable presentation, ‘Rums from Around the World,’ was conducted by Leonardo Comercio from PM Spirits NYC and Javier Berberena, a WSET instructor and spirits importer. This session provided a tasting experience that showcased the diversity and richness of sugarcane-based spirits from various regions.

Additionally, Larissa Arjona, president of Women Leading Rum, along with Magaly Feliciano and Ailsa Bonet, highlighted the sustainable practices necessary for preserving the environment within the spirits industry during their talk, ‘Women Leading Environmental Responsibility Initiatives.’

Other seminar topics included ‘Puerto Rico’s Forgotten Rum City – Arecibo’ and ‘How Do 10-, 15-, and 20-Year-Old (Single Cask) Rums Taste Directly from the Barrel?’

Furthermore, Ron Superior and San Juan Artisan Distillers hosted individual master classes.

More to come

The event also marked the launch of the second edition of Hernández’s Rum-clopedia: Puerto Rico Rumclopedia, Version 2. In the book, readers are taken on a journey through the rise and decline of Arecibo, which was historically the epicentre of Puerto Rico’s rum industry.

Additionally, the opus offers more profound insights into brands such as Ron Superior through historical essays and visual storytelling.

The book will be available soon through Amazon in the US.

Taste of Rum is set to return in 2026 at the Puerto Rico Convention Center on 28 March.

Tickets are now available through the official Taste of Rum website, where visitors can also find information on ticket tiers, policies, hotel discounts, and sponsors.

Rum tourism in Puerto Rico

Since 2009, the Taste of Rum event has significantly boosted Puerto Rico’s tourism sector. The festival attracts more than 600 tourists annually, resulting in approximately 7,800-9,000 hotel nights. This success is made possible through strategic partnerships with hotel chains throughout the island.

Hernández explained: “Taste of Rum strengthens Puerto Rico’s position as a global leader in the rum industry. This event showcases our heritage and craftsmanship while driving tourism, investment, and economic growth.”

According to Hernández, the rum industry is vital to Puerto Rico’s economy. A recent report from Nimb15 shows that 70% of Puerto Rico’s rum exports are sent to the US.

In 2020, Puerto Rico produced approximately 160 million litres of rum.

The rise of Taiwanese rum

Leona De Pasquale – 07/01/2025 – The Drink Business

https://www.thedrinksbusiness.com/2025/07/the-rise-of-taiwanese-rum/

Taiwanese rum distillers aren’t just replicating; they’re reinventing. Leona De Pasquale finds out more.

More than two decades after the end of Taiwan’s 80-year state alcohol monopoly, the island’s wine and spirits scene has never been more dynamic. Since liberalisation in 2002, a new generation of distillers has embraced a newfound identity, crafting spirits from local ingredients such as millet and sweet potato. Now, with its subtropical climate and deep-rooted connection to sugarcane, Taiwan is making a bold new case for itself as a rising force in the world of rum.

Once a symbol of colonial trade, sugarcane is being rediscovered for its flavour, cultural legacy and economic potential. When the Dutch arrived in 1624, they cultivated sugarcane, processed it into sugar, and exported it to Japan, where it was exchanged for porcelain and silk before being resold in Europe at a premium.

Sugarcane’s importance endured for centuries. Founded in 1946, the state-owned Taiwan Sugar Corporation (TSC) once oversaw 42 factories. Today, only two remain in operation. Despite this decline, fresh cane juice is still a cherished staple of Taiwanese night markets, pressed to order and served over ice with lemon. For many, it is a nostalgic taste of childhood.

Yet the numbers paint a stark picture. Taiwan consumes around 600,000 tonnes of sugar annually, with TSC supplying about half, mostly from imported raw materials. Locally grown cane yields just 50,000 tonnes of sugar, and total cultivation has shrunk to 8,000 hectares. Sugar remains strategically important, but price controls have made domestic production economically unsustainable. Currently, one millilitre of cane juice is worth less than a tenth of a penny.

This is where diversification comes in. TSC commissioned Professor Chen Chien-Hao, a Burgundy-trained oenologist and winemaker behind Taiwan’s award-winning fortified wines, to reposition sugarcane as a premium ingredient.

Working with students from Kaohsiung University of Hospitality, where he teaches, and together with the Taiwan Sugar Research Institute, the team planted the ROC24 varietal in southern Taiwan — a hardy native cane with improved resistance to disease. The cane was harvested by hand, then cleaned, pressed, fermented, and distilled in a Cognac-style Charentais still with the same precision used in winemaking.

The results were remarkable. Two rhum agricoles, crafted from fresh cane juice, were produced. The first, Pur Jus de Canne de Formose Cœur de chauffe Ambré, was aged for four years in barrels that previously held Taiwan’s acclaimed Golden Muscat fortified wine from Domaine Shu Sheng. The other, bottled without ageing, showcased fresh cane at its most vibrant and aromatic. Both won Grand Gold at the 2025 Vinalies Internationales, hosted by the Œnologues de France.

In Professor Chen’s hands, one millilitre of cane juice — once worth far less than a penny — can now command up to 25 pence, representing more than a 200-fold increase in value. For TSC and local cane farmers, the medals are more than symbolic; they prove that premium spirits have the potential to revive Taiwan’s struggling cane industry.

Partner Content

While Professor Chen’s vision draws on terroir and winemaking finesse in the south, a very different approach is emerging near the capital in the north. It is urban, technical, and unapologetically experimental.

Jeng-Ing Chen, co-founder of Funny Distillery, returned to Taiwan in 2024 after more than a decade in China, where he helped build a landmark distillery in Sichuan. Trained at Heriot-Watt University with an MSc in Brewing and Distilling, he set out not to replicate rum traditions but to reimagine them. Drawing on his background in Scotch whisky and Chinese baijiu, his team created what may be the world’s first baijiu-style rums.

Earlier this year, Funny Distillery released two white rums. Clear they may be, but neutral they are not. Adopting Chinese baijiu’s aroma classification and a similarly styled bottle, their ambition is unmistakable.

The distillery uses two fermentation methods inspired by baijiu. The first, solo mashing, ferments Taiwanese golden sugar with a small amount of malted barley, then double-distils the wash to produce a clean, fruity base. The second, mixed mashing, incorporates stillage from a previous distillation into a new batch, layering rich esters and funky depth through multiple cycles.

Blending these two techniques in varying proportions, they created two distinct profiles: the Mild Flavour White Rum (42% ABV), which is crisp and gastronomic, with notes of fresh cane and green apple skin; and the Sauce Flavour White Rum (53%), which is bold and savoury, with layers of caramel, coconut, mint chocolate and umami tang.

Both expressions are unaged and rest only briefly to harmonise. The focus is on process-driven flavour, not barrel influence. That said, new experiments are underway, including a rum aged in 25-litre clay jars previously used to mature Shaoxing yellow wine, set to launch this autumn.

“We are not here to imitate Jamaican or Martinican rums,” says Jeng-Ing. “We want to build something only Taiwan can produce, through culture, climate and process.”

The team also challenges conventional thinking. “Is a rum still rum if it smells like baijiu? Is baijiu still baijiu if it is made from sugarcane?” For Jeng-Ing, this is more than a rhetorical question; it is a blueprint for how Taiwan might define its own identity in the world of rum.

Taiwanese rum is not following a single path. One approach is rooted in terroir and tradition. The other is driven by technique and science. Together, they do more than revive sugarcane. They reinvent it. For the first time, Taiwan is not simply catching up in the global rum scene, but setting its own terms.

Raising a Glass to Rum: IWSC Bronze Medal Winners 2025

Rebecca Fraser – 06/30/2025 – IWSC

https://www.iwsc.net/news/spirits/raising-a-glass-to-rum-iwsc-bronze-medal-winners-2025

An IWSC Bronze: A Hard-Won Mark of Quality

An IWSC Bronze medal is not easily won. It is a clear marker of excellence, signifying a product that delivers consistent quality along with an enjoyable, approachable drinking experience. For consumers, it serves as a reliable indicator of authenticity and care in production.

At the IWSC, Bronze medals are awarded only to spirits that meet a strict standard. They are not handed out for basic competency but are given to spirits that have demonstrated notable merit and strong appeal.

Ian Burrell, Spirit Judging Committee member for Rum, reinforces this view. “This (the IWSC) is not an easy competition to win a medal in, whether it be Bronze, Silver, Gold or Gold Outstanding,” he said. He encouraged producers to promote all their accolades, stating, “Let the world know about every medal won, not just the Gold and Gold Outstanding.”

Highlights from the 2025 Bronze Medal Winners

The 2025 IWSC welcomed rum entries from 47 countries, reflecting the growing international breadth of the category. While there were strong showings from the traditional Caribbean and from Mauritius, this year saw notable entries from Australia, the United Kingdom, France, Germany and Thailand.

Examples of Bronze medal winners from countries where we see fewer entries include African Spiced Rum, Kakira Sugar Limited from Uganda; Gayuma Rum, Diageo from the Philippines; and Single Barrel Cherry Rum, Hai Seas Distillery from China.

