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.
Rum sales have surged as a result of rising per capita income and alcoholic beverage consumption in emerging economies. Two further indirect variables that are anticipated to influence the development of the global rum industry are the growth of the urban population and the ubiquity of chain bars.
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Additionally, during the past several years, a shift in consumer tastes and culture has increased the attractiveness of premium rums with distinctive characteristics. This tendency is predicted to continue for the projected amount of time and will help fuel new trends in the international rum market. Between 2023 and 2033, it is predicted that the flavoured and spiced rum industries would grow faster than those of its rivals.
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
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