Major players in the rum market are Bacardi Limited, Davide Campari-Milano N.V., Demerara Distillers Ltd., Diageo Plc., LT Group Inc., Nova Scotia Spirit Co., Pernod Ricard, Suntory Holdings Limited, William Grant & Sons Ltd., Mohan Meakin Ltd., Edrington, Asahi Group Holdings Ltd., Rémy Cointreau, Westernhall Estate Ltd., Arehucas, Elements Eight Rum Company, La Martiniquaise, Tanduay Distillers Inc., Beam Suntory Inc., Matusalem & Company, Corporation Cuba Ron, Pusser’s Rum Ltd., Green Tree Distillery, Hacienda Monterrey Wines&Spirits S.L., Maison Ferrand, Cayman Spirits Co., Amrut Distilleries Ltd., Brugal, and Stock Spirits Group.
The global rum market is expected to grow from $13.69 billion in 2022 to $14.35 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The rum market is expected to reach $17.68 billion in 2027 at a CAGR of 5.4%.
The rum market consists of sales of standard, agricole, naval strength, over proof, black, and premium aged rums.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Rum is an alcoholic liquor made from fermented sugarcane juice, sugarcane syrup, sugarcane molasses, and other sugarcane by-products. It is manufactured in such a way that the distillate has the flavor, fragrance, and characteristics commonly associated with rum, and includes a blend primarily of such distillates.
Asia-Pacific was the largest region in the rum market in 2022.Europe was the second-largest region in the rum market in 2022.
The regions covered in the rum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of rum are white rum, light or gold rum, dark rum, spiced rum, and others.White rum is known as clear or light rum as it has no color which is filtered to eliminate any coloration after being aged for one or more years.
The nature of rum involved are plain rum, flavored rum, organic rum, conventional rum, and other categories which are sold by business to business, hypermarkets or supermarkets, specialty stores, online retail, and other business channels through offline trading and online trading.
The growing consumer disposable earnings are expected to propel the growth of the rum market in the coming years.Disposable income or disposable earnings, often known as disposable personal income (DPI), is the sum of cash accessible to an individual or household after income taxes have been subtracted.
Disposable income is a major factor influencing alcohol consumption.Increased disposable income increases rum consumption and boosts the market.
For instance, according to the Bureau of Economic Analysis of the US Department of Commerce, a US-based governmental organization that publishes official macroeconomic and sectoral statistics, in the USA, disposable personal income in January 2023 increased to $387.4 billion, a 2.0% increase compared to December 2022. Therefore, growing consumer disposable earnings are driving the rum market.
Product innovation is the key trend gaining popularity in the rum market.Major companies operating in the rum market are focused on developing innovative products to strengthen their position in the market.
For instance, in March 2023, Bacardi Limited, a US-based privately held, family-run spirits firm launched Bacardí Caribbean Spiced rum, which is the brand’s first premium spiced aged product.The heavy-aged rum foundation, which offers the strong smokey flavors of molasses, and the light-aged rum base, together with the mixing of coconut blossom sugar, pineapple, and coconut water, are both used in the Bacardi process to make the Caribbean Spiced rum.
Cinnamon and vanilla are also added to the spirit after it has been rested and filtered, followed by another pause and a second polishing filter for transparency and color.
In January 2023, Brown?Forman Corporation, a US-based manufacturer of alcoholic beverages and spirits acquired Diplomático Rum for $0.725 billion. Through this acquisition, Brown Forman’s super-premium line expands to fulfil the needs of global spirits consumers, and Brown Forman welcomes over 100 new employees and added the world’s best super-premium and ultra-premium rums to its portfolio. Diplomático Rum is a Venezuela-based manufacturer of super-premium rums.
The countries covered in the rum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The rum market research report is one of a series of new reports that provides rum market statistics, including rum industry global market size, regional shares, competitors with rum market share, detailed rum market segments, market trends, and opportunities, and any further data you may need to thrive in the rum industry. This rum market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.