Rum Market Research Report - Forecast till 2030

Rum Market Research Report: Information by Type (White and Dark), Category (Standard and Overproof), Distribution Channel (Hypermarkets and Supermarkets, Specialty Stores and others) and Region (North America, Europe, Asia-Pacific and Rest of the World) - Forecast till 2030

ID: MRFR/F-B & N/6444-HCR | January 2023 | Region: Global | 90 Pages         

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Rum Market

Rum Market is expected to grow at a 6.4% CAGR and reach USD 23.6 Billion by 2030.

Segmentation
By Type White Dark
By Category Standard Overproof
By Distribution Channel Hypermarkets and Supermarkets Specialty Stores Others
Key Players
Companies Profiled   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)
Drivers
Market Driving Forces   Millennials' strong affinity for rum over other alcoholic beverages
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Rum Market Overview


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 global rum industry has been studied with regards to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.

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  Rum Market_Image             


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



  • March 2022: Bacardi India, the world's largest spirits firm and rum market leader, announced its entry into the brandy and Indian Made Foreign Liquor (IMFL) categories with the launch of Good Man—a product developed specifically for the Indian market. The manufacturer of Bacardi rum and Grey Goose vodka anticipates a fivefold increase in revenue by 2030.

  • February 2022: Casalu, a rum-based hard seltzer aimed at instilling a sense of belonging and heritage while allowing people to share Latino culture, is due to launch later this month in Miami. Dark aged rum, 5.9% abv./vol. Casalu's inaugural offering, "Limón," is crisp and balanced with just the right amount of buzz. It introduces true Latino roots to the hard seltzer industry. The company and founders are situated in the United States and are supported by a team of entertainment and beverage industry veterans.


Global Rum Market, by Type



  • White

  • Dark


Global Market, by Category



  • Standard

  • Overproof


Global Rum Market, by Distribution Channel



  • Hypermarkets and Supermarkets

  • Specialty Stores

  • Others


Global Market, by Region




  • North America

    • US

    • Canada

    • Mexico






  • Europe

    • Germany

    • France

    • Italy

    • Spain

    • UK

    • Rest of Europe






  • Asia-Pacific

    • Japan

    • China

    • India

    • Australia and New Zealand

    • Rest of Asia-Pacific






  • Rest of the World (RoW)

    • South America

    • Middle East

    • Africa




Intended Audience



  • Rum manufacturers producers

  • Dealers and distributors

  • Raw material suppliers and distributors

  • Traders, exporters, and importers



Report Scope:

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


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Frequently Asked Questions (FAQ) :

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