Demand for Craft Rum is Expected to Progress at a CAGR of 5.5% to Reach US$ 2.5 Billion by 2031 | TMR Report

Wilmington, Delaware, United States, Aug. 17, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global market for craft rum was estimated to be worth a market valuation around US$ 1.5 billion in 2021. The market is anticipated to register a 5.5% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 2.5 billion.

Craft distillers are concentrating on creating novel products with fruits, botanicals, spices, and herbs. Family farms with extensive expertise in the cultivation of sugarcane and fruit provide them with the raw ingredients.

During the projected period, a rise in the introduction of novel products is anticipated to fuel market growth. Compared to traditional mass-produced spirits, consumers are starting to favor handmade mixes and drinks more frequently. The number of artisan distilleries has increased as a result, all over the world.

The share percentage of craft rum in the entire rum market is rather small. To meet the increased demand, local micro-distilleries are increasing their output levels. International producers are working with regional micro-distillers to increase their market share. They are introducing goods in a range of container options, including tanks, bottles, kegs, and boxes for craft rum.

The market for artisan rum is expanding as more people become aware of the variety of kinds and tastes that are available.

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Market Snapshot:

Key Findings of the Market Report

• Craft rum is quite popular among millennials.

• During the projection period, market growth is predicted to be fueled by the youthful, wealthy population's rapid expansion.

• Older people typically like rum that is mass-produced.

• Millennials favor luxury imports, flavored beverages, and handcrafted spiced rum.

Market Trends for Craft Rum

• Young adults like to drink flavor-varying artisan rums. The demand for artisan rum in these establishments is increasing since millennials frequently congregate in bars and restaurants. Boomers as well as Gen X consumers of drinks made in micro-distilleries are increasing.

• During the projected period, growth in the tourist and hospitality industries in emerging nations is anticipated to fuel demand for artisan rum. An increase in the total number of early retirement cases and discretionary cash has resulted in an increase in the number of holidays and parties both domestically and abroad. Artisan rum usage and that of other alcoholic beverages is increasing globally.

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Craft Rum Regional Market Outlook

• The adoption of a contemporary lifestyle by more people and the expansion of the hospitality and tourism sectors are expected to drive market trends in Asia Pacific over the forecast period.

• The increase in the number of craft rum market participants and the rise in alcohol use among the younger generation in nations like Germany, the United Kingdom, France, Canada, Mexico, and the United States are what are driving the market in North America as well as Europe.

Global Craft Rum Market: Key Players

To introduce new items to the market, the majority of businesses invest much in research and development efforts. They are implementing mergers and acquisitions partnership, and cooperation methods to increase their craft rum market share.

Several well-known companies that compete in this market include Bacardi Limited, Cardinal Spirits LLC, Merser & Co., Muddy River Distillery, Kloa Rum Company, Lyon Distilling Company LLC, Arizona Craft Beverage, Inc., Stilldistilling Spirits Pvt. Ltd., Devon Rum Company, Wicked Dolphin Rum, 25° South Distillery, Bristol Spirits Ltd., La Hechicera Company, and Burning Barn Rum.

Some developments by the key players in the global market for craft rum are:

• Blackstrap Rum was released in Indiana, United States, in October 2022 as a limited-edition single barrel. This rum was given a fruity flavor by being matured in the company's toasted-oak brandy barrels.

• Kloa Rum Company received several honors in 2022 for their cutting-edge rum, including the San Francisco World Spirits Competition, SIP Awards, TAG Spirit Awards, and Ultimate Spirits Challenge.

• Bristol Spirits Ltd. introduced nine new lines at the beginning of the autumn of 2022.
  

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Global Craft Rum Market Segmentation

• Product Type
  • Light Rum
    • Flavored & Spiced Rum
    • Non-flavored & Spiced Rum
  • Gold Rum
    • Flavored & Spiced Rum
    • Non-flavored & Spiced Rum
  • Dark/Black Rum
    • Flavored & Spiced Rum
    • Non-flavored & Spiced Rum
  • Rhum Agricole
  • Others
• Volume
  • Under 350ml
  • 351ml - 750ml
  • Above 750ml
• Pricing
  • Mass
  • Premium
• End-user
  • Individual
  • Commercial
    • Hotels & Restaurants
    • Pubs & Clubs
    • Others
• Distribution Channel
  • Online
    • Company Websites
    • E-commerce Websites
  • Offline
    • Direct Sales
    • Indirect Sales
• Region
  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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