The net worth of the total rum sold in the market worldwide in the year 2022, was valued at US$ 16.8 billion. In the year 2023, the market is estimated to generate a revenue of US$ 17.4 billion and register a CAGR of 3.5% from 2023 to 2033. Furthermore, the global rum market analysis report of FMI predicts the overall valuation of the market to reach US$ 24.5 billion by 2033.
increased per capita income and increased use of alcoholic beverages in emerging economies have led to an increase in rum sales. Two further indirect reasons that are expected to affect the global rum industry’s growth are the expansion of chain bars and the rise in urban population.
In 2022, the global rum market reached a net worth of US$ 16.8 billion, and the journey doesn’t end there. Projections for 2023 estimate a revenue of US$ 17.4 billion, with a steady Compound Annual Growth Rate (CAGR) of 3.5% anticipated from 2023 to 2033. The latest analysis by Future Market Insights (FMI) foresees the market’s overall valuation soaring to US$ 24.5 billion by 2033.
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Recent Developments:
- Hilton Head Distillery introduced new Panela and Solera Rum products in August 2022, catering to consumers visiting South Carolina.
- The Bush Rum Co. introduced its eco-friendly beverage in the Indian market in July 2022, expanding its product range in the nation.
Additionally, during the past several years, a shift in consumer culture and preferences has increased the popularity of premium rums with distinctive characteristics. It is anticipated that this tendency will continue for the projected amount of time and aid in the formation of new trends in the worldwide rum industry. Between 2023 and 2033, the markets for spiced and flavor-infused rum are anticipated to expand at a higher rate than those of their rivals.
Key Takeaways:
- US Market Dynamics: The United States is projected to witness rum sales worth US$ 4.7 billion in 2023.
- Asia Pacific Growth: China’s rum market is set to grow at a robust 6.1% annual rate through 2033, contributing significantly to the Asia Pacific region.
- Regional Markets: Japan and Canada are key regional players, with growth rates of 1.8% and 2.7%, respectively, expected between 2023 and 2033.
- Rum Type Trends: Light or Gold Rum is forecasted to lead with a 4% CAGR through 2033, reaching a net revenue of US$ 8.6 billion, while Dark Rum is recalibrated to a 2.8% CAGR.
Competitive Landscape: Leading players in the global rum market include Asahi Group Holdings Ltd., Bacardi Global Brands Ltd., Diageo Plc, Pernod Ricard SA, William Grant & Sons Ltd., and others. Strategies for market players revolve around focused marketing and the development of new flavors.
Key Growth Drivers:
- Economic Factors: Increased per capita income and a growing fondness for alcoholic beverages in emerging economies contribute to the upswing in rum sales globally.
- Urbanization and Lifestyle Shifts: The expansion of chain bars and the rise in the urban population serve as indirect catalysts propelling the growth of the global rum industry.
- Premiumization Trend: Evolving consumer culture favors premium rums with distinctive characteristics, expected to shape new trends in the global rum market over the forecast period.
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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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa
Recent Developments
- New Panela and Solera Rum product types at the distillery and retail sites around South Carolina were declared by Hilton Head Distillery in August 2022. The company introduced a range of each distinct copper pot-distilled rum in small batches for the consumers visiting the beach.
- The Bush Rum Co., which is a British company, introduced its eco-friendly beverage for the Indian market in July 2022 with Mumbai-based Monika Alcobev Limited. Additionally, the corporation introduced a range of products in the nation like Jose Cuervo, Templeton Rye whiskey, and Rutini wines.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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