ID: MRFR/F-B & N/6444-HCR | January 2023 | Region: Global | 90 Pages
Rum Market is expected to grow at a 6.4% CAGR and reach USD 23.6 Billion by 2030.
$23.6 Billion
6.4%
Asia-Pacific
2022-2030
Rum Market is expected to grow at a CAGR of 6.4% during the forecast period, says market research future (MRFR). In recent years, manufacturers have introduced rum beverages with a variety of flavors and aromas. The majority of makers are focused on producing rums with sweet, buttery caramel, tropical fruit, and vanilla flavors that finish with smokey licorice and molasses. This is due to developments in manufacturing technology. Additionally, innovations in advertising have a significant impact on alcoholic beverages customers. Manufacturers are concentrating their efforts on agreements with prominent celebrities to promote their brands and increase sales and brand recognition, which further boosts the global rum market's growth.
Millennials are the primary consumers of rum worldwide, as rum is a relatively inexpensive liquor in comparison to other drinks. This makes it ideal for this age group, which is looking for affordable premium beverages with the desired alcohol concentration. Additionally, millennials have a reasonable level of spending power and are more likely to spend on alcohol than on other consumer categories. Millennials' strong affinity for rum over other alcoholic beverages is one of the factors driving the global rum market's growth.
Segmentation
The rum industry has been segmented based on type, category, distribution channel, and region.
By type, the global rum industry has been bifurcated into white and dark.
Based on category, the global rum industry has been classified as standard and overproof.
As per distribution channel, the global rum industry has been divided into hypermarkets and supermarkets, specialty stores, and others.
The North American rum industry has further been categorized as the US, Canada, and Mexico. The European rum market has been divided into Germany, France, Italy, Spain, the UK, and the rest of Europe. The rum industry in Asia-Pacific has been divided into China, India, Japan, Australia and New Zealand, and the rest of Asia-Pacific. The rum industry in the rest of the world has been segmented into South America, the Middle East, and Africa.
Key Players
Diageo PLC (UK), Pernod Ricard SA (France), Beam Suntory, Inc. (US), Bacardi Limited (Bermuda), Gruppo Campari (Italy), Mohan Meakin (India), Matusalem (Dominican Republic), The Edrington Group (UK), Corporacion Cuba Ron (Cuba), and Pusser's Rum Ltd. (US) are some of the key players in the global rum industry.
Regional Market Summary
Global Rum Market Share (%), by Region, 2021 Â Â Â Â Â Â Â Â
Source: Secondary Sources and MRFR Analysis
The market in Asia-Pacific is expected to dominate the market for rum during the forecast period owing to increasing per capita disposable incomes. It is projected to register the highest CAGR during the forecast period with China, Japan, and Australia being the largest country-level markets for rum. North America and Europe are the mature markets for rum. Countries like Brazil, Peru, and Australia are expected to record a strong growth during the forecast period.Recent Development
Global Rum Market, by Type
Global Market, by Category
Global Rum Market, by Distribution Channel
Global Market, by Region
Intended Audience
Report Attribute/Metric | Details |
---|---|
Market Size | USD 23.6 Billion |
CAGR | 6.4% (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2030 |
Forecast Units | Value (USD Million) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | By Type, By Category, By Distribution Channel, and By Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Diageo PLC (UK), Pernod Ricard SA (France), Beam Suntory Inc. (US), Bacardi Limited (Bermuda), Gruppo Campari (Italy), Mohan Meakin (India), Matusalem (Dominican Republic), The Edrington Group (UK), Corporacion Cuba Ron (Cuba), Pusser's Rum Ltd. (US) |
Key Market Opportunities | Manufacturers are concentrating their efforts on agreements with prominent celebrities to promote their brands |
Key Market Drivers | Millennials are the primary consumers of rum worldwide |
Rum Industry Size is expected to Reach USD 23.6 Billion By 2030
The Rum Market Share is anticipated to grow at a 6.4% during the forecast period of 2022–2030.
Diageo PLC (UK), Pernod Ricard SA (France), Beam Suntory Inc. (US), Bacardi Limited (Bermuda), Gruppo Campari (Italy), Mohan Meakin (India), Matusalem (Dominican Republic), The Edrington Group (UK), Corporacion Cuba Ron (Cuba), Pusser's Rum Ltd. (US)
Asia-Pacific Region will dominate the rum market