Rum sales in Asia Pacific are expected to reach US$ 3.2 billion by 2033. It is expected to become a key consumer and a leading rum manufacturer. According to a report by Future Market Insights, Japan rum Market in is set to surge at a CAGR 1.8% in the next ten years.
Size of the global rum market is projected at US$ 17.4 billion in 2023. As per the Future Market Insights report, rum demand is expected to surge at a CAGR of 3.5% over the forecast period (2023 to 2033). The report predicts that the worth of rum sold every year is set to reach US$ 24.5 billion in 2033.
Key factor facilitating the growth in the Japan rum market is increasing mergers and acquisitions (M&A) among leading companies. For instance, in July 2020, Three Arrows, one of the leading spirits wholesalers and importers based in Japan, joined hands with Cuba’s only Dry Spiced Rum producer named Black Tears Rum to expand its rum portfolio. The partnership would enable Three Arrows to provide consumers in Japan with a fresh and extraordinary ‘spice.’
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Premium rum’s rising popularity has led key companies in Japan to adopt the merger and acquisition strategy. They are hence focusing on acquiring small-scale companies that specialize in each category. Subsequently, with increased popularity of rum and rising penetration of social media platforms, the number of companies that provide beverages is expected to continue to develop in Japan.
Hence, Japan-based restaurants and local food vendors are providing attractive offers and combos via online delivery apps to attract consumers and surge rum sales. On the back of growing penetration of social media platforms such as Instagram, several key players are collaborating with influencers to woo millennials and Gen-Zs.
These rum producers are also capitalizing on growing fad of Manga and Anime through several unique packaging solutions to improve their revenue. For instance, leading rum producers are using social media marketing tools to promote their brands with the Anime or Manga series.
Key Takeaways from the Rum Market
- The global rum market is observed to reach a value of US$ 17.4 billion in 2023.
- A CAGR of 8% is estimated for the Japan rum market in the next ten years.
- In 2033, the Asia Pacific market for rum is anticipated to reach a value of US$ 3.2 billion.
- From 2023 to 2033, a healthy CAGR of 5% is predicted to take the global market’s value to US$ 24.5 billion in 2033.
“Rum and alcoholic beverage breweries in the world are more than just about quantity and quality. With strong development and good margins, super premium rum categories are currently under severe market pressure. Economies of scale are less important in such a national controlled industry, allowing emerging rum producers to enter and compete easily in the Japan market,” says a lead analyst at Future Market Insights.
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Competition Landscape in the Rum Market
Increasing competition would compel market participants in Japan to invest, innovate, and launch new products. The Japan rum market is highly competitive, with leading players investing heavily in product development by pacing up their research and development efforts over the long term.
Several global players are set to play a dynamic role in the Japan market development. Companies in the rum industry are strengthening their presence by launching new services and products, through acquisitions and mergers, and by mounting their distribution channels.
Few key players active in the Japan rum market are Asahi Group Holdings Ltd., Suntory Holdings Ltd., and LT Group Inc.
Recent Developments
- In May 2022, an awamori distillery based in Okinawa, a prefecture in Japan, with more than 170 years of history, announced its plan to unveil a new line of small-batch rums. They will be made of sugar that is usually cultivated on eight islands in Okinawa. The One Rum project aims to transform the prefecture into a key hub of global rum production. It also wants to compete with popular Caribbean rum islands.
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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