Among the highest-scoring Bronze medal winners, those awarded 89 points came from 12 different countries. England emerged as a leader, with eight entries achieving this score.

Spiced and flavoured rums were particularly successful this year. Judge Tom Brady observed, “There's no doubt about it, spiced rum is getting better.” Jimmy Harris added, “Coffee is making a huge stamp, and flavoured rums are more infused than just flavoured.”

England proved to be a rich source of spiced and flavoured rums, with 12 Bronze medals including Coffee Rum, The Salford Rum Company and two fruit-flavoured rums from the Fortitude Spirits Group, including Hawkesbill Mango Peel Caribbean Spiced Rum.

Agricole and sugar cane rums also impressed the judging panel. These entries were praised for exceeding expectations, with their structure, clarity and terroir-driven character standing out. Matias Luciani described them as “exceptionally good,” and Adamo Varbaro gave similar praise.

The top-scoring Agricole/Cane Sugar Rum with a Bronze medal is St. Nicholas Abbey Single Cask 8 YO Rum, Abbey Holdings Inc from Barbados, which was described as “Fragrant with vanilla, almonds, and creamy mocha notes."

Opportunities for Growth and Emerging Trends

This year’s entries and winners align with two clear market directions: the continued rise of spiced and flavoured rum, and growing interest in ultra-premium expressions.

Flavoured and infused rums represent a fast-developing category with significant potential. Global demand continues to grow, especially among younger drinkers who are discovering rum for the first time. The IWSC judges noted a noticeable uplift in quality, particularly among producers using natural ingredients and more refined flavour techniques.

Ultra-premium rums are also gaining traction. These expressions represent the skill and complexity of traditional rum making, while allowing producers to showcase regional identity and high-end craftsmanship. As more consumers look for spirits with authenticity and depth, ultra-premium rums are being discovered by those who typically enjoy whisky or Cognac. Many of these drinkers see premium rum as a high-value alternative with the same complexity at a more accessible price point.

Another area of opportunity lies in the example set by Agricole and sugar cane rums. These styles, with their focus on terroir, purity and distinctive flavour profiles, offer inspiration to molasses-based rum producers. By adopting similar approaches, these producers could elevate their offerings and better connect with evolving consumer preferences and judging criteria at future IWSC events.

In Summary

IWSC Bronze medals remain an important measure of success. They indicate strong quality, increasing potential, and a readiness to engage with the evolving global spirits market. For buyers, producers and distributors alike, these medals highlight rums that deserve a closer look and greater recognition.

A full table of 2025 Bronze medal rums appears below. For the full IWSC results, please visit our website.

Puerto Rico launches artisanal rum brands in US market

Staff – 06/26/2025 – New Is My Business

https://newsismybusiness.com/puerto-rico-launches-8-artisanal-rum-brands-in-us-market/

Puerto Rico has introduced several new artisanal rum brands to the U.S. market, marking a significant expansion of the Rums of Puerto Rico portfolio and reinforcing the island’s global reputation as the “Rum Capital of the World.”

Supported by the Puerto Rico Department of Economic Development and Commerce (DDEC, in Spanish), the launch reflects both the island’s centuries-old tradition of rum craftsmanship and a new wave of innovation. The brands — Artesano Rum, Boricua Rum, Caray Rum, Ron Pepón, Tres Clavos Rum and Trigo Reserva Añeja Rum — bring the total to 11 distilleries producing more than 80 expressions of Puerto Rican rum.

The new labels debuted at major trade events, including Seatrade Cruise Global and F&B@Sea Expo in Miami, drawing interest from distributors and spirits professionals. They were also featured at the “Rums, Cars & Cigars” event hosted by the Ferrari Miami Chapter during F1 Miami, where Puerto Rican rums were paired with luxury vehicles and cigars.

Puerto Rico’s artisanal rums also stood out at Vinexpo America 2025 in Miami Beach. U.S. distributors including Mexcor Florida and Dozortsev & Son (New Jersey) committed to carrying select brands. Distribution is expected to expand to California and Illinois by the third quarter of 2025, helping these craft rums reach new markets in the U.S. and Latin America.

DDEC Secretary Sebastián Negrón-Reichard underscored the government’s broad support for the industry — from global producers such as Bacardí and Don Q to emerging artisan ventures.

“Puerto Rico’s rum industry is a pillar of our economy and culture,” Negrón-Reichard said. “We are proud to promote everything from household names to emerging labels. Our goal is to make Puerto Rican rum the global gold standard.”

US rum market and Puerto Rico’s share

The U.S. rum market reached $2.9 billion in 2024, representing more than 72% of the North American rum market. Projections indicate it could grow to $5.3 billion by 2030. Puerto Rico remains a key player, with U.S. consumers accounting for more than 70% of the island’s rum exports. In 2020, Puerto Rico produced approximately 160 million liters of rum.

Top US rum markets

Florida leads the nation, accounting for 15% of U.S. rum consumption in 2024 (up from 12% in 2019), particularly in the Miami–Fort Lauderdale region. Other high-consumption states include New York (8%), California (7%), Texas (6%) and a group of Midwestern states — Illinois, Michigan, Pennsylvania and Wisconsin — each contributing about 4%.

Economic impact for Puerto Rico

The success of Puerto Rican rum directly benefits the island’s economy through the federal cover-over program, which returns U.S. federal excise taxes on rum to Puerto Rico’s general fund. These funds help support job creation, local producers, public services and cultural initiatives.

Bartenders spill the beans on Gen Z's 'annoying' drink-by-drink payment habit

Staff – 07/01/2025 – Fox News

https://www.foxnews.com/

Young people want financial control and have security concerns as industry professionals lament slowdown

In bars across America, fewer young bargoers – those born in the late 1990s or early 2000s – are opening tabs, instead choosing to close out and pay after every drink, The New York Times recently reported.

Does the trend bother bartenders? Fox News Digital asked a few for their thoughts.

"Is it annoying to close out the tab after every single drink for bartenders? And the answer is yes. Unequivocally, that is annoying," said Derek Brown, a bartender and founder of Drink Company, a hospitality consulting agency in Washington, D.C.

"You have so many things to do as a bartender throughout your shift, and closing out the tab, if you have to do it throughout the evening when somebody's ordering two, three drinks — it takes time, and it's frustrating and annoying."

Today's younger generation isn't the first to annoy bartenders, Brown clarified.

"Every generation has its quirk," he said.

Still, while it may not seem like a big deal to customers, closing out after every drink is a nuisance to those on the other side of the bar, especially when things are busy, Brown said.

"When somebody comes in and says, 'I'll take a cocktail,' great, and then somebody comes behind and says, 'I'll close it out,' you have to turn around, you have to go to the [point-of-sale machine], and you have to turn around and go back to making drinks," Brown said.

"All of this while being congenial, keeping a smile, making sure people are taken care of — it can be just a really, really annoying habit between all the other things you have to do. But it is part of the job."

Some younger people claim that paying as they go is a better way to manage their drinking money.

"Once you've had two drinks, then the third one comes a lot faster and easier."

"This is the positive side of this, right?" Brown said. "If you're closing out every time, it's true. You're going to be able to monitor how much alcohol you're drinking throughout the evening."

Brown said "fiscal responsibility" is important from the consumer perspective.

"Once you've had two drinks, then the third one comes a lot faster and easier," he said.

Others have expressed concerns about leaving their credit cards behind or in the hands of the bartender.

One way bars solved this problem was with a new system in which a customer's card is swiped once and then immediately returned.

"In that case, it's not that difficult," Brown said. "You keep your card. You put it in your pocket. That's what we learned."

Still, nothing stops a person from paying drink by drink.

"Somebody can just keep asking to open and close it [all] evening," Brown said. "We just have to smile and do our best."

Another reason for the decline in bar tabs could be that fewer young adults, in general, are drinking.

A 2023 Gallup poll found that 62% of adults under age 35 say they drink, a 10% decrease over the previous 20 years.

"It depends on what kind of night I'm trying to have."

Katie Fites, a former bartender in Tallahassee and recent graduate of Florida State University, said she doesn't have a blanket rule when deciding whether she's going to open a bar tab.

"It depends on what kind of night I'm trying to have," she told Fox News Digital.

"If I know that my friends and I are going to be staying in one spot for the night, I will leave a tab open. But if I think that we're going to be bouncing around and there's a possibility I'll forget I've left my tab open and leave, I will not leave my tab open."

For more Lifestyle articles, visit foxnews.com/lifestyle

Fites worked at a popular college bar that didn't allow tabs — so most people paid in cash.

Those who did pay with a card, however, were subject to a $10 minimum.

Card payments can not only slow down bartenders on a busy night, they can also be costly to a bar owner's bottom line.

Credit card fees, which range from, on average, 2% to 4% of the transaction, are assessed with every swipe, according to Doug Kantor with the Merchants Payments Coalition (MPC).

These swipe fees totaled a record $187.2 billion in 2024, an increase of 70% since the pandemic, per the MPC.

That means less money for the bars. 

Bacardi scion: pressure on alcohol industry ‘might hurt others — not us’

Staff – 06/30/2025 – FT

Bacardi has brushed off the threat of moderating alcohol consumption and signalled that it has no plans to pursue asset disposals, despite the gloom that pervades the spirits sector.

