Rum Market to Reach US$ 21.5 Bn by 2029, on Back of Rapidly Increasing Demand for Premium and Flavored Rum
Published On : Jan 09, 2021
The global rum market is thriving, as spirit categories are enjoying much of the spotlight. Rum is the second-most preferred drink among all spirits, and consumers are showing an increasing interest in new flavor profiles apart from those offered by dark rum and golden rum, Moreover, flavored rum is widely used to make cocktails, shakers, and drink mixtures. Rum is one of the oldest alcoholic drinks around. Traditional consumers of rum seek premium rum products with unique flavor profiles. Thus, flavored and premium rums are contributing significantly to the growth of the global rum market.
Key Takeaways of Rum Market Study
- South Asia holds a significant share in the global rum market, as this region has the largest number of consumers as well as producers of rum.
- The spiced rum segment is projected to register significant growth in the global rum market over the forecast period of 2019-2029. The light/gold rum segment is projected to hold the highest share over the forecast period of the global rum market.
- The rum market in East Asia, followed by the Middle East and Africa, is anticipated to register impressive growth over the forecast period, owing to the increasing number of foodservice outlets and rum consumers in these regions.
- The business to business segment under sales channel is projected to hold the highest share of the rum market over the forecast period, attributable to the increasing number of restaurants, pubs, and night clubs across the globe.
- The organic segment under nature in the global rum market is projected to register a high growth rate over the forecast period, as increasing demand for organic rum is anticipated in the future.
“Players in the rum market could gain substantial profits by focusing on the production of premium and highly blended aged rum with unique flavor profiles. The addition of organic rum in the product portfolio could offer higher profits to manufacturers,” says a PMR analyst.
Rum Market: Competitive Landscape
Revenue from the global rum market was pegged at around US$ 15 Bn in 2018. Tanduay Distillers, Bacardi, Diageo, and Pernod Ricard are major market players dominating the global rum market. The core focus of these players is brand building and marketing activities, coupled with unique packaging and design. Moreover, these players are focusing on widening their product portfolios by strategically investing in improving their manufacturing capabilities of organic rum.
- In the financial year 2018, key rum manufacturers such as Diageo, Campari Group, Bacardi, and Redico Khaitam witnessed healthy growth rates.
Explore More Valuable Insights on Rum Market
Persistence Market Research, in its new report, offers an impartial analysis of the global rum market, presenting historical data (2014-2018) and estimation statistics for the period of 2019-2029. The study offers compelling insights on the rum market based on type (white rum, light/gold rum, dark rum, and spiced rum), nature (organic and conventional), and sales channel (business to business and business to consumer), across seven regions.
For additional insights on how the rum market will shape up over the next decade, write to email@example.com
About Food & Beverage Division at Persistence Market Research
The Food and Beverages team at Persistence Market Research provides all the necessary insights and consulting analysis to fulfill the unique business intelligence needs of clients, worldwide. With a catalog of more than 500 reports pertaining to the latest statistics and analysis from the food & beverage industry, the team is happy to help with every business intelligence research and consulting requirement.
Global Market Study on Rum: Surging Demand from Millennial Consumers Giving Impetus to Market Growth
Global Market Study on Rum: Surging Demand from Millennial Consumers Giving Impetus to Market GrowthRequest TOC