Market Overview
The Rum Market is predicted to reach an estimated market price of USD 23.9 billion and a CAGR of 6.4% by the 2024-2032 forecast period.
Rum is the second most popular liquor after whiskey, and customers are becoming more interested in newly developed combinations usually involved in making drinks and beverages. The development of the global rum market will be driven by quality, taste and brand.
The rum market outlook for the upcoming year is poised for a resurgence in popularity and innovation. Craft distilleries continue to experiment with unique flavors and aging techniques, catering to a diverse range of palates. As consumers seek authentic and premium experiences, aged and artisanal rums are expected to gain traction, offering a rich spectrum of flavors and aromas. Additionally, the cocktail culture is embracing rum in creative ways, leading to a revival of classic tiki cocktails and a surge in rum-based mixology. Overall, the future looks promising for rum enthusiasts and the industry alike, with an exciting blend of tradition and innovation on the horizon.
One of the key factors for developing the global rum market is the rising demand for premium quality rums. The rum market will be driven by the customer's ability to spend on high-quality rums in the forecast period. Producers have recently released rum drinks with various flavors and aromas. In contrast, many producers work on creating rums with flavors of sweet, buttery caramel, tropical fruit and vanilla that are followed by black liquorice and molasses. Consumers who purchase beverages are also greatly affected by advertisements. Manufacturers focus on advertising their brands, improving sales and creating brand promotions, which drives the global growth of the rum market.
Globally, the leading rum consumers are the young generation due to the low pricing of rum compared to other alcoholic beverages. The increasing demand for rum in the younger generations leads to the rise of the global rum market.
The global impact of COVID-19 in December 2019 has made a huge impact on the rum market. In this scenario, people tend to follow basic, nutritious and safe foods for which the demand for rum is declining.
Market Segments
The rum market has been segmented based on type, category and distribution channel.
The global rum market has been divided into white and dark varieties.
The global rum market has been classified into standard and overproof categories based on proof type.
The global rum market has been segmented by distribution methods into hypermarkets, supermarkets, and specialty stores.
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Regional Analysis
The global rum market has been analyzed in major regions such as North America, Europe, Asia-pacific and the rest of the regions.
The Asia-pacific region is estimated to dominate the rum market in the forecast period. It is predicted to record the maximum CAGR with the major market levels of China, Japan and Australia. The rum industry has developed in North America and Europe. It is expected to notice a huge rise in regions like Brazil, Peru and Australia.
The rum market insight continues to display promising growth prospects, fueled by an evolving consumer palate and a surge in premium and craft offerings. As consumers seek unique and high-quality spirits, rum's versatility, ranging from aged sipping varieties to cocktail-friendly white rums, positions it favorably in the market. Additionally, sustainable and eco-friendly practices in rum production are gaining traction, aligning with growing environmental consciousness among consumers. With innovative flavors, branding, and sustainability initiatives, the rum market is poised to capture a larger share of the spirits industry in the coming years.
Industry News
In march 2022 – Bacardi India, the world's leading brand in the rum industry, made its way into the brandy and Indian Made Foreign Liquor (IMFL) with the good man, available only in India. The company that makes Bacardi rum and grey goose vodka expects its sales to grow five times by 2032.
In February 2022 – Casalu, a rum-based strong seltzer, is scheduled to release in Miami to create a sense of tradition and encourage people to enjoy the Latino culture. Dark aged rum, 5.9% vol., named "Limón," is Casalu's new release with a perfect balance of buzz. The business and its founders are based in the US. They are assisted by a group of professionals from the entertainment and beverage industry.
Key Players are:
Bacardi Limited in Bermuda, Gruppo Campari in Italy, Mohan Makin in India, Matusalem in the Dominican Republic, and The Edrington Group in the United Kingdom
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