Rum (Spirits) Market size to hit USD 20.2 Bn by 2029 at a CAGR of 4.85 percent – Says Maximize Market Research

Pune, June 28, 2023 (GLOBE NEWSWIRE) — A global Food & Beverages business-consulting firm, Maximize Market Research, has published a market intelligence and competitive landscape report on the “Rum (Spirits) Market”. The report is a combination of primary and secondary data and domain experts have analyzed the Rum (Spirits) Market from a local and a global point of view. Over the forecast period, Maximize Market Research expects the market to grow from USD 14.5 Bn. in 2022 to USD 20.2 Bn in 2029 at a CAGR of 4.85 percent.

Rum (Spirits) Market Report Scope and Research Methodology

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The goal of the Rum (Spirits) market report is to estimate market sizes in several countries and segments during the past few years and estimate those values for the next few years. The qualitative and quantitative characteristics of the industry are included in the report. Rum (Spirits) market research provides in-depth details on important variables such as motivating factors and obstacles that are expected to determine the market’s future growth. Along with a thorough analysis of the competitive landscape and the product offerings of major companies, the report also includes available and upcoming opportunities for stakeholders to invest in the market. The scope of the report includes a detailed analysis of regional markets for the Rum (Spirits) Market. Segment-wise analysis of the market is divided into the Type, Category and Distribution Channel. The report offers the Rum (Spirits) market share and rival sector, as well as an analysis of the major vendors and leading regions. The bottom-up approach was used to estimate the Rum (Spirits) market size.

Both primary and secondary collection methods were used to collect the data for the Rum (Spirits). Primary research sources include press releases, yearly reports, government websites, and the opinions of numerous specialists, analysts, experts, and researchers from different companies in the Rum (Spirits) industry. Political, social, economic and other market scenarios are examples of secondary sources.

Rum (Spirits) Market Overview

Rum is a liquor made from sugarcane, either by the direct extraction of juice from the cane or with the use of molasses. Consumer tastes that are evolving towards new flavors and product quality provide the rum market with beneficial development prospects. The wide range of flavors that the rum has to offer appeals to a wide customer base, and this variety of flavors has boosted the growth of the rum industry. The increasing popularity of cocktails and changing lifestyles are the driving factors for the Rum (Spirits) market growth.

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Rum (Spirits) Market Dynamics

The improvement in lifestyle and increasing per capita income of the people has resulted in an increase in the trend of cocktails. The growth of the cocktail industry boosts the Rum Market. Rum spirit is one of the popular drinks enjoyed in the cocktail. It provides traditional and exotic flavors to the consumers. Since it is more appealing to a large number of drinkers. This trend increases spiced rum sales in pubs, restaurants, and bars. Due to the flavors’ rising experiments and innovation, the demand for spiced rum in cocktails is increasing.

The growing number of younger generations started consuming alcohol and the increasing demand for premium varieties are the driving factors for the Rum (Spirits) Market growth. The market is restrained by the growing health awareness among the people. The increasing focus on Rum with unique flavor profiles is an expected lucrative opportunity for the Rum (Spirits) Market growth over the forecast period.

Rum (Spirits) Market Regional Insights

Asia Pacific dominates the Rum (Spirits) Market and holds more than 40 percent share of the market in 2022. The increasing drinking population and rising income of middle-class people are the growth drivers for the regional market. India is a major producer of sugarcane and it is the raw material for rum production. The changing Consumer Preferences, Rapid urbanization such as in China and India, and the growing adoption of cocktail culture are also the driving factors for the regional market growth.

North America is expected to have significant growth for the Rum (Spirits) Market over the forecast period. The presence of the key players, increasing demand for premium rum and rising trend of the pubs and bars, increasing demand for premium rums and an increase in the consumption of flavored and spiced rums in cocktails are the influencing factors for the regional Rum (Spirits) Market growth.

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Rum (Spirits) Market Segmentation

By Type

On the basis of Type, the market is segmented into White, Golden, Dark and Other. Dark Rum dominated the Rum (Spirits) Market in 2022. Darker rums are Smokey, smooth, bold, and strong flavor and thus it is more popular. The demand for dark rum is increasing due to the rise in the trend of cocktails. Dark rum provides a contrast of more flavourful profiles compared to white rum and other types of rum in cocktail recipes. Bacardi is the key player and provides a wide range of dark rum including BACARDÍ Carta Negra and BACARDÍ CARTA ORO. These arms are darker in color and used for cooking, baking and drinking purposes.