Ignacio “Nacho” Del Valle, Bacardi’s head of Europe and Latin America and the member of the Bacardi dynasty with the most senior executive role at the business, said he did not believe the alcohol industry was in structural decline.

“Consumer trends do change but [the] data that is out there does not validate that we are adjusting [to anything] other than a cycle,” Del Valle said, referencing analyst research linking the slowdown in alcohol sales to weaker macro economic conditions.

His comments come as concerns plague the alcohol industry that moderation, health concerns, cannabis use and online socialising are driving a structural decline. Like rivals, Bermuda-based Bacardi has suffered from falling sales since a pandemic surge when consumers splashed out on high-end booze during lockdowns.

Net revenues at the privately owned group, which as well as Bacardi rum owns brands, including Martini, Grey Goose vodka, Patrón tequila and Bombay Sapphire gin, fell 3 per cent in its 2024 financial year, according to the latest available figures published by rating agency Fitch. Sales in North America, which makes up about half of group revenues, fell in the mid-to-high single digits.

Larger competitors Diageo and Pernod Ricard reported sales declines of 1.4 per cent and 1 per cent respectively in their 2024 fiscal years, while Diageo’s North America sales declined 2 per cent.

Del Valle indicated that Bacardi had no plans to offload any of its brands, unlike Diageo, which is reviewing its portfolio to identify potential disposals to lower its leverage. “I’ve now been [at Bacardi] for 29 years, and I’ve never had the conversation on selling,” Del Valle said.

“It might hurt others — not us,” he said of the pressures on the industry, reasoning that because Bacardi is privately owned it does not have to take drastic measures during downturns to appease investors.

“We know there’s a bad cycle today, but we won’t do anything wrong today to survive until tomorrow . . . ,” Del Valle said. “While others might need to report something in a way where they might take a shortcut, we will not do that.”

Diageo last month unveiled a $500mn cost-cutting programme and said it was considering major disposals, three months after scrapping its midterm growth target. This month, Rémy Cointreau abandoned its 2030 sales growth target while Jack Daniel’s maker Brown-Forman’s share price slumped 18 per cent after it reported worse than expected results.

Bacardi has accumulated substantial debt over the past two years after raising its stakes in Teeling whiskey and Ilegal mezcal, bringing its debt to earnings ratio significantly higher than its target.

Earnings before interest, tax, depreciation and amortisation were roughly $1.2bn in 2024 and are expected to rise to $1.3bn by 2026, according to Fitch’s most recent forecasts.

The company had net debt of $5.16bn as of the end of March 2024, 4.3 times its earnings, according to Fitch, compared with 3.2 times in 2022 and a long-term target of 3 times.

Del Valle said the group was not looking to make further acquisitions.

“I think we have what we need in terms of a portfolio, but we’ll always keep an eye out for innovation,” he said, adding that the company would be developing products within established categories, rather than entering new ones.

Del Valle said that while consumers were moderating their alcohol consumption, there were still opportunities for growth in “premiumisation” — in which drinkers drink less, but pricier spirits — and what he described as a shift towards daytime drinking.

The group has jumped on the spritz trend with its St Germain elderflower liqueur, used in “Hugo” spritzes, and Martini Bianco, used in vermouth spritzes, and has also entered the fast-growing ready-to-drink category with its Bacardi-and-Cola cans.

Bacardi was founded in 1862 in Santiago de Cuba by Don Facundo Bacardí Massó, who built the company’s first rum distillery. In the years leading up to Fidel Castro’s revolution, the family began moving its trademarks and production out of Cuba.

The company’s remaining assets in the country were expropriated by Castro’s government in 1960. Five years later, it established new headquarters in Bermuda, where the group is still based.

Del Valle, like longtime chair Facundo Bacardi, is a great-great grandson of the company’s founder. He is in a strong position to eventually run the group, according to analysts and people familiar with the company. The group’s chief executive is Mahesh Madhavan, who assumed the role in 2017.

He said Bacardi punched above its weight. “It’s a small company seen as a big one, because our brands do have a big global footprint,” he said. “We act fearlessly because we’re up against giants.” The company employs 8,000 people globally, compared with 30,000 at Diageo and almost 20,000 at Pernod Ricard.

Del Valle added that speaking with his older relatives about past crises the company has weathered, including the expropriation of its Cuban assets, put today’s challenges into perspective.

“Are we living in difficult times? Maybe there’s some adversity, maybe there’s some challenges out there, but we continue to grow.”

Supply chain braces as tariff delay nears end

Ted Simmons – 06/27/2025 – The Spirits Business

https://www.thespiritsbusiness.com/2025/06/supply-chain-braces-as-tariff-delay-nears-end/

Members representing the barrel, glass and cork industries explained how increased tariffs could impact their sectors.

Thus far barrel pricing has only been impacted by tariffs on steel

While tariffs have faded from the public discourse, delays imposed by US president Donald Trump in April that set all countries at a baseline 10% are set to expire on 9 July 2025, leaving stakeholders in the spirits industry vulnerable to increased costs and additional disruption.

During a webinar held by the Distilled Spirits Council of the US (Discus) on 25 June, leaders from barrel, glass, and cork bodies offered insights into how tariffs could potentially impact their respective industries, and what measures are being taken with more uncertainty around the corner.

“Cooperages thrive on predictability, so when tariffs disrupt the global movement of barrels or finished spirits, planning becomes a guessing game,” Melissa Zoeller, executive director of the Associated Cooperage Industries of America, said, noting that increases in steel have impacted costs, with steel representing roughly 4% of total barrel pricing.

“In some instances, our members will potentially have to adjust their production timelines and inventories to hedge against delays or demand swings,” she added. “But right now, with everything being locked in, there hasn’t been a major disruption as of yet. That doesn’t mean there won’t be.”

Zoeller also noted that some producers are choosing to repair existing barrels rather than spend on new or used ones, and that the US barrel industry would risk losing some of its market share to alternative resources and regions should retaliatory tariffs make American oak or used Bourbon barrels prohibitively expensive.

“Just the mere threat of tariffs create uncertainty,” she said. “We’ve seen some buyers diversify their supply chain as a hedge. Others leaned into longer-term contracts to lock in pricing and availability. Just trying to mitigate unpredictability more than anything.”

Glass and cork

The glass industry is still reeling from pandemic-era supply chain congestion that left some spirits producers scrambling for imported bottles as long lines at the ports left product stranded on ships. Bryan Vickers, consultant to the Glass Packaging Institute, said those issues reinforce the importance of domestic glass container plants and their regional supply capabilites.

“There are newer glass plants in Georgia and Kentucky, and others in Mexico helping to support the US spirits industry with bottle demand,” Vickers said. “A nice mix of strong domestic capability with fair trade is really important to us. And having broad-based tariffs that punish our customers are not helpful, and they’re not helpful for us. We’re thinking particularly of the EU 10% tariff as being a challenge.”

Vickers did note, however, that heavy tariffs on China would keep the country from undercutting the market.

Patrick Spencer, executive director for the Natural Cork Council, describes cork as an on-demand or on-time delivery system where production can’t be paused with trees harvested as soon as they reach maturity. The main issue for the cork industry is getting on an exemption list that failed to recognise it as a wood product, despite it being classified as such by the US Department of Agriculture.

“It was basically an oversight that cork didn’t get put on the exemption list,” Spencer said. “We feel like we will get on that list.”

Thousands of signatures

With that 9 July date quickly approaching, the Toasts Not Tariffs coalition announced a petition with more than 19,000 signatures urging for a return to zero-for-zero tariffs on spirits and wine.

The coalition is a group of 57 associations representing the entire three-tier chain of the US alcohol and related industries.

“Thousands of consumers and workers throughout the wine and spirits supply chain, from barrel makers to bartenders, are sending a clear message to the administration that we want toasts, not tariffs,” a statement said.

“We need the president’s leadership to secure trade agreements that protect fair and reciprocal zero-for-zero tariffs with the EU and our other key trading partners. This will bolster our great hospitality industry and result in increased exports of US wine and spirits products, and investments and job growth in communities across our country.”

Aluna Rum lands in Poland

Miona Madsen – 06/26/2025 – The Spirits Business

https://www.thespiritsbusiness.com/2025/06/aluna-rum-lands-in-poland/

Charter Brands has appointed Unique Spirits as the first Polish distributor of Aluna Rum, tasked with introducing the brand to the on- and off-trade.

Aluna Rum makes its debut on the Polish market this summer

Unique Spirits specialises in the distribution of aged spirits, importing products from small, independent producers of rums and whiskies to the Polish market.

Mikołaj Rzeźnik, owner of Unique Spirits, said: “Poland is a dynamic and evolving market, where rum is steadily carving out its place. Consumers are becoming increasingly educated, making more informed and deliberate choices about their preferred spirits.

“At Unique Spirits, we take great care in selecting only those brands that are both authentic and a true delight to the palate. Aluna Coconut embodies all the qualities today’s consumers are seeking, and we are proud to partner with Charter Brands and represent Aluna Coconut. After all, few can resist a vibrant taste of juicy coconut.”

