Rum Market to grow by USD 9.1 billion from 2023 to 2028; Growth Driven by the growing demand for premium varieties of rum - Technavio

NEW YORK, Feb. 8, 2024 /PRNewswire/ -- The rum market is expected to grow by USD 9.1 billion from 2023 to 2028, according to Technavio. In addition, the growth momentum of the market will progress at a CAGR of 7.06% during the forecast period. Growing demand for premium varieties of rum is notably driving the rum market. However, factors such as stringent regulations and taxation policies on alcoholic beverage production and distribution may impede market growth. The market is segmented by product (gold and dark rum, white rum, and spiced rum), distribution channel (off trade and on trade), and geography (North America, Europe, APAC, South America, and Middle East and Africa). 

Technavio provides a comprehensive report summary describing the market size and forecast along with research methodology. The Free sample report is available in PDF format 

Key Segment Analysis

• The market share growth by the gold and dark rum segment will be significant during the forecast period. The aging rum in oak barrels is used to make gold rum. It can be attributed to its golden color since it has been in the casks for a long time. Compared to light rum, it's got a thicker texture. The darkest rum is the most extensive variety of rum in terms of alcohol content. One of the major factors that drive demand for gold and dark rums is an increasing demand for uniquely flavored rum cocktails. The growth in the number of product launches should also appeal to this segment.

To know additional highlights and key points on various market segments and their impact in coming years, View the Free PDF Sample Report.

Geographical Market Analysis 

• North America is estimated to contribute 33% to the growth of the global market during the forecast period. The US and Canada are the key contributors to the market in the region. One of the major factors that are expected to drive rum consumption in North America is the premiumization of alcoholic beverages. Moreover, more rum is available because of the growing e-commerce channels; 15% of all rum sales are now carried out over the Internet, indicating a change in consumer purchasing patterns. Finally, the evolution of regional rum markets has been marked by premiumization, a growing number of craft distilleries, and increasing eCommerce sales, leading to a situation where both well-known brands and emerging companies will be able to compete with each other.

Company Insights 

The rum market is fragmented, and the companies are deploying organic and inorganic growth strategies to compete in the market. The report analyzes the market's competitive landscape and offers information on several market companies, including Asahi Group Holdings Ltd., Atom Supplies Ltd., Bacardi Ltd., Campari Group, Cayman Spirits Co, Demerara Distillers Ltd, Diageo Plc, LT Group Inc., LYON RUM Windon Distilling, MAINE CRAFT DISTILLING, Mohan Meakin Ltd., Nova Scotia Spirit Co, Pernod Ricard SA, Suntory Holdings Ltd., The Edrington Group Ltd., Tobacco Barn Distillery LLC, Westerhall Estate Ltd., and William Grant and Sons Ltd

View the Free PDF Sample Report to find additional highlights on the growth strategies adopted by companies and their product offerings.

Related Reports:

The Gin Market size is projected to increase by USD 7,305.78 million with an estimated CAGR of 7.69% between 2023 and 2028.

The premium spirit market size is projected to increase by USD 49.85 billion and the market size is estimated to grow at a CAGR of 6.32% between 2022 and 2027.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product 

Market Segmentation by Distribution Channel

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio