Market overview:

Rum Market has been valued $1.1 million in the year 2019 and it is estimated to reach $1.6 billion by the year 2026, with a CAGR of 5.2% from 2021 to 2026. Rum is a hard alcohol made from fermented sugar, molasses and its derivatives. Sometimes, yeast is also used for the fermentation process. The fermented sugar juice or molasses and water are distilled to make liquor and then it is heated to evaporate alcohols and re-condensed to convert it into rum; these are the main factors that have considerably increased the demand for the Rum in the market, thereby driving the huge growth of the Rum market in the upcoming years

Market Drivers and Restrains:

The main factors that have considerably increased the demand for the Rum in the market is mainly due to the rising interest in the authenticity of alcoholic drinks among the millennial consumers has been driving the market for craft spirits, including rum. Furthermore, the increasing number of product launches in the industry is attracting new consumers and boosting product demand. Product promotions through social media and newspaper magazines have a positive impact on market growth at the global level. Availability of innovative alcoholic beverages has become a crucial part of several bars or restaurants to appeal to consumers. As a result, craft spirits have gained traction in both bars or restaurants and retail sectors with a wide range of flavours and ingredients. The availability of a wide variety of rum has boosted the demand for the product over the world these are the main factors that have considerably increased the demand for the Rum in the market, thereby driving the huge growth of the Rum market in the upcoming years

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https://www.marketdataforecast.com/market-reports/rum-market

Report is segmented as:

Rum Market is segmented on the basis of by:

Rum Market is segmented on the basis of by Type (Golden, Dark, White, and Spiced)
Rum Market is segmented on the basis of By Distribution channel (On-trade and Off-trade)
Geographical Segmentation:

Rum Market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa and rest of world. North America has the dominant share in the Rum is due to the Rapid urbanization, increasing purchasing power, and growing pub and bar culture these are the main factors that have considerably increased the demand for the Rum in the North America, followed by Europe, Asia Pacific, Latin America and Middle East & Africa will register a slower increase in the Rum Market

Impact of COVID-19 on Market

Covid -19 pandemic has affected the growth of business of every sector and it also affected the growth of the Rum market, and temporary lack of growth in export and import activities, which has impacted the rays of Rum market growth. Covid-19 pandemic has impacted huge on the sales revenue of Rum market. Due to the government restrictions like lockdown in many countries has shutdown the commercial and industrial establishments and also stopped in transportation these made huge loss for Rum market. In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of corona virus.

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