SAN FRANCISCO, May 28, 2020 /PRNewswire/ -- The global spiced rum market size is expected to reach USD 9.39 billion by 2027, expanding at a CAGR of 4.3% over the forecast period, according to a new report by Grand View Research, Inc. Shifting consumer inclination towards flavored alcoholic beverages is fueling the growth of the market across the globe. Furthermore, escalating cocktail culture has widened the growth opportunity for spiced/flavored rum worldwide. As a result, manufacturers have been introducing innovative products to cater to the growing demand.
Key suggestions from the report:
By product, fruit-based spiced/flavored rum dominated the market with more than 55% share of the global revenue in 2019 due to increasing consumer inclination towards alcoholic beverages fortified with oranges, grapes, and apples as they are easily mixed with other fruit drinks
Off-trade distribution channel is expected to expand at the fastest CAGR of 5.2% from 2020 to 2027. Rising preference for drinking at home among millennials during weekends and after-office hours is expected to promote the scope of off-trade channels, including supermarkets and bar shops, as shopping media
Asia Pacific dominated the spiced/flavored rum market in 2019 with more than 45% share of the global revenue. Strong consumer base of middle-class groups in countries, such as China and India, is expected to remain a favorable factor for the industry growth in this region
Europe is expected expand at the fastest CAGR of 5.0% from 2020 to 2027 owing to growing demand for the premium alcoholic beverages in countries, such as Germany, U.K., and France
In terms of product, the fruit-based spiced/flavored rum led the market with over 55% share of the total revenue in 2019. This spirit blends well with the fruits, such as lime, pineapple, coconut, and orange. Over the past few years, companies have introduced several products under the fruit category. For instance, in July 2019, Cruzan Rum brand of Suntory Holdings Limited introduced its watermelon flavored premium product.
Asia Pacific dominated the market for spiced/flavored rum in 2019 and held more than 45% share of the global revenue. Increased demand for premium and innovative drinks in China, India, South Korea, Japan, Philippines, and Australia has fueled the market growth in the region. Europe is projected to witness the fastest growth over the forecast period.
Key competitors in this industry include Diageo; Bacardi Limited; Suntory Holdings Limited; Destilería Serrallés; Admiral Nelson's Rum; Tanduay Distillers, Inc.; Pernod Ricard; Maine Craft Distilling, LLC; Altitude Spirits, Inc.; Davide Campari-Milano S.p.A.; Heaven Hill Distillery; SEASPIRITS; and Sazerac Co. Merger & acquisition and new product launch are the key strategies adopted by the manufacturers in the industry. For instance, in September 2019, Davide Campari-Milano S.p.A. acquired Rhumantilles, from Chevrillon Group. Rhumantilles is the owner of Maison La Mauny and Trois Rivières rum brands. This acquisition will enhance Davide Campari-Milano's high-grade aged inventory and strengthen its position in France.
Grand View Research has segmented the global spiced rum market on the basis of product, distribution channel, and region:
Spiced Rum Product Outlook (Revenue, USD Million, 2016 - 2027)
Spiced Rum Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
Spiced Rum Regional Outlook (Revenue, USD Million, 2016 - 2027)
Beer Kegs Market – Shifting consumer preference toward premium beer and flavored varieties is a key factor driving the global market. The rising trend of on-premise sales is also expected to fuel market growth.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.