Aluna Rum offers a range of expressions, from its flagship Coconut rum to Tropica, which is made with flavours of pandan leaf, spiced pineapple, lemongrass, and galangal. It recently launched a white rum, Clara.

The rum brand has been part of export partner Charter Brands’ portfolio since 2023.

Sinead van Zijl, business development manager at Charter Brands, said: “We’re genuinely excited to welcome Unique Spirits as Aluna Rum’s official importer and distributor in Poland. More than a commercial partnership, this is a meeting of passionate spirits aficionados. Unique Spirits was born ‘from fans to fans’, and over the years, it has built a reputation for sourcing rare, single cask whiskies and artisan rums, tailoring experiences and tastings for both professionals and enthusiasts.

“Its discerning portfolio – ranging from boutique rums and aged whiskies to limited releases – demonstrates not just market savvy but a genuine love for craftsmanship. In a Polish spirits market projected at over US$3 billion, with premium and craft categories expanding rapidly, its expertise in curating standout brands aligns perfectly with Aluna’s ethos.

“We’re thrilled to leverage their deep knowledge, strong on  and off trade relationships, and authentic consumer engagement to introduce Aluna Rum to Poland’s growing community of premium rum lovers.”

Launched in 2017, Aluna Rum is available in more than 20 global markets.

Black Tears spiced rum returns to UAE

Miona Madsen – 06/25/2025 – The Spirits Business

https://www.thespiritsbusiness.com/2025/06/black-tears-spiced-rum-returns-to-uae/

Island Rum Brands has partnered with SL Beverages to relaunch Black Tears Dry Spiced Cuban rum in the United Arab Emirates (UAE).

Black Tears has made its way back to the UAE market with Maritime and Mercantile International (MMI), a beverage distributor, retailer and marketing organisation.

In the first six months of 2025, Black Tears Dry Spiced secured numerous listings in both on-trade and off-trade channels across the UAE.

Notable listings included Hard Rock Café Dubai, Hyatt Regency Dubai Creek Heights, Hakkasan Abu Dhabi, Coya Abu Dhabi, Conrad Dubai, and Premium Cellars in Ras Al Khaimah, as well as Richmond Cellars in Abu Dhabi and MMI stores in Dubai and Ras Al Khaimah.

Samrat Latkar, owner of SL Beverages agency, said: “The projected growth for the craft rum category in the UAE is 7.6% from 2025 to 2030, and Black Tears, the first spiced Cuban rum, is well-positioned to gain traction within this trend.

“Since the beginning of the year, we’ve been rapidly gaining ground within the spiced rum category on the market, where tourism and expat community growth are both positively influencing rum consumption.”

Black Tears’ signature cocktail, Spiced Cuba Libre, has been prominently featured in promotional trials throughout the on-trade channel, accompanied by exclusive creations from local mixologists.

Helena Zakmane, international commercial and marketing director of Island Rum Brands, explained: “UAE is an incredibly interesting market for up-and-coming craft authentic spirit brands – many trends are originating from there now.

“With the help of Samrat we are strongly supporting the efforts of our partners at MMI with promotional activities and Black Tears introduction to many new customers across the Emirates.”

Earlier this year, the brand partnered with Force Trade Service in Kazakhstan and debuted in Germany with distributor Kammer-Kirsch.

In February 2025, the Island Rum Company, owner of Black Tears and La Progresiva rums, successfully closed a private investment round to drive global growth.

Drink Co., Founder To Pay SEC $1.1M Over Faux Rihanna Deal

Staff – 06/25/2025 – Law 360

https://www.law360.com/

A beverage company and its founder have agreed to give the U.S. Securities and Exchange Commission over $1.1 million as part of a resolution of claims they misused investor funds and inaccurately suggested they were poised to collaborate with pop star Rihanna.

In Monday judgments in Philadelphia federal court, U.S. District Judge Wendy Beetlestone found that 56-year-old Long Island resident Peter Scalise III and his company The3rdBevco Inc. must jointly disgorge over $856,000 and pay prejudgment interest of nearly $35,000 while Scalise will separately pay a fine of over $236,000.

The defendants consented to the terms of the judgments, and neither Scalise nor his company admit wrongdoing.

The SEC filed suit June 17, accusing the defendants of defrauding would-be investors out of $3.6 million by misrepresenting how they aimed to use funds they raised in addition to improperly name-dropping the Barbadian singer and beauty brand founder.

The SEC didn't refer to Rihanna by name in its complaint, but The3rdBevco press releases matching those described in the complaint remain accessible online and state in part that the company aimed to develop "an exclusive Barbados-distilled rum called RiRi" in partnership with the chart-topping performer.

In reality, the SEC said, while the company had indeed "communicated with [Rihanna's] brother about an arrangement in which he would agree to attempt to facilitate a meeting between defendants and [Rihanna's] management team, there was never any deal, negotiation, discussion or any other contact between the defendants and [Rihanna] or [her] management team."

Specifically, a 2022 press release from The3rdBevco states that the company had "signed a letter of intent with Mr. Rorrey Fenty to act as a senior strategic consultant for its newly launched celebrity brand division."

"Mr. Fenty is a successful entrepreneur and rapper and is also the younger brother of global superstar and music icon Robyn (Rihanna) Fenty," the press release said, adding that "the potential to develop" rum with Rihanna as a partner was "perhaps the most exciting area of focus" in the new celebrity brand division.

According to the SEC, The3rdBevco not only used Rihanna's nickname and trademark in its product brand name — it used her name, image, trademark and music in its promotional materials, "all without authorization."

The agency added that the company had sold unregistered securities without a valid exemption from registration.

The SEC is represented in-house by Gregory Bockin, John V. Donnelly III, Julia C. Green, Samika N. Osbourne and Polly Hayes.

Scalise and The3rdBevco are represented by Mark David Hunter of Hunter Taubman Fischer & Li LLC.

The case is Securities and Exchange Commission v. Scalise et al., case number 2:25-cv-03088, in the U.S. District Court for the Eastern District of Pennsylvania.

BEVERAGE TRACKING UPDATE: GROWTH SLOWED ACROSS CATEGORIES, ENERGY STILL STRONG

Staff – 06/25/2025 – TD Cowen

Total bev sales were -0.1% in the L4W ended 6/14, below the +1.6% / +2.1% growth in L12W / L52W. Energy drinks sales remained strong at +14.8% as Celsius + Alani Nu both accelerated. KO was strong as PEP sales trends worsened. L4W beer sales weakened to -4.5% vs. -3.0% / -1.3% from continued rainy weather post Memorial Day. L4W trends slowed 100-200 bps for all three brewers (ABI / STZ / TAP).

Trends by Total Sub-Category / Company:

Note: Results formatted as 4wk / 12wk.

Energy drinks grew 14.8% / 14.5% L4W / L12W and +7.1% L52W. Including Alani Nu, Celsius sales grew +35.4% L4W / +28.1% L12W, with L4W share up 238 bps. The Celsius brand accelerated to +6.5% L4W from +1.6% L12W, which is consistent with our thesis that trends will improve through the summer as comps ease. Monster sales were up +8.1% L4W / +8.8% L12W.

CSDs grew +2.6% / +3.8% L4W / L12W, with volume -1.9% / -0.4%. Total KO U.S. grew +3.7% / +4.8% due to strength in Fairlife, but CSD sales only grew +3.2% / +3.1% and L12W share declined -26 bps. Total KDP grew +1.9% / +3.5%, with CSDs +2.9% / 5.0% and share up 29 bps L12W. KDP SS coffee grew +7.0% / +5.9%. Total PepsiCo declined -4.0% / -2.7% with L12W CSD / salty snack shares down 58 bps / 113 bps, respectively.

Total spirits declined -0.1% / -0.2%. Brown-Forman sales were down -5.6% / -4.8% (L12W spirits share -11 bps). Diageo sales were -2.5% / -2.3%, with L12W spirits share down -61 bps. We view NABCA as more representative of spirits trends as it includes liquor stores and off-premise sales for the control states. For context, NABCA showed spirits sales -2.8% L3M through April on a selling-day adjusted basis.

Total beer sales weakened to -4.5% / -3.0% vs. -1.3% L52W. This is likely from continued rainy weather post Memorial Day. Total TAP sales were -7.2% / -6.0%. Total ABI sales were -3.7% / -2.1% despite Mich Ultra and Busch Light both up LSD. Total Busch sales grew 10.6% from Busch Light Apple's recent reintroduction. Total STZ sales were -2.2% / -0.4% with volumes -3.8% / -1.9%. Modelo Especial volumes were down -5.6% / -3.6%.

"Beyond beer" (flavored alc in a can) sales were -1.6%% / 1.4% vs. 3.2% L52W. Non-alc beverages grew 21.1% / 24.5%. For context, Beyond Beer is $10B in L52W sales by our definition and non-alc $690M.

Sports drinks sales were -8.3% / -4.4% in L4W / L12W, bottled water was -3.2% / +1.0%, and single-serve ground coffee was +12.6% / +12.8%, driven by price increases and muted elasticity impacts. Wine sales were -1.9% / -2.6%.

