The global rum market revenue was around US$ 17,562.1 million in 2022 and is estimated to reach US$ 24,780.8 million by 2031, growing at a compound annual growth rate (CAGR) of 3.9% during the forecast period from 2023 to 2031.
Rum is a strong alcoholic beverage manufactured from fermented sugar, molasses, and its by-products. Occasionally, the fermentation process also employs yeast. Rum is created by distilling fermenting sugar juice, molasses, and water with water to create liquor, which is then heated to evaporate alcohol. Rum is sold in a variety of forms, including gold rum, light rum, spiced rum, flavor rum, over-proof rum, and dark rum.
Market Driving Factors
Growing acceptance of cocktails benefits the market. Cocktails are growing more and more popular, and younger customers are embracing them more. Many well-known drinks, like Mojitos, Daiquiris, and Pia Coladas, have rum as a primary component. Cocktails are becoming more popular, and one reason for this is the availability of many different rum flavors. Consumer preference for flavored rums like coconut, pineapple, and mango is growing, and these rums are frequently employed in cocktail recipes. This trend is fueling the demand for flavored rums, which is contributing to the market expansion.
A high concentration of rum with unique flavor profiles creates a positive impact on the market. Manufacturers have started to provide rum goods in recent years that have a variety of tastes and flavors. The majority of producers concentrate on providing rums with flavors of buttery caramel, sweet, tropical fruit, and vanilla that end with a smoky licorice and molasses finish. This is due to the production line's technological improvements. Manufacturers are concentrating on contracts with well-known celebrities to promote their brands and increase sales and brand recognition, which supports market expansion.
Alcohol taxes, especially those on rum, can be high, which raises the cost of the product for customers. Therefore, this may limit the market.
Regional Analysis
Asia Pacific dominated the market in terms of revenue and is estimated to continue its dominance during the forecast period. This is due to factors including a large population, rising disposable income, easy access to products, and growing rum popularity among younger people.
The Philippines and India markets for rum play an important role in the total regional dynamics and are predicted to increase at a significant CAGR, as both countries are the main producers and consumers of rum.
Furthermore, the increased expansion of experiential liquor retail in Japan, India, and other Asian countries will propel sales from the off-trade channels. Local and international firms have opened experiential liquor retail in metropolises and large cities to raise their sales of liquor products like whiskies and rums.
Segmentation Analysis
In terms of type, the dark rum segment dominated the market in terms of revenue over the forecast period. This can be attributed to consumer reference and production. Dark rums often age longer in comparison to other varieties. This period of aging helps the rum develop more complex flavors, complicated profiles, and a velvety texture, all of which increase its appeal to many consumers. This segment is valued and appreciated throughout the world. For instance, Bartender Spirits Awards in San Francisco, U.S., Denizen Vatted Dark Rum from Guyana took home two gold prizes as well as the "Best Value of the Year" honor. These patterns and affirmations are probably to benefit the segment.
Prominent Companies
Segmentation Outline
The global rum market segmentation focuses on Type, Nature, Sales Channel, and Region.
By Type
By Nature
By Sales Channel
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL RUM MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: RUM MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL RUM MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL RUM MARKET, BY TYPE
5.1 OVERVIEW
5.2 WHITE RUM
5.3 LIGHT/GOLD RUM
5.4 DARK RUM
5.5 SPICED RUM
6 GLOBAL RUM MARKET, BY NATURE
6.1 OVERVIEW
6.2 ORGANIC
6.3 CONVENTIONAL
7 GLOBAL RUM MARKET, BY SALES CHANNEL
7.1 OVERVIEW
7.2 BUSINESS TO BUSINESS
7.3 BUSINESS TO CONSUMER
7.3.1 HYPERMARKETS/SUPERMARKETS
7.3.2 SPECIALTY STORES
7.3.3 ONLINE RETAIL
7.3.4 OTHERS
8 GLOBAL RUM MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3. 1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL RUM MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 DIAGEO PLC
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 PERNOD RICARD SA
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 WILLIAM GRANT & SONS LTD
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 REMY COINTREAU GROUP
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 WESTERHALL ESTATE LTD
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 CAYMAN SPIRITS CO
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 MOHAN MEAKIN LTD
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 HALEWOOD INTERNATIONAL HOLDINGS PLC
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 SUNTORY HOLDINGS LIMITED
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 AREHUCAS
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 ELEMENTS EIGHT RUM COMPANY LTD
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 BACARDI LIMITED
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 EDRINGTON
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 RADICO KHAITAN LIMITED
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 DAVIDE CAMPARI-MILANO S.P.A.
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 GREEN TREE DISTILLERY
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 LA MARTINIQUAISE
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.18 HACIENDA MONTERREY WINES &SPIRITS SL
10.18.1 OVERVIEW
10.18.2 FINANCIAL PERFORMANCE
10.18.3 PRODUCT OUTLOOK
10.18.4 KEY DEVELOPMENTS
10.18.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.19 MAISON FERRAND
10.19.1 OVERVIEW
10.19.2 FINANCIAL PERFORMANCE
10.19.3 PRODUCT OUTLOOK
10.19.4 KEY DEVELOPMENTS
10.19.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.20 TANDUAY DISTILLERS, INC
10.20.1 OVERVIEW
10.20.2 FINANCIAL PERFORMANCE
10.20.3 PRODUCT OUTLOOK
10.20.4 KEY DEVELOPMENTS
10.20.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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