The UK rum market would seem to be in the doldrums, losing two per cent in volume and three per cent in value between 2006 and 2007. Attention has been diverted from the sector and invested in other growth categories such as vodka. This has resulted in a neglected sector largely devoid of innovation.
Most of this loss, however, is in the white rum category, which lost six per cent in value. The smaller dark and golden rum sectors, where Bacardi is not the dominant brand, are in growth.
This presents a significant opportunity for brand owners to leverage this small trend and take market share away from the market leader Bacardi, which essentially is the rum category in the UK despite many drinkers not even realising it is actually a rum. So how can rum make a comeback? The answer is through quality and heritage.
It is largely forgotten that the British Navy was run on its rations of rum. Many British brands emerged and prospered on the back of this association, such as Lamb's Navy. It forms a major part of our national heritage but this association is hardly noted.
Britain has a significant association with some of the most successful spirits in the world: whisky being the best example with gin and rum being left behind. Linking rum to its great British heritage in a more explicit manner would help endorse its credentials as a premium product.
Dark and golden rums are also able to compete on quality. They go through a similar production process to whisky and brandy: aged in different types of barrels and often flavoured with caramel, spices, vanilla and other subtle flavourings.
This should also be communicated, encouraging consumers to appreciate the quality flavours rather than going for the ubiquitous cola dilution. On a par with vodka
Versatility is another of rum's qualities. It can be drunk on its own like a quality scotch, mixed with drinks such as cola and is also a key ingredient in a number of popular cocktails. This versatility gives rum a lead on other spirits such as gin and gives it parity with vodka, which also plays on its quality and heritage.
Lamb's Navy Rum and Captain Morgan are two of the biggest dark rums in the UK but these have all but been starved of investment due to the focus of their owners - Pernod Ricard and Diageo respectively - on other lead brands.
In addition to Havana Club, there are a range of other brands which have the opportunity to re-establish the UK's rum category: Pusser's, Lemon Heart, Mount Gay and Woods 100 being just a few.
If these brands receive a bit of a boost, emphasising their quality, heritage and versatility, they all have the potential to reverse rum's humdrum performance of late. Competition has been proven to stimulate a category, fuelling consumer and trade interest and increasing the category's value - this was the driver behind growth in the US bourbon market.
I'm not saying it'll be as easy as throwing in a few ice-cubes, cider-style, but with a little effort the industry will benefit by letting rum's heritage out of the bottle.
Stuart Whitwell is joint managing director of Intangible Business, the brand valuation, strategy and development consultancy