Goodbye Fancy Bar, Hello At-Home Pizza Party: Young Americans Cut Back

Staff – 06/26/2025 – WSJ

https://www.wsj.com/

Mix of economic challenges drives decline in spending among Gen Z: ‘We feel rich drinking their free coffee’

Young Americans age 18 to 24 are cutting back on spending, with online and in-store purchases down 13% year-over-year, according to Circana.

Economic challenges like job scarcity and student-loan repayments are affecting younger generations’ financial stability.

Retailers are concerned as young consumers, known for loyalty and frequent shopping, reduce spending on apparel and accessories.

Young Americans’ shopping spree is over.

In-store and online purchases for 18- to 24-year-olds fell 13% year-over-year between January and April, according to market research firm Circana. Spending by older groups is still on the rise but has slowed.

A combination of economic challenges is driving the decline. Young grads are having a much tougher time finding jobs. Student-loan payments are restarting for millions of borrowers. Over roughly the past year, credit-card delinquency rates have risen to their highest points since before the pandemic, and are highest for those 18 to 29, according to the New York Federal Reserve.

“This group is struggling more than older cohorts,” said Wells Fargo economist Shannon Grein. Categories where young people’s spending has fallen the most include apparel (-11%), accessories (-18%), technology (-14%) and small appliances (-18%).

It isn’t uncommon for every generation to struggle at the outset. But they also tend to have fewer major financial obligations and more free cash to spend on entertainment and clothing. And as they move up the career ladder, their spending power ought to increase, economists say.

“It sucks for now,” said Grein at Wells Fargo. “But since younger consumers are not only spending less today but also probably saving less, that could dent their ability to build wealth in the future.”

Bank of America found that spending for Gen Z and millennials fell 1% between May 2023 and May 2025.

“Although a 1% decline doesn’t sound so weak, it should at this stage of younger generations’ life cycle really be rising,” said David Tinsley, a Bank of America Institute economist.

Sheeta Verma moved from her parents’ house to an apartment in San Francisco six months ago, armed with a list of more than 200 bars and restaurants she wanted to try. She has been to fewer than 10. For starters, cocktails are $20. And even when she is willing to splurge, she can’t count on finding a friend to go with her.

“It’s so disappointing,” said Verma, who is 25.

After getting laid off and spending most of last year job hunting, she was thrilled about her new startup marketing gig, which pays around six figures. But her salary doesn’t go as far as she expected, and she worries about the possibility of losing her job again.

“It feels like every single day I go online and I see a new big tech company has done layoffs,” Verma said.

Most of her friends are similarly fearful, or part of the rising ranks of the unemployed. They have pulled back paying for meals, streaming subscriptions and buying new clothes, and have gotten creative about finding low-cost ways to spend time together. One recently threw a make-your-own charm bracelet party. Another hosted a pizza-making dinner.

Far from embarrassing, Verma said, trying to save money has become kind of cool. She gets extra compliments when she reveals her manicures aren’t the $85 gel sets she used to get done professionally, but rather $20 press-ons from Target. “It’s the equivalent to saying your dress has pockets,” Verma joked.

Himanshu Wagh, one of Verma’s friends, frequents fancy furniture stores for a free place to hang.

“We sit on the sofas and when the conversation gets boring, we move to a different sofa,” said Wagh, a 25-year-old psychiatry resident. “We feel rich drinking their free coffee and enjoying this bougie furniture we can’t afford.”

Wagh and his friends play “guess the price” of whatever they are sitting on. And, if they are feeling wistful, they discuss what feel like faraway dreams to one day own homes of their own. What they don’t do: buy anything.

Although young people make up only a small slice of overall consumer spending, they are an important demographic for retailers to hook.

“The beauty of the younger consumer is they give you longevity and they give you loyalty,” said Marshal Cohen, Circana’s chief retail analyst. They also tend to go on more frequent, smaller shopping trips, which leads to more impulse buying. “The more they’re in the store, the more they tend to fill their basket,” Cohen said.

The pullback is especially noticeable for retailers who cater to this demographic.

Online sales for Thread Wallets, an accessories brand that sells primarily to 18- to 29-year-olds, fell 29% over the first three weeks of June compared with the same days in May.

“Instead of buying the $30 wallet, they’re buying the $16 wallet,” said Ryan King, chief financial officer for the brand. The company, he added, is trying to balance tariff-induced price increases on some of their supplies with promotions that could draw in cash-strapped customers.

In Los Angeles, eyebrow-grooming studio Two of a Kind used to frequently partner with local sororities for promotions. But around the new year, founder Jordan Feise said, she noticed her college-age clientele starting to space out appointments, downgrade to lower-cost services or stop coming altogether.

“It feels like the demand among young people has just dwindled,” said Feise. She isn’t too worried yet, since sales are up for other age groups. But, she said, people tend to form their beauty habits when young—not to mention that those in their 20s are more likely to bring their friends along.

The one service for young people that has actually increased: Fixing DIY jobs gone wrong as more people have tried to tint and laminate their brows at home.

Skye Bowie, 21, never expected to have a ton of disposable income as a college student. But the closer she has gotten to graduation from New York University, the more financially stressed she has become. She has felt discouraged watching older friends struggle to find work. And she was disappointed when the paid summer internship she had initially lined up fell through.

“You get to this point that, even though you did everything you were supposed to do, the system seems stacked against you,” said Bowie.

Nadia Ford was on track to buy a small condo in Washington, D.C., before she turned 30. The 28-year-old was proud of her six-figure “dream job” at the Department of Health and Human Services and to be contributing regularly to a savings account for her future down payment.

That was before her role as a Presidential Management Fellow was eliminated last month in a round of Department of Government Efficiency cuts. With job prospects in both D.C. and the public-health field more generally looking bleak, she is worried she will have to move back in with her parents in rural Texas.

“I felt like I was where I wanted to be,” said Ford. “Now, that’s off the rails.”

US Spirits – De-premiumisation Tracker June 2025

Staff – 06/26/2025 – Jefferies

We refresh our "De-premiumisation Tracker" for US spirits for the 4 wks to 14 Jun.

RTDs continue to drive industry growth, which is a drag on overall price/mix and masks the pockets of premiumisation in distilled spirits that are visible across several categories.

Distilled spirits in the US are going through a correction, and US tariffs add another layer of uncertainty. However, we anticipate improvement once inflationary pressures ease and RTD gains moderate.

Industry growth — distilled spirits growing below trend. US distilled spirits continues to perform below it's long term trend with industry value, per Nielsen c.-3%. This is consistent with the 2024 run rate, per DISCUS, of industry vols/value ex-RTDs/cocktails -3.0%/-2.6%. Downtrading is visible in vodka and rum, however the premiumisation trend is persisting across whisk(e)y, tequila and gin.

Long-term drivers unchanged, but industry volumes weak. We believe the long-term drivers of growth, including premiumisation and share of throat tailwinds, remain intact. However, volumes of distilled spirits are stubbornly weak, down -MSD. Over and above cyclical considerations - eg soft hispanic consumer and impact of cumulative inflation - and structural concerns - eg impact of GLP, marijuana and gen-z/moderation - we see two idiosyncratic headwinds for spirits.

Spirits volume headwinds:

(1) Cannibalisation from spirits-based RTDs: Spirits-based RTDs are weighing on distilled spirits; and

(2) Growth of small pack: small pack is driving economic moderation, accounting for 80% of the volume growth in the indsutry. Small pack provides a lower "out-of-pocket". Both of these factors are positive for spirits long term given: (1) recruitment into spirits; and

(3) premiumisation trends. However, they are an additional headwind on what is an already soft backdrop.

Price/mix — mixed trends, but pockets of premiumsiation in distilled spirits still visible. Tequila (+0.0% vs prev +0.7%), Gin (+2.2% vs +2.1%), Vodka (+0.7% vs +1.0%), Rum (-0.2% vs +0.1%), Bourbon (+2.3% vs +1.8%), Canadian Whisky (+1.4% vs +1.6%), Cognac (-2.9% vs -2.7%), and Scotch (+1.6% vs +2.2%).

Tequila — Don Julio still outperforming. Tequila sales declined -1.2% in June (vs -1.2% in May), with volumes -1.2% (vs -2.3%) and price/mix +0.0% (vs +0.7%). Don Julio continued to drive industry growth (+13.9% vs +19.2%) with vols +16.8%. Altos (-8.8%) and Casamigos (-16.4%) were the biggest decliners in absolute value terms within the category.

Scotch/Irish - premiumising still. Scotch vols were soft at -9.3% (-9.7%), however price/mix remained resilient at +1.6% (vs +2.2%). Growth is being driven by premium Johnnie Walker (+1.9%) rather than economy/mainstream brands. In Irish whiskey, Jameson trends are stable (vols -0.3%) for the past 12 weeks.

American whiskey — premiumisation ongoing. Category growth is being driven by premium brands such as Colonel Taylor. Mainstream brand Jack Daniel's registered the largest decline in absolute terms and Jim Beam was also soft.

