The net worth of the global sales of rum is estimated to be worth USD 18.0 billion in 2024 and is projected to reach a value of USD 25.4 billion by 2034, expanding at a CAGR of 3.5% over the assessment period of 2024 to 2034
Increasing consumption of alcoholic beverages and rising per capita income in emerging economies have led to an increase in the sales of rum. The global rum market is also anticipated to develop as a result of some indirect factors such as the expanding urban population and drinking bar chains.
And over the past several years, the popularity of premium rums with distinctive tastes has increased with a shift in consumers’ tastes and culture. It is anticipated that this trend may continue over the projected period and strengthen the emerging trends in the global rum market. Through the projected period of 2023 to 2033, flavored and spiced rum segments are anticipated to see a higher growth rate than their counterparts.
Competition Outlook
To attract consumers, companies constantly develop new flavors, blends, and limited-edition products. It includes launching premium aged rums as well as flavored and spiced rums. Small-batch, artisanal manufacturing methods are being promoted by multiple companies in an attempt to stand out to customers looking for quality and authenticity.
This involves focusing on regional ingredients and traditional extraction methods. In order to appeal to consumers who care about sustainability, rum producers are gradually implementing sustainable practices like eco-friendly packaging, ethical ingredient sourcing, and reducing waste.
For instance:
- In 2024, Ten to One Rum was launched in the UK, which is a premium rum brand backed by renowned singer Ciara. With the message of celebrating Caribbean heritage and culture, Ten to One offers a unique blend of light and dark rums, expertly crafted for versatility in cocktails. With a focus on quality and authenticity, this rum is designed to appeal to modern consumers seeking innovative and flavorful spirits.
- To meet the rising demand of flavoured rum in United Kingdom, Barcadi introduced “Barcadi Spiced”.
- The Rum Lab offers a range of rums for direct purchase through its online platform, allowing consumers to explore and buy various brands easily.
Leading Rum Brands
- Bacardi
- Caliber
- Captain Morgan
- Malibu
- Admiral Nelson’s
- Sailor Jerry
- RumChata
- Bumbu
- Gran Centenario
- Still Spirits
- Angostura
- Aristocrat
- HPNOTIQ
- Hapeisy
- Others
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
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