A recent report published by Infinium Global Research on the rum market provides an in-depth analysis of segments and sub-segments in the global as well as regional rum market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional rum market over the short term as well as long term. The report is a comprehensive presentation of trends, forecasts, and dollar values of the global rum market. According to the report, the global rum market is projected to grow at a CAGR of over 5% over the forecast period of 2022-2028.
The Global rum market was valued at over USD 15 Billion in 2022 and is expected to reach about USD 21 Billion in 2028, with a CAGR of over 5% during the forecast period. Rum is a distilled alcoholic beverage derived from fermented sugarcane molasses or sugarcane juice. It has natural tastes, essential sugarcane oil, and an alcohol content of 40%. The market is anticipated to develop as a result of factors such as the expanding urban population, rising per capita income, customers' willingness to pay more for premium brands, and the proliferation of nightclubs, pubs, and bars. Global industry growth is predicted to be fueled by the growing consumer demand for premium goods. Sales of the products are anticipated to increase even more due to millennials' increased interest in unusual and authentic alcoholic beverages. One of the most popular alcoholic beverages in the spirits category is rum. The demand is increasing as per capita income rises in both developed and developing economies.
As the urban population has grown and disposable income in emerging countries has increased, people have begun to explore new forms of entertainment, including hanging out at nightclubs, bars, pubs, and lounges. With easy access to energy consumption, the effect on social media, and alcoholic beverages, it is a significant element in raising sales of alcoholic beverages by young people. A major driver boosting growth in the global rum market will be patented taste and rising flavor demand. The amount of money made by the rum business is significantly impacted by consumers' extreme preference for online sellers. Income is a key factor in determining sales of alcoholic beverages since it affects consumers' ability to make purchases. The number of middle-class customers has grown recently, according to the United Nations. As disposable income for food and beverages rises, consumers in this category are more likely to spend more money. During the forecast period, this aspect is anticipated to fuel market growth for rum globally. The rising demand for premium rums will play a significant role in propelling the expansion of the world rum market. The rapidly expanding rum business is being challenged by spirits like Scotch whisky and whiskey. Additionally, rum faces intense competition from a wide range of nonalcoholic beverages, which will constrain market growth.
Asia Pacific is predicted to continue to develop rapidly during the forecast period as a result of its vast population, rising disposable income, and growing rum aficionados among the younger population in the region. As significant producers and consumers, nations like India and the Philippines significantly contribute to this expansion. According to the company, Bacardi saw a 30% increase in business in India in 2021, making it one of its fastest-growing regions. During the forecast period, North America is anticipated to experience the fastest growth in the rum industry. The market is expanding due to the presence of numerous international producers, increased demand for premium rums, and an increase in the use of flavored and spiced rums in cocktails. Sales of high-end spirits are being driven in Europe by the desire for rum among younger consumers.
The report on the global rum market covers segments such as product type, and distribution channel. On the basis of product type, the sub-markets include dark and golden rum, white rum, flavored and spiced rum, and others. On the basis of distribution channel, the sub-markets include offline trading, and online trading.
The report provides profiles of the companies in the market such as Bacardi Limited, Davide Campari-Milano N.V., Demerara Distillers Ltd., Diageo Plc, Tanduay, Nova Scotia Spirit Co., Havana Club, Mohan Meakin Limited, The Kraken, and Appleton Estate.
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the rum market. Moreover, the study highlights current market trends and provides forecasts from 2022-2028. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings insight into the market share of the leading players.
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