Canadian whisky — Crown Royal improved. Crown Royal saw better trends in June (+1.3% vs -0.1% prev). Blackberry vols +21.9% (+7.2%) and Peach +8.5 (+1.7%). CR data is likely to be lumpy over the coming months as the company cycles innovation.

White spirits and RTD. Vodka - New Amsterdam (Gallo) has overtaken Titos as the key growth engine in vodka. Downtrading is visible in vodka.

RTD growth was driven by Surfside and Buzzballz, however ABI's Cutwater and Nutrl are among the top growers in the category.

Profit exposure to US. c.50% Diageo, c.40% Remy, c.25% Campari and Pernod.

Spirits pivot in troubled Eastern Europe

Staff – 06/25/2025 – The Spirits Business

https://www.thespiritsbusiness.com/

Despite the region being destabilised by Russia’s war on Ukraine, producers are confident about future success.

“Illiberal regimes; marionette institutions; raging, unchecked oligarchy; and silenced civil societies.” Those were risks recently highlighted in an article about geopolitical tensions in Eastern Europe on the website of the European Council on Foreign Relations (ecfr.eu). The Russia-Ukraine war has troubled the region since 2022. With a tense meeting between the new president of the US, Donald Trump, and Volodymyr Zelenskyy, the president of Ukraine, in February, Europe’s security landscape has come under new questioning.

Many brands have pulled out of Russia since the war in Ukraine started, including Diageo. “Winding down our operations in Russia, our biggest market, was a big decision but the right one for us,” explains Michael Holm, managing director Eastern Europe, Diageo. “We’ve also had to navigate volatility and difficult decisions in the Middle East and Central Asia. We try to be as fact-based and clear as possible, and we typically communicate frequently to stay close to employees, customers and authorities. Through such periods of volatility, we also do our best to display the values of our company and to support customers and employees wherever we can.”

But what impact is the Russia-Ukraine conflict having – or could it have – on the spirits industry in Eastern European countries? IWSR Drinks Market Analysis cites the top five spirits categories in Eastern Europe to be vodka, brandy (excluding Cognac and Armagnac), fruit eaux-de-vie, liqueurs, and Scotch whisky. For these statistics, IWSR includes Estonia, Latvia, Lithuania, Poland, Czech Republic, Slovakia, Hungary, Bulgaria, Romania, Serbia, Slovenia, Croatia, Bosnia and Herzegovina, Kosovo, Albania, Montenegro, North Macedonia, Belarus, Moldova, and Ukraine in Eastern Europe.

Vodka, the biggest-selling category, experienced a 1% decline in volume between 2022 and 2023, and fell by a compound annual growth rate (CAGR) of 3% between 2018 and 2023. From 2023 to 2028, it is expected to be stagnant, with 0% CAGR volume growth.

Nemiroff is well on its way to recovery, after the Ukrainian vodka suffered substantial sales falls in the wake of the Russia-Ukraine war. In 2024, the company closed the year with 18.1% volume sales growth globally. “This past year has been a defining period for Nemiroff in Eastern Europe, marked by both challenges and significant achievements,” says Yuriy Sorochynskiy, CEO of Nemiroff.

“In the Baltics, we secured listings in major retailers, successfully navigating intense price competition. Poland saw strong activations in discount retail, while Romania and Bulgaria presented contrasting dynamics – one experiencing volatility, the other showing growth in premium sales. The Czech Republic stood out, with record-breaking results, driven by the success of both our Originals and De Luxe ranges. Meanwhile, we are actively expanding in Hungary, Slovakia, and Croatia, reinforcing our market leadership.”

An essential market

There’s competition from fellow Ukrainian vodka Mikolasch, which was acquired by Origen X in 2024. Eastern Europe is an “essential” market for the brand “as it’s deeply rooted in Ukrainian heritage and authenticity, making the region both a brand origin and natural growth market”, says Zak Oganian, CEO of Origen X. “There is tangible opportunity for Mikolasch to become the number-one premium global Ukrainian brand, and Eastern Europe is a key market, as far as early adopters are concerned. For example, Polish vodka drinkers appreciate high-quality Ukrainian vodka more than local Polish products, but there is very little on offer as far as consistent, high-quality Ukrainian brands are concerned.”

Value, authenticity, traceability, and price are top priorities for vodka drinkers in Eastern Europe, Oganian notes. While he sees some national loyalty to local labels at the value end of the category, for premium-plus brands, authenticity and transparency “still dominate”.

Trading up in the region is tricky, though, as IWSR highlights. A Balkan expert notes how consumers in the market “would like to trade up but most currently can’t afford to”. Meanwhile, an IWSR expert covering Romania, Moldova and Ukraine, highlights: “Value for money remains important to more conservative, older consumers. When younger consumers trade up, they compensate by consuming less often and spending less per occasion.”

This example of moderation has also been observed by Diageo’s Holm. “It’s increasingly becoming a lifestyle choice for many consumers who seek to balance indulgence with wellbeing,” he explains. “This shift is driven by a greater awareness of health and wellness, as well as a desire for new drinking experiences. It’s important to note that consumers may change their drinking habits, but they will not stop celebrating, and our brands will continue to play a role in celebrations worldwide.”

Holm continues to highlight just how exciting Eastern Europe is as a market, despite the geopolitical uncertainty in the region. The potential is huge, he says. “As for Eastern Europe, we are the fastest-growing market on the continent, and we are confident about the strong potential of this region,” Holm says. “We are in a strong position, and long-term trends are in our favour.”

Premiumisation is still driving value growth in an overall slowing spirits market. Ultimately, consumers are enjoying quality over quantity. Eastern Europe is dominated by mainstream price-tier brands, but premium offerings like Captain Morgan, Johnnie Walker, Smirnoff and Baileys are helping to fuel demand for more high-end brands in Diageo’s portfolio, such as Don Julio Tequila, The Singleton Scotch whisky, and Zacapa rum. “Luxury grows twice as fast in our region as it does globally – and it presents a big opportunity that we are investing in,” Holm adds.

Vodka still dominates

Nemiroff’s Sorochynskiy has seen competition from whisky, brandy, bitters and apéritifs grow, even though vodka is “still the dominant spirit in Eastern Europe”. IWSR data supports this. Scotch whisky delivered strong year-on-year (YOY) growth (8%) between 2022 and 2023, but is forecast to grow at a slower CAGR of 2% between 2023 and 2028. Brandy (excluding Cognac and Armagnac) experienced a 6% YOY increase from 2022 to 2023, but a CAGR of 0% between 2018 to 2023. This is forecast to remain the same between 2023 and 2028.

Younger consumers, Sorochynskiy says, are keen to explore more “diverse flavour profiles”. IWSR’s Balkan expert also sees this trend developing: “The biggest opportunity (barring agave, where volumes are growing fast but the absolute amount remains marginal to the total market size) would be in bitters and spirit apéritifs. These are benefiting from the growth of the apéritif occasion and strong local products.”

In Romania, Moldova and Ukraine, the picture looks pretty similar, as IWSR’s spokesperson there says: “The biggest opportunity is the willingness of Gen Z and younger millennials to try imported, more expensive drinks (standard and above).”

For Origen X, having a portfolio of brands – which also includes Kinahan’s Irish whiskey and Bagots Irish whiskey – that offer affordable entry-level products and more expensive premium bottlings positions it well to tap into varying demands in Eastern Europe. Oganian notices the shift towards premium products particularly in urban centres among Gen Z and Millennial consumers. “Value remains dominant in rural areas and in mass-market retail,” he explains. “There are very sensitive price-bracket borders for the ‘premium, but affordable category’, which, if breached, can take a brand outside of major consumer-access areas that are based on purchasing power and risk-aversion, mostly.”

He adds: “Usually it is one or the other: either affordable price and no heritage and low quality, or high price and a lot of heritage and quality. It is rare that brands can do both. Origen X’s strategy is dual: maintain strong value offerings, while introducing premium lines in aspirational, targeted segments. Premiumisation is happening, but selectively, so success depends on smart market segmentation and localised execution.”

Nemiroff’s Sorochynskiy also shares a similar notion. He notes how in Poland, for example, local brands account for more than 90% of market share. Meanwhile, in the Baltic states, imported brands hold a more significant share of 30%-40%. However, he adds: “Each year, we observe a 1%-3% increase in imported vodka sales, signalling growing demand for more exclusive, high-quality offerings.”

In a region riddled with ongoing geopolitical tensions, it’s encouraging to hear how opportunity-rich the spirits industry is in Eastern Europe. For Origen X’s Oganian, the next 12 months will be “gradual but steady, given market saturation, with premium spirits gaining more share in higher-income pockets”.

He adds: “Brands with strong stories, clear provenance, and local engagement – like Mikolasch, Kinahan’s and Bagots – are well-positioned to outperform. Consumer purchasing power, as well as a more positive consumer outlook, is growing in Eastern Europe, according to most of the data, which is not quite the case in the Western world at the moment, although also likely to be temporary.”

If brands can withstand the current political and economic pressures, Eastern Europe could develop into a very lucrative market for several spirits categories. As Diageo’s Holm notes: “Our confidence in the mid- to long-term remains high.”

