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Spiced Rum Market Segmented By Product such as Vanilla, Fruit and Mix in Online and Offline Distribution Channel
Spiced rum is molasses-derived rum infused with spices like cinnamon, ginger, clove vanilla, sometimes coupled with plant and fruit extracts like coconut, mint, mango, pineapple, or other citrus fruits. A spiced rum may include just one spice or a blend of spices or a blend of spices and other flavours. Numerous positive drivers have led to substantial growth in the spiced rum market in recent years.
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The spiced rum market is fragmented due to participation by various global and local players. Global players in the market often face challenges in entering new markets due to high liquor tariff regimes in certain countries. They hence lay an emphasis on marketing their product as a high-quality and novelty product.
Liquor companies specialising in other types of spirits have also been investing in the market to capitalize on the market’s robust growth, like in the case of Hotaling & Co., which invested in Denizen Rum in 2018.
Some of the key players in the market include Admiral Nelson's Rum, Destilería Serrallés, Bacardi Limited, Diageo, Pernod Ricard, Suntory Holdings Limited, Tanduay Distillers, Sazerac, Beveland Distillers, Maine Craft Distilling, Davide Campari-Milano, United Spirits Limited, Altitude Spirits, Heaven Hill Distillery, Hotaling & Co. and SEASPIRITS.
A few of the top brands in the spiced rum market include Foursquare, Chairman’s Reserve, Ron de Jeremy, Captain Morgan, Bounty, Trois Rivie?res, Saint Aubin, Kraken, Spytail, Kirkland Signature, Maison La Mauny, Sadler's Peaky Blinder, SailorJerry, Bayou, Elements Eight, Don Q, Siesta, Cruzan, Wester Spirit, Shellback, Bumbu, Margaritaville, Brinley Gold Shipwreck, RumJava, Pusser’s and Dead Man’s Fingers.
Manufacturers have adopted mergers and acquisitions as a key strategy to expand their market footprint. For example, Davide Campari-Milano acquired Rhumantilles from Chevrillon Group in September 2019. Product launches and innovative products have also been a key market strategy. Most recent product innovations have attempted to combine spiced rum with fruit flavours.
Some such recent launches included Suntory Holdings Limited’s Cruzan brand introducing watermelon flavoured rum, Bacardi launched Bacardi Oak Heart Spiced Rum in the US and Bacardi Spiced rum in the UK, Diageo’s launched Captain Morgan Tiki and Captain Morgan Apple Smash, Beveland Distillers launched Marama Spiced Fijian Rum and Destilería Serrallés launched its brand Don Q in the U.S.
Shifting distribution channels have meanwhile caused manufacturers to increase their online presence, even through traditional distribution channels such as liquor stores and supermarkets continue to rule the roost.
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An increasing demand for cocktails by younger populations has also driven the spiced rum market. As a result, intake of spiced rum has seen significant increase in pubs, bars and restaurants.
The Covid-19 pandemic may impact the spiced rum market due to the economic crisis it has caused. The economic crisis may reduce disposable incomes globally, which may lead to people opting for cheaper alternatives.
The hospitality sector is likely to be one of the worst hit sectors in the near future and this is also likely to have a strong impact on the market. These factors will challenge manufacturers towards more competitive pricing trends.
Meanwhile, the pandemic and resulting lockdowns and social distancing norms has also caused a shift in distribution channel trends, like in the case of India where the government endorsed online sales of liquor. This is likely to endure in the future. Online sales may hence follow an unprecedented growth trajectory.
The Covid-19 pandemic may impact the spiced rum market due to the economic crisis it has caused. The economic crisis may reduce disposable incomes globally, which may lead to people opting for cheaper alternatives.
The hospitality sector is likely to be one of the worst hit sectors in the near future and this is also likely to have a strong impact on the market. These factors will challenge manufacturers towards more competitive pricing trends.
Meanwhile, the pandemic and resulting lockdowns and social distancing norms has also caused a shift in distribution channel trends, like in the case of India where the government endorsed online sales of liquor. This is likely to endure in the future. Online sales may hence follow an unprecedented growth trajectory.
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The South Asian and East Asian regional segments have dominated the spiced rum market, mainly led by young populations and lifestyle changes in countries like India, the South East Asian nations (especially Philippines), China and South Korea.
Europe, led by the UK, and North America have been the other large regional segments. Australia in the Oceania segment has also been an important market.
The Middle Eastern segment has been sluggish due to government restrictions on alcohol consumption, but on the flipside countries like Egypt, Lebanon, Jordan and some of UAE’s Emirates are relatively large markets for spiced rum. Latin America is the other important regional segment.
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