Global Rum Market Revenue Expected to Increase to US$ 18,126.8 Mn by 2026
October 14, 2019
Scope of the Report
The rum market is segmented on the basis of nature, rum type, proof type, distribution channel and region. On the basis of nature, the global rum market is segmented into organic and conventional. The conventional segment is expected to account for a significant revenue share in the global rum market in terms of both value and volume owing to limited points of differentiation between conventional and organic rum, in addition to organic certified rum being available at a significant premium. However, the organic segment is expected to grow at a robust CAGR in the near future in the global rum market. On the basis of rum type, the global rum market is segmented into white rum, golden rum, dark rum, and spiced rum. Among all the different types of rum, white followed by golden rum is expected to dominate the global rum market in the near future owing to increasing number of consumers across various regions demanding such products.
On the basis of proof type, the global rum market is segmented on the basis of standard and over-proof. The standard rum segment is expected to dominate the global rum market in the near future. On the basis of distribution channel, the global rum market is segmented into direct and indirect sales channel. The direct sales channel includes sales of rum directly to end use segments such as the foodservice industry, hospitality, institutional and other segments typically bypassing traditional channels. This segment is expected to grow at a significant CAGR in the global rum market. The indirect sales channel segment is further segmented into liquor shops, hypermarkets/supermarkets, and online retail. On the basis of region, the global rum market is segmented into North America, Latin America, Europe, Asia Pacific and Middle East & Africa.
APAC Region Critical for Key Players in the Rum Market
The rum market in Asia Pacific region is expected to register significant growth rates between 2018 and 2026. APAC is expected to remain the largest market through 2026, followed by Europe. India is expected to account for lucrative growth within the Asia Pacific market. Other markets such as China, Japan, Philippines, and Australia is also anticipated to have a significant impact on the market growth owing to large consumer base and demand for rum. North America market is one of the mature markets in the global rum market. Popularity of alcoholic drinks among adolescents and millennial population is driving the market growth in this region.
Higher Consumer Propensity to Spend on Alcoholic Beverages Key Growth Driver
Increasing per capita spending on alcoholic beverages in developing region supported by strong economic growth is expected to drive the global rum market over the forecast period. Traditionally alcoholic drinks were consumed largely by men, however, today the popularity of alcoholic drinks among women has also increased to a greater extent thus contributing towards the growing market for rum in the near future.
Global Rum Market: Competition Dashboard
The report covers trends and other key aspects specific to rum and offers analysis and insights into the potential of the rum market in specific regions. Detailed profiles of the providers are also included in the scope of the report to evaluate their long-term and short-term strategies, key offerings and recent developments in the rum space. Rum key players include, include Bacardi Limited, Diageo PLC, Pernod Ricard SA, Admiral Nelson’s Rum, Ltd, William Grant & Sons Ltd., Remy Cointreau USA, Inc, Maine Craft Distilling, LLC, Lyon Distilling Co, Westerhall Rums, Cayman Spirits Co, Hampden Estate Rum Tours, Halewood International Holdings PLC, Mount Gay Distilleries Ltd, Suntory Holdings Limited, and The Westbourne Drinks Co.
Global Rum Market: Key Insights
The growth of the rum market is supported by increasing number of millennial demanding for alcoholic beverages with high alcohol content across the globe. Changing lifestyle and perception of consumers towards alcoholic drinks that they relax ones state of time has resulted in immense market opportunity for the market growth of rum.
These insights are based on a report on Global Rum Market by Persistence Market Research.