June 2025 eNews from BARTENDER® Magazine

Staff – 06/26/2025 – Bartender

https://mailchi.mp/bartender/2025-06june-enews

What's Going on with the Consumer?

Nik Modi – 06/26/2025 – RBC

Our view: We have been cautious on the state of the consumer for quite some time now and our current view is no different, and we expect the environment to remain a challenge for the rest of the year. Coming into 2025, we expected the year to bring plenty of volatility/uncertainty and expected fundamentals would remain under pressure as CPG companies dealt with mounting consumer pressures, implications of the new administration's policy decisions and global geopolitical headwinds. At this point, pressures have played out largely as we had expected, resulting in the March quarter being as difficult an earnings season as we can remember, with many companies lowering numbers. Adding to the complexity of the consumer environment, we have yet to see how consumers respond to the escalation of challenges in the Middle East and/or implications on oil/gas prices. Tariff driven inflation is also something we are monitoring. Despite this, the market has proven resilient as the hard macro data remains resilient (for the most part). Nevertheless, we continue to see a mounting wall of negative soft data points that lead us to believe the situation will remain challenging for the next few quarters.

We remain cautious on the consumer – grocery has been in a recession: Despite more positive sentiment elsewhere in the economy, we continue to see CPG companies take a more pessimistic tone. A common theme across the sector has been the bifurcation of consumers—meaning higher income households remain resilient while their lower income counterparts are struggling, with the former preventing the aggregate data from falling off a cliff. However, we are increasingly hearing management teams discuss this weakness extend to middle- and high-income consumers. Although more affluent individuals are still spending, they are demonstrating behavior shifts and being more choiceful. We believe the grocery industry has already been in a recession with risk of spreading to other corners of the economy. As wage growth and hours worked slow, food inflation is once again accelerating—we view this as a red flag. A recent LendingTree survey found that an increasing number of buy now, pay later consumers are now using these loans to buy groceries, signaling growing strain on the consumer as they struggle to afford essentials. We view this increased usage of BNPL for essentials like food as an alarming indicator on the health of the consumer, particularly as 33% of consumer survey respondents see BNPL as a bridge to their next paycheck (up from 30% a YA and 27% the year before).

Hard data vs. soft data: Traditional metrics generally imply consumers are doing OK and that the economy has slowed, but is chugging along: Analysts expect positive GDP growth through EOY despite a Q1 contraction (Bloomberg), retail sales are growing +LSD%, inflation has stabilized, and the unemployment rate remains near ~4%. However, we see cause for concern when looking below the surface at the soft data. For instance, indicators of travel demand generally show slowing, which we believe is largely due to lack of discretionary funds rather than reduced travel appetite. Restaurant trends have also deteriorated sharply in recent months, and operators have tempered their forward-looking expectations. We see signs that anxiety around job losses is increasing despite low unemployment, which we believe is causing consumers to further moderate spend. As the negative data points outside the realm of traditional macro indicators potentially mount, we think there will be a convergence to the downside.

Value seeking likely to continue in the near-term: As it stands, we think things will get worse before they get better given the current trajectory of consumer sentiment and the divergence between food inflation and wage growth. We have already seen material channel shifting and trade down, which we believe will remain relatively sticky—at least until the current environment shows real improvement. Supporting this view, current retail search trends largely favor discount/affordable options as consumers increasingly seek to optimize their spend. With higher income consumers now showing signs of weakness, we expect value seeking to remain a key theme in the near-term.

NIQ: Economic and Health Concerns at Play in Moderating Bev-Alc Trends

Jessica Infante – 06/26/2025 – Brewbound

https://www.brewbound.com/

Consumers’ embrace of moderation when it comes to beverage-alcohol is well documented, but their reasons for doing so are varied, according to research from insights firm NIQ.

The reasons why were nearly equally split among survey respondents who claimed they are drinking less than they were last year, according to CGA, NIQ’s on-premise insights arm:

36% said they are trying to save money;

34% said they are going out less;

And 30% said they are “trying to be healthier.”

The survey results were presented during NIQ’s C360 conference earlier this month in Hollywood, Florida. NIQ director of bev-alc thought leadership Kaleigh Theriault moderated a panel titled “Raising the Bar: Strategies for Thriving in a Moderating BevAl World.”

The gap between imbibers and teetotalers among the U.S. population has yoyoed in recent years, but narrowed to 58% who drink and 41% who do not in 2024, according to a Gallup survey cited by NIQ. While a growing number of alcohol abstainers may point to the rise of the nearly $1 billion adult non-alcoholic (ANA) segment, bev-alc consumers make up the vast majority (93%) of ANA shoppers, according to a 2024 CGA survey.

When at bars and restaurants, nearly half (47%) of patrons practice “zebra striping,” alternating alcoholic beverages with NA ones, according to CGA. That same percentage of on-premise visitors “are likely to base their drink choice on alcohol content.”

Consumers’ shifting approaches to bev-alc may be influenced by financial issues just as much as desires to drink less for health reasons.

Nearly two-thirds of respondents told CGA they would prefer “one luxury/super premium drink” (26%) or “two high-quality/premium drinks” (35%) if they were choosing what to drink and knew the total of their bill would be the same. An equal amount of respondents (26%) said they would choose “three medium quality drinks” as those who would pick top-shelf offerings. Only 13% of respondents would opt for standard to volume level drinks.

Don’t blame Gen Z: as challenges persist, younger legal-drinking-age consumers are re-engaging with alcohol

Staff – 06/27/2025 – The IWSR

https://www.theiwsr.com/

Budgets for alcohol are shrinking in many markets, thanks to cost-of-living concerns and the moderation trend, but affluent consumers appear more insulated – and Gen Z is making a comeback, according to Bevtrac, IWSR’s longitudinal consumer sentiment tracker.

Consumers are spending less on alcohol across the world’s leading markets, thanks to a combination of increased moderation and the rising cost of necessities – but Gen Z is confounding conventional wisdom by reviving participation rates and consumption occasions.

According to Bevtrac consumer research undertaken in March 2025 by IWSR, the global authority on beverage alcohol data and intelligence, there is a mixed picture across the world’s leading 15 markets[1] when it comes to consumer sentiment, with India and China remaining positive[2] and Europe recovering slightly, but a more negative picture in North America and across the rest of Asia-Pacific.

As disposable incomes come under sustained pressure, consumers in developed markets are prioritising essential items over alcohol, and hopes of an on-trade revival have been frustrated as drinkers around the world remain less motivated about going out.

More positively, recalled alcohol consumption among the LDA+ Gen Z age cohort has risen to similar levels of participation seen in the population as a whole in most markets. These younger consumers also display a greater propensity to explore a wide array of drink categories, maintaining a broad repertoire of products and, unlike older consumers, are now visiting the on-trade more frequently.

“Alcohol usage among LDA+ Gen Z adults has increased significantly from April 2023 lows, and there is evidence that the propensity to go out and spend more is recovering among this group – challenging the received wisdom that this generation is ‘abandoning’ alcohol,” says Richard Halstead, COO Consumer Insights.

Meanwhile, political uncertainty has impacted consumer confidence in North America, thanks in part to policy shifts by the second Trump Administration, but there are clear signs of growth in India and Brazil, where confidence is strong among higher-income groups in particular.

As the long-running premiumisation trend continues to soften for wine and spirits, growth in premium-and-above beer has accelerated in a number of markets, including Brazil, France and Spain – but consumer recruitment into the no-alcohol category is slowing in some markets.

“The current macroeconomic climate is posing a challenge for beverage alcohol, with consumer sentiment neutral to negative, and spend even more subdued,” says Halstead. “The US and China are seeing some of the biggest falls, and sentiment has weakened across Asia-Pacific, with other markets maintaining the same levels as a year ago.

“India remains the only market with all three indicators – consumer sentiment, recalled volume and recalled spend – in positive territory, as upper-middle-class consumers continue to drink and spend more.”

The rise of Gen Z

According to IWSR’s Bevtrac findings, there has been a marked increase in alcohol participation levels among Gen Z consumers compared to two years ago: in April 2023, 66% of Gen Z consumers in the top 15 markets said they had consumed alcohol in the past six months; in March 2025, this figure rose to 73%.

The trend is especially strong in a number of key markets: in the US, participation rates among Gen Z consumers have risen from 46% to 70% over the same timescale, with robust growth in the UK (participation up from 66% to 76%), India (up from 60% to 70%) and Australia (up from 61% to 83%).

The research identifies a number of other positive Gen Z trends for beverage alcohol, including a greater willingness to explore and maintain wider repertoires among multiple drink categories; above-average engagement with spirits; a more relaxed stance on sustained moderation; and a greater inclination to frequent the on-trade.

India and Brazil spearhead growth

As IWSR recently reported, developing markets are key to future TBA growth after a lacklustre 2024. The clearest signs of robust growth come from India and Brazil: India is continuing to power ahead, with that momentum set to continue and younger drinkers to the fore, according to Bevtrac’s survey of affluent urban LDA consumers.

