Aging is often considered the ultimate step in producing many high quality alcoholic beverages. This is especially true when vintage wines are made by reputed brewers and distillers. The comon perception is that aging reduces the harshness associated with the raw product due to a series of chemical reations and physical changes. In the case of wines from grapes a major portion of tartaric acid and its salts are precipitated during aging while desirable esters are formed that imparts distinct flavors. But there are contrary views to the established convention and one such opinion is reproduced below
"We thought some of the aged rums were great. We found quite a few that we didn't care for at all. More often than not, though, I found myself wondering what was the point of submitting rum, which can be so distinctively and exuberantly delicious in its youth, to the tempering rigors of barrel aging, which can easily blur identity and character".
There may be some substance in the argument that aging is a waste of time because to day's technology can create a product that can feel like and taste like aged products. Besides, aging calls for huge stocks being held for long time which is not affordable under the prevailing financial cost considerations and blocked capital in the form of stored products can add significantly to the final cost of such products when marketed.