Rum Market Competitive Landscape Report to 2028

Rum Market Growth & Trends

The global rum market size is expected to reach USD 16.08 billion by 2028, registering a CAGR of 5.2% over the forecast period, according to a new report by Grand View Research, Inc. Rum is one of the most consumed spirits in the world. The growing preference for alcoholic drinks and their varieties among millennials is boosting the demand for flavored and premium alcoholic beverages. Increased per capita income in developed and developing economies is one of the prime reasons for the rising demand for premium spirits in the global market.

U.S. rum market size, by distribution channel, 2020- 2028 (USD Billion)

Rum Market Segmentation

Grand View Research has segmented the global rum market based on product type, distribution channel, and region:

Based on the Product Type Insights, the market is segmented into Dark and Golden Rum, White Rum, Flavored and Spiced Rum, Others.

  • The dark and golden rum segment contributed the largest share of over 45% of the global revenue in 2021. Several aged rums fall into the dark category; these have a stronger flavor and are usually consumed neat or with ice. Aged dark rum is witnessing higher demand from millennial consumers due to its smooth taste. It is aged in oak barrels and adds more depth to cocktails. Bacardi Ltd has been focusing on the premiumization of rum/dark spirits by continuously investing in its Ocho, Cuatro, and Diez portfolio.
  • Flavored and spiced rum is estimated to expand at the fastest CAGR over the forecast period 2022 to 2028. Consumers are increasingly demanding flavored and spiced variants. Moreover, innovative product offerings in this category by key companies are attracting new customers and boosting consumption, which is expected to drive the segment’s market growth. Flavored and spiced rums are highly preferred in cocktails as these provide a unique taste and intense flavors.

Based on the Distribution Channel Insights, the market is segmented into Offline Trading and Online Trading.

  • The offline trading segment accounted for the highest revenue share of over 75% in the global market in 2021 and is expected to grow significantly over the forecast timeline. Easy availability of spirits at supermarkets/hypermarkets, liquor stores, and specialty stores, as well as greater consumer inclination to buy from these channels, are factors expected to help the segment capture a major market share in the years to come. Product launches by several market players at supermarkets/hypermarkets will also augment the segment’s growth.
  • The online trading segment is expected to be the faster-growing distribution channel over the forecast period. Major suppliers focus on e-commerce portals for selling their products to expand their customer base. Over the last few years, consumer inclination toward online shopping has increased drastically, owing to the convenience of shopping and doorstep delivery. The pandemic has further pushed this trend in the past two years. All these factors are expected to drive the segment’s growth in the near future.

Rum Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Central & South America
  • Middle East and Africa (MEA)

Market Share Insights

  • March 2022: Trois Frères Distillery, based in Seychelles, announced the launch of its rum in 11 new markets. The launch is expected to help the distillery build its presence in the European region.

Key Companies Profile & Market Share Insights

The global rum market is competitive and a number of global players play a vital role in market growth. Companies in the industry are strengthening their presence by launching new products, through mergers & acquisitions, and by expanding their distribution channels.

Some of the prominent players operating in the global rum market include,

  • Bacardi Limited
  • Davide Campari-Milano N.V.
  • Demerara Distillers Ltd.
  • Diageo Plc
  • LT Group, Inc.
  • Nova Scotia Spirit Co.
  • Pernod Ricard SA
  • Suntory Holdings Ltd
  • William Grant & Sons
  • Mohan Meakin Limited

Order a free sample PDF of the Rum Market Intelligence Study, published by Grand View Research.

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