Global Rum Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope

Rum is an alcoholic liquor made from fermented sugarcane juice, sugarcane syrup, sugarcane molasses, and other sugarcane by-products. It is manufactured in such a way that the distillate has the flavor, fragrance, and characteristics commonly associated with rum, and includes a blend primarily of such distillates.

Sizing and Forecast

The rum market size has grown strongly in recent years. It will grow from $13.94 billion in 2023 to $14.74 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to 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.

The rum market size is expected to see strong growth in the next few years. It will grow to $18.05 billion in 2028 at a compound annual growth rate (CAGR) of 5.2%. The growth in the forecast period can be attributed to 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. Major trends in the forecast period 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.

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Segmentation & Regional Insights

The rum market covered in this report is segmented –

1) By Rum Type: White Rum, Gold Rum, Dark Rum, Spiced Rum, Other Rums
2) By Nature: Organic Rum, Conventional Rum
3) By Distribution Channel: Offline Trading, Online Trading

Asia-Pacific was the largest region in the rum market in 2023. Europe was the second-largest region in the rum market in 2022. The regions covered in the rum market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth

The growing consumer disposable earnings are expected to propel the growth of the rum market in the coming years. Disposable income or disposable earnings, often known as disposable personal income (DPI), is the sum of cash accessible to an individual or household after income taxes have been subtracted. Disposable income is a major factor influencing alcohol consumption. Increased disposable income increases rum consumption and boosts the market. For instance, according to the Bureau of Economic Analysis of the US Department of Commerce, a US-based governmental organization that publishes official macroeconomic and sectoral statistics, in the USA, disposable personal income in January 2023 increased to $387.4 billion, a 2.0% increase compared to December 2022. Therefore, growing consumer disposable earnings are driving the rum market.

Key Industry Players

Major companies operating in the rum market report are Bacardi and Company Ltd., Diageo PLC, Pernod Ricard, Radico Khaitan, LT Group Inc., Suntory Holdings Ltd, Davide Campari-Milano N.V., Edrington, La Martiniquaise, Remy Cointreau Group, Shanghai Rum Lift Co. Ltd, Shandong Yuncheng Ruisheng Glass Co. Ltd, Kweichow Moutai Co. Ltd., Rum Co. of Fiji, Beenleigh Artisan Distillery, Plantation Rum, Pusser’s Rum, The Kraken Rum, Neptune Rm, Duppy Share, Beluga Group, JSC Ussuriyskiy Balsam, Podlaska Wytwórnia Wódek, Polmos S.A., Polmos Łańcut, Bayadera Group, Obolon, Deadhead Rum, Ten-to-One, Wilderness Trail Distillery, Richland Rum, Siesta Key Rum, Ron Santa Teresa, Cachaça Leblonare, Destilerías Unidas S.A., Diplomático Rum, Accolade Wines, Halewood International Limited

The rum market report table of contents includes:

1. Executive Summary

2. Rum Market Characteristics

3. Rum Market Trends And Strategies

4. Rum Market – Macro Economic Scenario

5. Global Rum Market Size and Growth

…

32. Global Rum Market Competitive Benchmarking

33. Global Rum Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Rum Market

35. Rum Market Future Outlook and Potential Analysis

36. Appendix

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