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The global rum market was worth $14.27 billion in 2022 and is expected to reach $23.98 billion by 2030, expanding at a CAGR of 6.5% between 2023 and 2030.
Rising consumer interest in high-quality products is expected to boost the rum industry around the world. As the demand for original and real alcoholic beverages among millennials rises, so too should sales of the items. Rum is one of the most widely purchased spirits in the world. As GDP per capita grows in both developed and emerging countries, so does demand for premium spirits around the world. For Rum is a distilled alcoholic beverage made mostly from sugarcane juice or fermented sugarcane molasses.
It's got 40% alcohol by volume (at least 57.7% in overproof), some sugarcane essential oil, and some natural flavors. Market increase is predicted to be driven by the rising number of restaurants, bars, and other entertainment venues. The growing number of city dwellers, higher average incomes, more willing consumers, and higher prices for upscale goods are all contributing elements. Countries like India and the Philippines make significant contributions to the alcoholic beverage industry through both production and consumption. The rising demand for spiced and flavored rums has prompted distilleries to ramp up production of flavored rums. The launch of innovative items is a key component in the market's rapid growth.
The market is being propelled by the millennial generation's insatiable thirst for knowledge about the origin and quality of their alcoholic drinks. Craft rum's popularity stems from the true flavor, high quality, and silky texture it offers. It's typically made in relatively small batches by manufacturers who take an active role in making the product. Craft beverage manufacturers draw more interest from consumers by highlighting their products' place of origin, age, and organic certifications. Drinks with a unique backstory, craft credentials, and regional origin are becoming increasingly sought after by consumers.
Rum is an alcoholic beverage that is distilled from sugarcane juice or fermented sugarcane molasses, and it ranges in alcohol content from 40 to 57.7 percent by volume (ABV). Consumers' willingness to take risks with their drink of choice has expanded alongside the proliferation of cocktail bars throughout the world. Because of its adaptability, rum is frequently used as an ingredient in popular mixed drinks like the mojito, pina colada, and daiquiri. The popularity of mixed drinks has resulted in a sharp increase in requests for rum.
It is expected that rising demand for alcoholic beverages in general, including rum, will drive expansion of rum brewers and the rum industry worldwide. Rum sales are forecast to rise further as the Millennium revels in ever-expanding cocktail repertoires. Some also attribute this trend to the proliferation of eating establishments and drinking establishments that stock and sell alcoholic beverages.
When compared to other alcoholic drinks, rum's 40% alcohol concentration, natural flavors, and sugarcane essential oil give it a distinct advantage. South Asian and Latin American countries have a great impact on the market because of their high production and consumption rates.
Currently, breweries of rum and other alcoholic drinks around the world face challenges beyond those related to production volume and quality. Although they enjoyed rapid expansion and sustained high profit margins in the past, premium and super premium rum are now experiencing severe price competition. Emerging rum providers may find it easier to break into the market and compete because economies of scale are less important in federally controlled businesses.
Report Coverage
Global Rum research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rum report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rum competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rum market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rum market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rum market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Bacardi Limited, Davide Campari-Milano Spa, Demerara Distillers Ltd., Diageo Plc, LT Group Inc., Nova Scotia Spirit Co., Pernod Ricard SA, Suntory Holdings Ltd., William Grant & Sons Ltd., Mohan Meakin Limited.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Rum market based on the below-mentioned segments:
Global Rum Market, By Type
White
Dark
Global Rum market, By category
Standard
Over proof
Global Rum Market, By Distribution Channel
Hypermarkets and Supermarkets
Specialty Stores
Others
Global Rum market, Regional Analysis
Rising consumer interest in high-quality products is expected to boost the rum industry around the world. As the demand for original and real alcoholic beverages among millennials rises, so too should sales of the items. Rum is one of the most widely purchased spirits in the world. As GDP per capita grows in both developed and emerging countries, so does demand for premium spirits around the world. For Rum is a distilled alcoholic beverage made mostly from sugarcane juice or fermented sugarcane molasses.
It's got 40% alcohol by volume (at least 57.7% in overproof), some sugarcane essential oil, and some natural flavors. Market increase is predicted to be driven by the rising number of restaurants, bars, and other entertainment venues. The growing number of city dwellers, higher average incomes, more willing consumers, and higher prices for upscale goods are all contributing elements. Countries like India and the Philippines make significant contributions to the alcoholic beverage industry through both production and consumption. The rising demand for spiced and flavored rums has prompted distilleries to ramp up production of flavored rums. The launch of innovative items is a key component in the market's rapid growth.
The market is being propelled by the millennial generation's insatiable thirst for knowledge about the origin and quality of their alcoholic drinks. Craft rum's popularity stems from the true flavor, high quality, and silky texture it offers. It's typically made in relatively small batches by manufacturers who take an active role in making the product. Craft beverage manufacturers draw more interest from consumers by highlighting their products' place of origin, age, and organic certifications. Drinks with a unique backstory, craft credentials, and regional origin are becoming increasingly sought after by consumers.
Rum is an alcoholic beverage that is distilled from sugarcane juice or fermented sugarcane molasses, and it ranges in alcohol content from 40 to 57.7 percent by volume (ABV). Consumers' willingness to take risks with their drink of choice has expanded alongside the proliferation of cocktail bars throughout the world. Because of its adaptability, rum is frequently used as an ingredient in popular mixed drinks like the mojito, pina colada, and daiquiri. The popularity of mixed drinks has resulted in a sharp increase in requests for rum.
It is expected that rising demand for alcoholic beverages in general, including rum, will drive expansion of rum brewers and the rum industry worldwide. Rum sales are forecast to rise further as the Millennium revels in ever-expanding cocktail repertoires. Some also attribute this trend to the proliferation of eating establishments and drinking establishments that stock and sell alcoholic beverages.
When compared to other alcoholic drinks, rum's 40% alcohol concentration, natural flavors, and sugarcane essential oil give it a distinct advantage. South Asian and Latin American countries have a great impact on the market because of their high production and consumption rates.
Currently, breweries of rum and other alcoholic drinks around the world face challenges beyond those related to production volume and quality. Although they enjoyed rapid expansion and sustained high profit margins in the past, premium and super premium rum are now experiencing severe price competition. Emerging rum providers may find it easier to break into the market and compete because economies of scale are less important in federally controlled businesses.
Report Coverage
Global Rum research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Rum report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Rum competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Rum market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | Bacardi Limited, Davide Campari-Milano Spa, Demerara Distillers Ltd., Diageo Plc, LT Group Inc., Nova Scotia Spirit Co., Pernod Ricard SA, Suntory Holdings Ltd., William Grant & Sons Ltd., Mohan Meakin Limited. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Rum Market from 2021 to 2030.
- Market Forecast for Rum Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Rum competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Rum
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Rum market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Rum market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
Bacardi Limited, Davide Campari-Milano Spa, Demerara Distillers Ltd., Diageo Plc, LT Group Inc., Nova Scotia Spirit Co., Pernod Ricard SA, Suntory Holdings Ltd., William Grant & Sons Ltd., Mohan Meakin Limited.
Primary Target Market
- Market Players of Rum
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Rum market based on the below-mentioned segments:
Global Rum Market, By Type
White
Dark
Global Rum market, By category
Standard
Over proof
Global Rum Market, By Distribution Channel
Hypermarkets and Supermarkets
Specialty Stores
Others
Global Rum market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
About This Research
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