Market Scenario
Global Rum Market was valued at USD 15.5 billion in 2022 and is expected to register a CAGR of 6.40% during the forecast period of 2023 to 2030. Rum is a distilled alcoholic beverage produced by fermentation and distillation of molasses or sugarcane juice. It is prepared in various grades and types which depend on the location of its production. These types of rum are used in cocktails, cooking, or can be consumed straight.
Increasing per capita disposable incomes in emerging economies is the major contributing factor to the growth in the sales of the global rum market. Changing lifestyles, increasing influence of social media, and an ease in accessibility to alcohol have contributed significantly to the growth of the rum market outlook. The market players have adopted various growth strategies, such as the launch of new products and the introduction of various types of rum such as spiced and flavored. However, availability of substitutes is the major restraining factor for the growth of the rum industry. The increasing consumption of cocktails and growing use of rum in cooking has further created opportunities for the market players.
Segmentation
The global rum market 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 market 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 market has been studied with regards to four key regions—North America, Europe, Asia-Pacific, and the rest of the world.
The North American rum market 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.
Regional Market
The market in Asia-Pacific is expected to dominate the rum market share 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.
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 market.
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