In this article, we are going to discuss the 15 best rums under $40. You can skip our detailed analysis of the global rum market, the premiumization in the rum category, and the recent acquisitions in the rum industry, and go directly to 5 Best Rums Under $40.
The Caribbean islands are famous for producing many of the best rums in the world. Sugarcane was introduced to that part of the globe in the late 1400s by Europeans, and it quickly took root. Colonialists started sugar plantations that used forced labor by enslaved people from Africa, and from these plantations came rum. The spirit’s popularity quickly spread to Colonial North America. It is estimated that prior to the American Revolutionary War, the men and women of the American colonies were drinking an average of three imperial gallons of rum each year.
Global Rum Market:
As we mentioned in our article – 20 Highest Quality Rums in the World– the global rum market was estimated at $17.4 billion in 2023 and is expected to reach $24.5 billion by 2033, with a CAGR of 3.5% during the forecast period.
Rum is building momentum and getting more popular in U.S.A. Today, the category is one of the most steadily growing and continues to benefit from several intersecting popularity shifts. In recent years, distillers have experimented with flavored rums, making the category much more versatile in offerings, and so today, flavored and spiced offerings account for over 57% of all rums sold.
This highly mixable spirit also provides a key function in cocktail culture. While rum is a staple of on-premise tiki bars, it is also one of the only spirits for which it’s common to blend multiple varieties in the same cocktail. According to Bacardi’s 2022 Cocktail Trends Report, four of the top-10 best-selling cocktails are rum drinks, making the spirit a must-have for all on-premise programs.
Premiumization in the Rum Category:
Rum has long been considered a spirit dedicated to tropical drinks, but in the last few years, consumer perception of the liquor has evolved dramatically. While the category is still dominated by major producers, consumer preferences are shifting away from value options and towards an appreciation for craft and aged rums. Due to the growing influence of aged and high-quality expressions, many consumers now see the spirit as a premium offering that can be sipped and appreciated in much the same way as rare whiskies and tequilas.
As with other spirits categories, premiumization in rum means finer quality ingredients and more creative barrel finishes, giving consumers a wider range of innovative flavors to explore through. While the global rum market is experiencing a period of slow growth, the premium rum category is growing at a CAGR of more than 24%.
Recent Acquisitions in the Rum Industry:
The growth of premium rum has also been reflected in the merger and acquisition space in the past year. It was announced last year that the Brown-Forman Corporation (NYSE:BF-B) has 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. Distributed in over 100 countries, Diplomático Rum is a super-premium rum brand from Venezuela.
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 Don Papa Rum. 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 Rum is a super-premium dark rum from the Philippines.
With that said, here are some of the Best Affordable Rums in 2024.
15 Best Rums Under $40
Methodology:
To collect data for this article, we referred to a number of sources, such as Liquor, VinePair, Men’s Journal, related Reddit threads etc., looking for the Highest Quality Rums Under $40. To give you only the best of the best, we picked rums that appeared multiple times in the aforementioned sources, assigned them a score based on their number of appearances, and ranked them accordingly. When two or more rums had the same score, we ranked them by the price (excluding tax) of their 750 ml bottles.
Note: Prices have been sourced primarily from Wine-Searcher. As liquor prices can vary greatly across the United States, we cannot guarantee their accuracy.
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15. Banks 5 Island Rum
Insider Monkey Score: 3
Price: $34
Named after the famed explorer Sir Joseph Banks, this expression is a blend of 21 rums from five rum producing countries – Guyana, Trinidad, Barbados, Java, and Jamaica.
Originally formulated by master blender Arnaud de Trabuc, working with the American bartender Jim Meeham, Banks 5 Island was launched in August 2010. The brand was acquired by Bacardi in 2015. The Banks 5 Island is counted among the Best Rums Under $50 According to Reddit.
14. Bacardí Reserva Ocho Rum
Insider Monkey Score: 3
Price: $30
Made from a blend of rums aged between 8 and 16 years, Bacardí Reserva Ocho is a complex golden offering with a deep, layered, and mellow flavor of dried fruits, spices, and oaky vanilla.
Founded in Cuba, Bacardi Limited is one of the largest family-owned spirits companies in the world. All in all, about 26% of spirit drinkers in the United States drink Bacardí.
