In 2022, the entire value of rum sold globally was estimated to be worth US$16.8 billion. The market is projected to bring in US$ 17.4 billion in sales in 2023 and grow at a compound annual growth rate (CAGR) of 3.5% from 2023 to 2033. Additionally, 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.
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.
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Key Takeaways
- The total sales of rum in the United States market are estimated to be worth US$ 4.7 billion in the year 2023.
- In the Asia Pacific region, the China rum market is anticipated to grow at a 6.1% annual rate through 2033.
- Japan and Canada are two significant regional markets, with growth rates of 1.8% and 2.7%, respectively, expected between 2023 and 2033.
- Based on different rum types, the Light or Gold Rum segment is anticipated to record a 4% CAGR through 2033. By following this higher growth rate, the net revenue generated by the segment is expected to reach US$ 8.6 billion by the end of 2033.
- Meanwhile, the progress in the Dark Rum type segment is recalibrated to an updated 2.8% CAGR for the forecast years until 2033.
Competitive Landscape for the Rum Market
Asahi Group Holdings Ltd., Bacardi Global Brands Ltd., Davide Campari-Milano Spa; Demerara Distillers Ltd., Diageo Plc; LT Group Inc., Nova Scotia Spirit Co., Pernod Ricard SA, Suntory Holdings Ltd., William Grant & Sons Ltd., Remy Cointreau Group, Westerhall Estate Ltd., Cayman Spirits Co., Mohan Meakin Ltd., Halewood International Holdings PLC, Arehucas Private Ltd., Elements Eight Rum Company Ltd, and Edrington Holdings Ltd, Radico Khaitan Limited are some of the prominent players in the global rum market. Focused marketing and new flavor development are considered to be the key strategies for the market players.
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.
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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
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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