Market Overview

Market Research Future (MRFR) announces the publication of its half-cooked research report on the global Rum Market, 2017–2024. Rum has gained popularity in past few years, owing to an increase in demand. The global rum market is estimated to reach USD 18.34 billion by 2024, registering a CAGR of 2.5% during the forecast period. The increasing spending capacity and changing lifestyles have led to consumer willingness to spend in clubs, pubs, and bars. This has boosted the growth of the alcohol market across the globe in last few decades. The rising demand for spirits has also propelled the demand for rum. Apart from this, availability of innovative Rum Products like flavored rum and spiced rum, has contributed significantly to the growth of the global Rum Market. However, the alcohol market, along with the rum market, is witnessing a decline owing to increasing health consciousness and rising awareness of the negative impacts of long-term alcohol consumption.

Key Players

Some of the key players in the Global Rum Market are Gruppo Campari (Italy), Radico Khaitan Ltd. (India), Corporacion Cuba Ron (Cuba), Matusalem (Dominican Republic), Diageo PLC (UK), Bacardi Limited (Bermuda), Pernod Ricard SA (France), The Edrington Group (UK), Mohan Meakin (India), Tanduay Distillers, Inc. (Philippines), The Patrón Spirits Company (US), Pusser's Rum Ltd. (US), Amrut Distilleries Ltd (India), Beam Suntory, Inc. (US), and J. Armando Bermudez & Co. (Dominican Republic).

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Regional Analysis

The global rum market has been segmented based on region into North America, Europe, Asia-Pacific, and the rest of the world.

Asia-Pacific accounted for the largest market share for rum in 2018 and is projected to be the fastest-growing market during the forecast period. China is the largest country-level market in the region. With large consumer base and increasing demand for beverages with high alcohol content, the demand for rum has increased. India is projected to be a lucrative market for rum in the region during the forecast period.

Market Segment

The global rum market has been segmented based on type, category, and distribution channel.

By type, the global rum market has been bifurcated into white and dark. The dark rum segment is projected to dominate the market during the forecast period.

On the basis of category, the market is divided into standard and overproof. The standard segment dominated the market in 2018.

The market has been further classified, based on distribution channel, into hypermarkets and supermarkets, specialty stores and convenience stores. The convenience stores segment is projected to be the fastest-growing segment during the forecast period.