Market Size of Rum Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.30 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Europe |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Rum Market Analysis
Global Rum Market is projected to register a CAGR of 5.3% during the forecast period, 2022-2027.
The global rum business has been driven by millennial customers' growing curiosity in the veracity of alcoholic beverages. Craft rum is also more popular among consumers than commercial rum because of its smooth flavor, premium quality, and genuine flavor. Craft spirits are often made on a small scale by the producers, who take an active role in the operation. Many artisan producers market their drinks by highlighting their country of origin (as nations like Barbados, The Philippines, Guyana, Cuba, and Jamaica are known for their premium rums), age, and organic certificates, which are generating significantly greater attention among customers. For instance, according to the Bacardi 2020 Cocktail Trends Report, consumers seek quality drinks with an interesting story, craft credentials, and origin. Furthermore, as per Bacardi's Global Brand Ambassador Survey (GBAS), more than 40% of bartenders chose dark rum as the most alluring spirit due to its higher quality.
Furthermore, the increasing number of product launches in the industry including a variety of flavors is attracting new consumers and boosting product demand. For instance, in September 2022, Radico Khaitan launched 1965 Spirit of Victory Lemon Dash Rum targeting white rum drinkers. Product promotions through social media and newspaper magazines have a positive impact on market growth at the global level. Ever since the pandemic, consumers are willing to expand their horizons and have moved beyond the traditional spirits, resultantly the premium rum category is expected to witness robust growth during the forecast period.
