Rising Urbanization and Cocktail Culture are contributing to Rum Market Growth

Global rum market is anticipated to grow at a CAGR of 5.5% during the forecast period (2024-2031). Growth in the global rum market is attributed to a change in consumer preferences for premium and craft spirits, globalization that makes it easy for people from across the world to exchange their culture among themselves. This has led to innovation in product diversification. The need for marketing strategies has also contributed to an increase in demand for rum products alongside cocktail culture development and mixology trends. Furthermore, sustainability and corporate social responsibility developments are gaining prominence, albeit in a roundabout way, influencing consumers' choices. Generally, both of these conditions help create a dynamic market situation where firms try to make their products different from one another and at the same time draw the interest of customers who want a genuine and special taste of rum.

Browse the full report description of “Rum Market Size, Share & Trends Analysis Report by Product (White Rum, Light or Gold Rum, and Dark Rum), and by Distribution Channel (Online and Offline) Forecast Period (2024-2031)” at https://www.omrglobal.com/industry-reports/rum-market

Recent Developments-

• In January 2023, Diageo acquired Don Papa Rum, a super-premium, dark rum from the Philippines. The upfront consideration is €260 million with a further potential consideration of up to €177.5 million through 2028 subject to performance, reflecting the brand’s current growth potential.

• In January 2023, Brown-Forman Corporation successfully finalized the acquisition of the Diplomático Rum brand and associated assets from Distillers United Group S.L., based in Spain. This strategic acquisition, initially announced in October 2022, represented Brown-Forman's strategic move into the expanding super-premium+ rum market segment.

• In March 2022, the UK branch of Proximo Spirits introduced The Kraken Roast Coffee, a coffee-infused variant of its flagship product, The Kraken Black Spiced Rum, to the UK market. This new offering, the first flavored rum from Cuervo's Proximo Spirits division, was made accessible through both on-trade and off-trade channels, providing consumers with a unique and innovative addition to their rum choices. 

Market Coverage

• The market number available for – 2023-203

• Base year- 2023

• Forecast period- 2024-2031

• Segment Covered- 

o By Product

o By Distribution Channel

• Regions Covered-

o North America

o Europe

o Asia-Pacific

o Rest of the World

• Competitive Landscape- Asahi Group Holdings Ltd., Bacardi Global Brands Ltd., Davide Campari-Milano Spa, Demerara Distillers Ltd., and Diageo Plc., among others.

Key questions addressed by the report.

• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• Who is the leader in the market?
• How are players addressing challenges to sustain growth?
• Where is the investment opportunity?

Global Rum Market Report Segment

By Product

• White Rum
• Light or Gold Rum
• Dark Rum

By Distribution Channel

• Online
• Offline 

Global Rum Market Report Segment by Region

North America

• United States

• Canada 

Europe

• UK

• Germany

• Italy

• Spain

• France

• Rest of Europe 

Asia-Pacific

• China

• India

• Japan

• South Korea

• Rest of Asia-Pacific 

Rest of the World

• Latin America 

• Middle East & Africa

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