Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Rum Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The global rum market reached a value of nearly $13.7 billion in 2022, having grown at a compound annual growth rate (CAGR) of 4.7% since 2017. The market is expected to grow from $13.7 billion in 2022 to $17.7 billion in 2027 at a rate of 5.2%. The market is then expected to grow at a CAGR of 4.4% from 2027 and reach $21.9 billion in 2032.
Growth in the historic period resulted the strong economic growth in emerging markets, the growing consumer disposable earning, growth of e-commerce, growth in the tourism industry and the advancements in brewing technology. Factors that negatively affected growth in the historic period were Covid 19 pandemic, the increased number of alcohol abuse prevention campaigns and stringent regulations on advertisements.
Going forward, the growing popularity of flavored rums, the rising popularity of cocktails, the rising population, the rising consumption of alcoholic drinks and the rising demand for gluten-free beverages will drive the growth. Factor that could hinder the growth of the rum market in the future include the Russia-Ukraine war impact, competition from other alcoholic beverages, the rise in health consciousness and strict government regulations.
The rum market is segmented by rum type into white rum, gold rum, dark rum, spiced rum and other rums. The gold rum market was the largest segment of the rum market segmented by rum type, accounting for 43.4% of the total in 2022. Going forward, the gold rum segment is expected to be the fastest growing segment in the rum market segmented by rum type, at a CAGR of 5.5% during 2022-2027.
The rum market is segmented by nature into organic rum and conventional rum. The conventional rum market was the largest segment of the rum market segmented by nature, accounting for 96.5% of the total in 2022. Going forward, the organic rum segment is expected to be the fastest growing segment in the rum market segmented by nature, at a CAGR of 5.8% during 2022-2027.
The rum market is segmented by distribution channel into offline trading and online trading. The offline trading market was the largest segment of the rum market segmented by distribution channel, accounting for 78.6% of the total in 2022. Going forward, the online trading segment is expected to be the fastest growing segment in the rum market segmented by distribution channel, at a CAGR of 5.8% during 2022-2027.
Asia Pacific was the largest region in the rum market, accounting for 45.1% of the total in 2022. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the rum market will be South America and Middle East where growth will be at CAGRs of 9.43% and 9.37% respectively. These will be followed by Africa and North America where the markets are expected to grow at CAGRs of 8.8% and 6.7% respectively.
The global rum market is fairly concentrated, with a small number of players dominating the market. The top ten competitors in the market made up to 39.59% of the total market in 2021. This is mainly due to the high barriers to entry in terms of investments in manufacturing and research and development of rum. Bacardi and Company Ltd., was the largest competitor with 12.73% share of the market, followed by Diageo PLC with 11.58%, Pernod Ricard with 7.04%, Radico Khaitan with 2.45%, LT Group, Inc. with 1.21%, Suntory Holdings Ltd with 1.14%, Davide Campari-Milano N.V. with 1.13%, Edrington with 0.88%, La Martiniquaise with 0.81%, and Remy Cointreau Group with 0.62%.
The top opportunities in the rum market segmented by rum type will arise in the gold rum segment, which will gain $1.8 billion of global annual sales by 2027. The top opportunities in the rum market segmented by nature will arise in the conventional rum segment, which will gain $3.8 billion of global annual sales by 2027. The top opportunities in the rum market segmented by distribution channel will arise in the offline trading segment, which will gain $3.0 billion of global annual sales by 2027. The rum market size will gain the most in the USA at $1.1 billion.
Market-trend-based strategies for the rum market include focus on product innovation, focus on premiumization and craft offerings, focus on heritage and origin, focus on innovation in rum cocktails and mixology, use innovative marketing campaigns and focus on strategic partnerships.
Player-adopted strategies in the rum market include focus on strengthening business operations through the launch of new products, focus on expanding business capabilities through strategic acquisitions and focus on strengthening its business operations through the launch of new products.
To take advantage of the opportunities, the recommends the rum companies to focus on product innovations, focus on rum heritage and origin, focus on rum cocktails and mixology, focus on fast-growing product types, expand in emerging markets, continue to focus on developed markets, expand through additional distribution partners, focus on strategic partnerships, collaborations and acquisitions, focus on competitive pricing, focus on premium pricing, focus on surrogate advertising, focus on innovative marketing campaigns, focus on online marketing, focus on urban population, target millennials and Gen Z, and increase focus on online consumers.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 288 |
| Forecast Period | 2022 - 2032 |
| Estimated Market Value (USD) in 2022 | $13.7 Billion |
| Forecasted Market Value (USD) by 2032 | $21.9 Billion |
| Compound Annual Growth Rate | 4.8% |
| Regions Covered | Global |
Key Topics Covered:
1. Executive Summary
2. Table Of Contents
3. List Of Figures
4. List Of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Rum Market Definition And Segmentations
6.4. Segmentation By Rum Type
6.4.1. White Rum
6.4.2. Gold Rum
6.4.3. Dark Rum
6.4.4. Spiced Rum
6.4.5. Other Rums
6.5. Segmentation By Nature
6.5.1. Organic Rum
6.5.2. Conventional Rum
6.6. Segmentation By Distribution Channel
6.6.1. Offline Trading
6.6.2. Online Trading
7. Major Market Trends
7.1. Product Innovation
7.2. Premiumization And Craft Offerings
7.3. Focus On Heritage And Origin
7.4. Rum Cocktails And Mixology
7.5. Innovative Marketing Campaigns
7.6. Strategic Partnerships
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2017 - 2022, Value ($ Million)
8.2.1. Market Drivers 2017 - 2022
8.2.2. Market Restraints 2017 - 2022
8.3. Forecast Market Growth, 2022 - 2027, 2032F Value ($ Million)
8.3.1. Market Drivers 2022 - 2027
8.3.2. Market Restraints 2022 - 2027
9. Global Rum Market Segmentation
9.1. Global Rum Market, Segmentation By Rum Type, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.2. Global Rum Market, Segmentation By Nature, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
9.3. Global Rum Market, Segmentation By Distribution Channel, Historic And Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10. Rum Market, Regional and Country Analysis
10.1. Global Rum Market, By Region, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
10.2. Global Rum Market, By Country, Historic and Forecast, 2017 - 2022, 2027F, 2032F, Value ($ Million)
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