The United States rum market has expanded significantly due to the contributions of several international producers that have earned consumer confidence over the years. Rum demand in the United States is estimated to reach a valuation of about US$ 4.7 billion by 2023, according to a Future Market Insights report. Demand for rum in the Canada market is expected to surge at 2.8% during the forecast period.
The size of the global rum market is set to be valued at US$ 17.4 billion in 2023. As per the Future Market Insights report, it is expected to surge at a rate of 3.5% CAGR over the forecast period (2023 to 2033). By the end of 2033, the worldwide rum market is forecast to reach a valuation of US$ 24.5 billion.
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The United States is expected to dominate the rum market, due to the rising consumption of premium rum. Premium rum is widely preferred for its authenticity, taste, and brand. As more and more premium rums are launched in the United States, vendors are looking to push high-end products to inspire consumers to spend more. Further, rising use of online platforms and availability of a wide range of alcoholic beverage products will boost the market.
Several online delivery service providers are experimenting with unique beverage delivery techniques such as drones, self-driving vehicles, etc. This in turn is positively influencing market development in the United States.
Besides this, fast-paced lifestyle and social media penetration are providing an impetus to the rum market. The use of digital technology in the rum market is expected to increase and create new commercial opportunities for manufacturers.
Leading rum manufacturers are working to expand their portfolios by introducing novel products with additional benefits. This will bode well for the market.
Demand in the United States is particularly rising for flavored rum due to changing tastes of people. Hence, companies are constantly introducing flavored rum products to gain profits.
Key Takeaways from the Rum Market
- The global rum market is anticipated to reach US$ 17.4 billion in 2023.
- By 2033, the value of the global market is slated to reach US$ 24.5 billion after experiencing a positive 5% CAGR between 2023 and 2033.
- The United States rum market is estimated to be valued at US$ 4.7 billion in 2023.
- Growing popularity of premium rum among the American population will boost sales during the projection period.
“Easy availability of a wide variety of rum through both online and offline sales channels is expected to generate lucrative growth opportunities for rum manufacturers across the United States,” says an FMI Analyst.
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Competition Landscape in the Rum Market
Players in the rum market are expanding their presence in the United States with a focus on evolving manufacturing processes and introducing new products. Acquisitions, collaborations, product development, and partnerships are examples of growth strategies expected to be seen in this market between 2023 and 2033.
Prominent players active in the United States rum market are Demerara Distillers Ltd., Nova Scotia Spirit Co., and Westerhall Estate Ltd.
Recent Developments
- In February 2023, Spiribam America actively announced its development into another spirits category with the addition of Hardy Cognac to its portfolio. Hardy joins portfolio mates of Rum Clement & Rum J.M from Martinique, Chairman’s Reserve Rum, Bounty Rum, Marigot Bay Rum Cream, and Burgundy liqueur Joseph Cartron.
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Key Segments
By Rum Type:
- White Rum
- Light or Gold Rum
- Dark Rum
- Spiced Rum
- Other Rums
By Nature:
- Plain Rum
- Flavored Rum
- Organic Rum
- Conventional Rum
- Other Categories
By Business Channel:
- Business to Business
- Hypermarkets or Supermarkets
- Specialty Stores
- Online Retails
- Other Sales Channel
About FMI
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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