13. Chairman’s Reserve Original Rum
Insider Monkey Score: 3
Price: $28
Hailing from the Roseau Valley of Saint Lucia. Chairman’s Reserve is one of the best blended rums in the world, known by rum enthusiasts as a ‘single blended’ rum as it is a blend of column and pot still rum from the same distillery.
Last year, Chairman’s Reserve received a new look to reflect its Caribbean heritage, with the brand also expanding into markets such as Greece, Italy, Poland, and Australia.
The Chairman’s Reserve St. Lucia Rum ranks among the Best Cheap Sipping Rums Under $40.
12. Ron Barceló Imperial Onyx Rum
Insider Monkey Score: 4
Price: $38
Here we have one of the nicest bottles of rum under $40. Produced in the Dominican Republic, the RB Imperial Onyx is the result of the finest selection of rums aged up to ten years in American oak barriques with a high toast degree, and subsequently filtered from real Onyx stones to obtain a rum with intense, deep notes, and a unique character.
Mostly owned by the Spanish spirits company Grupo Varma, Ron Barceló is a carbon neutral brand, certified in 2019 by the SGS Group for both the life cycle of their products and the organization.
11. Cruzan Single Barrel Rum
Insider Monkey Score: 4
Price: $32
Coming in individually numbered bottles, here we have a unique handcrafted blend of vintage rums aged 5 to 12 years, mingled and matured in a single cask for about one additional year.
Although Cruzan is now owned by the Japanese Beam Suntory, Inc., the founding Nelthropp family still operates the distillery and handles rum production. It was reported in 2022 that Beam Suntory, Inc. is in talks with banks and potential suitors to possibly offload some brands, a move that could also include Cruzan Rum.
This powerful, robust, and flavorsome Trinidadian offering is a blend of molasses-based rums aged in once used charred American oak ex-Bourbon barrels for a minimum of seven years.
The House of Angostura is the world's market leader for aromatic bitters and is marketed globally with a geographic reach into 160 markets. Over the last 200 years, the company has expanded from bitters and rum into other spirits, as well as low- and non-alcoholic beverages.
Due to its great mixing ability, the Angostura 7 is included among the Best Cheap Rums for a Rum and Coke.
9. Doorly’s 12 Year Old Gold Rum
Insider Monkey Score: 5
Price: $39.99
Produced at the iconic Foursquare distillery in Barbados, Doorly's 12 is a blend of rums, 90% aged for 12 years in Kentucky Bourbon and 10% aged for 12 years in Madeira cask. R. L. Seale acquired Doorly's in 1993 and, in keeping its history, decided that it would become an export brand.
With its initial hint of sweetness and the dry oaked flavor, Doorly’s 12 Year Old is one of the Best Rums for First Timers.
8. Doorly’s XO Rum
Insider Monkey Score: 5
Price: $34
Produced in Barbados by master distiller Richard Seale, this is a beautifully dark colored blended rum aged a minimum of 6 years and finished in Oloroso sherry casks before bottling.
Originally registered in 1908, Doorly's is synonymous with Barbadian rum history.
Plantation Old Fashioned Traditional Dark is a high-strength blend of rums from Barbados, Guyana, and Jamaica, bottled at 69% ABV. Rich and warming with notes of spice, coffee, orange, and clove, this is an excellent rum for cocktails.
It was announced earlier this month that the famed brand is finally undergoing the name change that it first promised way back in June of 2020. The new name – Planteray Rum – “pays homage to sugarcane, the PLANT that gives birth to the rum, and the sun’s RAYs that are essential for sugarcane growth and ripening.”
Available in over 68 countries around the world, the Plantation Rum brand is owned by Maison Ferrand.
6. Flor de Caña Centenario 12 Year Old Rum
Insider Monkey Score: 6
Price: $38
This ultra-premium Nicaraguan rum is sugar-free, naturally aged without artificial ingredients, distilled 100% with renewable energy, and KOSHER certified. A full-bodied rum with a long and smooth finish that lingers in the palate.
A family business for five generations, Flor de Caña is one of Nicaragua’s most prestigious rums, and has won a huge number of awards, medals, and commendations in the last few years.
The Flor de Caña Centenario 12 Year Old is a Great Premium Rum Under $40.