“Despite a perceived softening of sentiment, affluent Indian Millennials continue to feel financially secure and upbeat about the future, driving accelerated growth of alcohol budgets,” explains Halstead. “Indian Millennials from urban elite backgrounds lead in both experimentation and consumption, with legal drinking age Gen Zs closely following in their footsteps.”

In Brazil, confidence remains positive among higher-income groups, boosting consumption and spend, especially for premium beer – and repertoires have widened considerably among high-income Millennials. “The Millennial cohort, especially in the high-income bracket, is significantly more likely to participate in several categories, such as vodka, gin, cream liqueurs and no-alcohol beer, compared to a year ago,” explains Halstead.

Premium beer outperforms

As volumes of premium and super-premium wine and spirits[3] continue to fall, growth in premium-and-above beer has accelerated, reflected by last year’s +14% increase in premium beer volumes in Brazil, according to IWSR. Consumer data supports this, showing an increase in beer spend among Brazil’s high- and medium-income earners.

But the trend pervades other markets too. “In France, premium and super-premium beer volumes are showing green shoots of recovery, likely driven by medium-income drinkers swapping more premium alcoholic drinks for higher-end beer purchases,” reports Halstead.

“Meanwhile, more affluent Spanish drinkers appear to be reshaping the prospects for premium beer in Spain.”

United Kingdom: Alcohol Advertising in UK – Considerations

Staff – 06/27/2025 – Jefferies

A leaked draft of the NHS's 10-year Health Plan yesterday had pointed to potential for a full/partial ban of alcohol advertising in the UK. The government has since indicated that the plan will not include a ban on alcohol advertising, rather potential options for partial restrictions.

WHO data points to a sharp fall in alcohol attributable mortality and morbility rates in the UK, and we do not anticipate the regulatory environment to materially change.

What's new? A leaked draft of the NHS's 10-year Plan yesterday indicated proposals for a full or partial ban on alcohol advertising. We take no view on the likelihood of such a ban taking place, however we would highlight that a potential ban on advertising was highlighted as early as 8 years ago. According to a report in The Sun, the 10 year plan will not include a ban on alcohol advertising. Instead, the government is "exploring options for partial restrictions to bring it closer in line with advertising of unhealthy food.” Note that other proposals like licensing hour limits and minimum unit pricing may be excluded from govnt plans.

Exposure to the UK. Exposure to the UK market, Carlsberg (11%), Heineken (10%), and Diageo (8%), Rémy Cointreau (4%), Pernod and Campari (3% each), and AB InBev (2%).

A ban on advertising does not necessarily focus on the most problematic drinkers. The main focus on alcohol regulation, as per WHO, is to reduce the harmful consumption of alcohol as opposed to overall alcohol consumption. A ban on advertising would imply a pivot towards the latter rather than the former.

Would zero alcohol be affected? It is unclear whether zero alcohol products would be included in a potential ban. Zero alcohol beers are currently sponsors of key sporting events, such as Champions League, Formula One and Six Nations Rugby.

Progress already made on advertising of alcohol on social media. IARD, the International Alliance for Responsible Drinking, has a partnership council of all of the leading industries across the value chain involved in the production, distribution, retail, sale, serving of alcohol, from Walmart to the hospitality industry and to digital on-line platforms. This drives clear responsible marketing codes, which restricts underage drinking and marketing, for instance through age gating and opt-outs for alcohol marketing.

What are the key areas of debate on alcohol regulation? As a reminder, the key areas of debate are (1) Is the focus on tackling the harmful use of alcohol - ie not going down the "there is no safe level" route (2) A whole society approach.

Is the strategy working? WHO's own data shows that the existing strategy to (1) focus on reducing harmful consumption (2) a 'Whole of Society' approach is working. Per the key indicators used for tracking progress against this strategy, the world is on track to meet those targets by 2030, and therefore there should be no need to change the strategy given the evidence-based approach to policymaking. The UN is meeting in September to review the current strategy.

Valuation: Sector de-rating different to what happened to tobacco. Tobacco de-rated from 2017 onwards on (1) regulatory concerns post the July 2017 FDA announcement and (2) worries around the tobacco model from next-generation products (NGP). By contrast, EU alcohol stocks have de-rated given (1) the sharp rise in the US 10-year (2) slowing growth and low visibility around timing of recovery. Uncertainty around the regulatory environment is a further area of investor debate.

May 2025 Control States Results

Staff – 06/27/2025 – NABCA

https://www.nabca.org/control-state-results-0

In May, Control State spirits sales declined, with 9L volume down -4.2% compared to the same month last year.

$Vol dropped even further, by -5.5%, leading to a negative price mix of -1.3%.

On a 12-month rolling basis, 9L volume decreased by -1.1%, while dollar sales fell -1.4%, resulting in a -0.3% price mix.

The overall decline in May was partly driven by fewer selling days, most notably in Michigan, which had seven fewer days than the previous year. As the largest volume Control State, Michigan’s reduced selling days had a significant impact on the month’s results.

Cocktails +26.3%, driven by Canned RTDs +35.6%, was the only positive category.  All other categories declined in 9L volume and $Vol.  Outside of Cocktails, Tequila remained the only positive category on a 12-month rolling basis at +5.1% in 9L volume and +5.7% in $Vol.

Wines declined by -6.8% in 9L volume and -8.9% in $Vol (not impacted by Michigan) with -2.1% price mix. The 12-month results were -6.2% in 9L volume and -4.4% in $Vol with a positive price mix of +1.8%.

The performance of the On-Premise spirits channel closely mirrored the overall spirits trend in May, with 9L volume down -4.5% and $Vol declining -6.0%, resulting in a negative price mix of -1.5%.

On a 12-month basis, spirits in the On-Premise channel saw a -2.3% drop in volume and a -3.3% decline in $Vol. Wine in the On-Premise channel also underperformed, with May showing a -6.6% decline in 9L volume and a -7.0% drop in $Vol, yielding a -0.4% price mix. Over the past 12 months, wine volume fell -7.2%, while $Vol was down -4.9%.

US NABCA monthly data: May volumes saw decline driven by macro weakness

Staff – 06/27/2025 – CITI

US NABCA data covers 18 states and represents 23% of spirits sales in the US.

The latest data for May shows total Spirits industry volumes were down -4.2% (vs. +3.3% last month and -1.9% YTD). May data includes -1.3% headwind from fewer selling days in MI state, meaning underlying spirits declined by -2.9%, down from April (+2.7%) on LFL basis.

By category, Vodka (-5.7%), Whiskey (-7.6%), Rum (-11.6%) and Cognac (-11.6%) underperformed, while Tequila (-0.5%) and cocktails (+26.3%) outperformed overall spirits growth.

Among major EU distillers, Diageo sales were down -7.0% (vs -1.8% L12M), Pernod down -5.4% (-2.1% L12M), Campari down -2.6% (vs -2.4% L12M) and Remy down -8.1% (vs -4.7% L12M).

We track this data as a complementary to other datasets (such as Nielsen IQ) to improve the scope and accuracy of our US sales estimates.

UK / India: ‘Frustration’ over supply comments from Keir Starmer

Staff – 06/27/2025 – The Spirits Business

https://www.thespiritsbusiness.com/

Distillers are reportedly ‘furious’ with British prime minister Sir Keir Starmer, who claimed there are concerns producers won’t be able to meet demand as tariffs were lowered in India, but said it was “a great problem to have”.

Speaking at the British Chambers of Commerce today (26 June), the prime minister said: “I’ve spoken to some of our whisky and gin distillers about the India deal. And they’ve told me that their concern now is whether they can produce enough to meet the demand. What a great problem to have.”

However, Karl Marson, director of Masons Gin, and the spokesperson for the UK Spirits Alliance, said he was “frustrated’ with the comments from the Labour leader, calling them “nonsense”.

“The prime minister’s nonsense narrative turns a blind eye to the very regulatory and tax barriers his own government continues to impose on the spirits sector,” Marson said. “The punishing tax burden we face at home makes it virtually impossible to invest in export growth.

“When 70% of a bottle of gin is swallowed by tax, small and medium distillers aren’t just struggling to grow – they’re fighting to survive.

“Without reform to our domestic tax regime, talk of trade deals is meaningless. The government can sign as many agreements as it likes, but they won’t touch the ground unless distillers are given the space to stand on it. Our sector deserves more than empty promises – it deserves a chance to compete.”

‘Hampering’ growth

In October 2024, the UK autumn budget announced another duty hike for the spirits industry, following the double-digit increase by the previous Conservative government.

In May this year, the UK and India celebrated a ‘landmark’ trade agreement, which will see import tariffs on gin and Scotch whisky from the UK to India initially cut from 150% to 75%, with plans to cut them to 40% within a decade.

The UK Spirits Alliance represents nearly 300 gin, vodka, rum and whisky producers.

Marson said on behalf of the alliance that the talking down of the sector by the government was hampering its ability to grow, invest and create jobs, as well as take advantage of new export opportunities.

The UK Spirits Alliance carried out a poll before the autumn budget, which showed one in four respondents know a distillery supplier that has gone out of business. A 2023 survey found 70% of distilleries in the UK fear not being able to invest in their businesses.

Until the next newsletter!

Federico Hernández - The Rum Lab