According to Future Market Insights, with a share of 30% of the worldwide sales of rum in 2022, Europe Rum market is predicted to continue to develop considerably between 2023 and 2033. Within Europe, rum demand in Germany market is projected to surge at a CAGR of around 2.4% during the assessment period.
The global rum market size is projected to reach US$ 17.4 billion in 2023. As per FMI’s report, global sales of rum are expected to surge at a 3.5% CAGR over the forecast period (2023 to 2033), taking the market valuation to US$ 24.5 billion in 2033.
Cocktail culture in Europe is opening up new market opportunities in the flavor category of the rum market. Manufacturers are turning to the flavored category of rum as the trend towards spiced and flavored varieties increases.
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Rising consumers’ willingness to spend for premium brands at bars, nightclubs, and pubs is prompting manufacturers to offer rum products with a wide variety of flavors and aromas in the Europe rum market.
Rum manufacturers are targeting millennials as their priority audience for beverage delivery services, due to the fast-paced lifestyle in Europe. Manufacturers promote their brands and focus on celebrity deals to boost sales and brand awareness, further fueling the evolution of the global rum market. This is due to technological advancement in the production line of the market.
The evolution of advertising is also having a key impact on driving the sales of alcoholic beverages such as rum across European nations such as Germany, France, and the United Kingdom.
Key Takeaways from the Rum market
- The global rum market is set to reach a valuation of US$ 17.4 billion in 2023.
- Europe held around 30% share of the global rum market in 2022.
- Germany rum market is expected to surge at a CAGR of around 2.4%.
- Growing demand for flavored rum products is expected to boost the Europe market during the forecast period.
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“Rise in cocktail culture and growing preferences for flavored rum are expected to boost sales across Europe during the projection period. Besides this, increasing awareness about the health benefits of consuming rum will create lucrative opportunities for rum manufacturers,” says a lead FMI Analyst.
Competition Landscape in the Rum Market
Players are opting for acquisitions and mergers to expand their regional as well as global footprint. They are also working actively with local players to expand their activities. They are also spending on research & development to create unique flavored rum.
Prominent players active in the Europe rum market are Bacardi Global Brands Ltd., Diageo Plc., Davide Campari-Milano Spa, Edrington Holdings Ltd, William Grant & Sons Ltd., Halewood International Holdings Plc, Pernod Ricard SA, Elements Eight Rum Company Ltd, Cayman Spirits Co., Remy Cointreau Group.
Recent Developments
- In January 2023, Diageo declared that it has stretched a contract to acquire ‘Don Papa Rum’, the finest dark rum from the Philippines.
- In February 2023, the Irish Whiskey brand, ‘Proper No. Twelve Irish Whiskey’ announced an addition to its collection with the launch of a new flavor ‘Irish Apple’.
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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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