By Distribution Channel

On the basis of the Distribution Channel, the market is categorized into Offline and Online. The offline distribution channel significantly dominates the Rum (Spirits) Market. The offline distribution network involves local suppliers including bars, restaurants, shops, pubs, specialty stores, and supermarkets. The common person easily acquires rum from offline suppliers, therefore, offline distribution channels. The online segment is expected to have significant growth during the forecast period. The expansion of the e-commerce industry is the growth driver for this segment.

By Category

Rum (Spirits) Market Key Competitors include:

• Bacardi
• Diageo
• Pernod Ricard
• Brinley Gold Shipwreck
• Captain Morgan Rum Co
• William Grant & Sons
• Asahi Breweries
• Merser
• Mohan Meakin
• Rémy Cointreau
• Edrington
• Zaya Rum
• Kraken Rum
• Mount Gay Rum
• Stroh
• Tanduay Distillers, Inc.

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Key questions answered in the Rum (Spirits) Market are:

• What is Rum (Spirits)?
• What is the CAGR of the Rum (Spirits) Market?
• What was the Rum (Spirits) Market Size in 2022?
• What is the expected Rum (Spirits) Market size by the end of the forecast period?
• What are the global trends in the Rum (Spirits) Market?
• What are the major challenges that the Rum (Spirits) Market could face in the future?
• What growth strategies are the players considering to increase their presence in Rum (Spirits)?
• What are the upcoming industry applications and trends for the Rum (Spirits) Market?
• What are the recent industry trends that can be implemented to generate additional revenue streams for the Rum (Spirits) Market?
• Who are the leading companies and what are their portfolios in the Rum (Spirits) Market?
• Who dominates the largest market share in the Rum (Spirits) Market?

Key Offerings:

• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2023−2029
• Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation – A detailed analysis by Type, Category, Distribution Channel and Region
• Competitive Landscape – Profiles of selected key players by region from a strategic perspective
  • Competitive landscape – Market Leaders, Market Followers, Regional player
  • Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER’s analysis
• Value chain and supply chain analysis
• Legal Aspects of Business by Region
• Lucrative business opportunities with SWOT analysis
• Recommendations

Maximize Market Research is leading Food & Beverages research firm, has also published the following reports:

Premium Spirits Market – The market size is expected to reach USD 315.70 Bn by 2029 at a CAGR of 10.4 percent during the forecast period. The market is expected to be driven by increasing Consumers’ preferences for higher-end spirits, increasing societal wealth and broader options for high-quality products and categories

Craft Spirits Market – The market size is expected to reach USD 110.87 Bn by 2029 at a CAGR of 27.04 percent during the forecast period. The market is expected to be driven by the growing consumer tastes and preferences towards unconventional and experimental alcoholic beverages.

Wine Market – The market size is expected to reach USD 608.80 Mn by 2029 at a CAGR of 5.7 percent during the forecast period. The market is expected to be driven by the increasing demand from emerging economies and the rising trend toward premiumization.

Beer Market – The market size is expected to reach USD 917.2 Bn by 2029 at a CAGR of 4.28 percent during the forecast period. The market is expected to be driven by the increasing trend of premiumization and flavor innovation and an increase in demand for craft and artisanal beers.

Vodka Market – The market size is expected to reach USD 89.03 Bn by 2029 at a CAGR of 8.94 percent during the forecast period. The market is expected to be driven by increasing demand for alcoholic beverages and cocktail drinks among millennials and working professionals.

About Maximize Market Research:

Maximize Market Research is a multifaceted market research and consulting company with professionals from several industries. Some of the industries we cover include medical devices, pharmaceutical manufacturers, science and engineering, electronic components, industrial equipment, technology and communication, cars and automobiles, chemical products and substances, general merchandise, beverages, personal care, and automated systems. To mention a few, we provide market-verified industry estimations, technical trend analysis, crucial market research, strategic advice, competition analysis, production and demand analysis, and client impact studies.