Global Rum Market Size 2024, Forecast To 2033
11 Mar, 2024
The rum market has experienced strong growth, elevating from $13.94 billion in 2023 to $14.74 billion in 2024, reflecting a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period is attributed to robust economic growth in emerging markets, the increasing disposable income of consumers, the growth of e-commerce, expansion in the tourism industry, and advancements in brewing technology. Envisioning continued strong growth, the market is projected to reach $18.05 billion in 2028, with a CAGR of 5.2%. The forecasted growth is driven by the increasing popularity of flavored rums, a rising preference for cocktails, a growing population, increased consumption of alcoholic drinks, and a rising demand for gluten-free beverages. Key trends in this period include a focus on product innovation, premiumization, and craft offerings, an emphasis on heritage and origin, innovation in rum cocktails and mixology, utilization of innovative marketing campaigns, and a concentration on strategic partnerships.
Global Rum Market Key Driver
The rum market is set for growth, fueled by the increasing disposable income of consumers. Disposable income, representing the cash available to individuals or households after deducting income taxes, significantly influences alcohol consumption patterns. The Bureau of Economic Analysis of the US Department of Commerce reported a 2.0% increase in disposable personal income in January 2023 in the USA, reaching $387.4 billion compared to December 2022. This rise in disposable income correlates with increased rum consumption, driving growth in the market. Therefore, the escalating consumer disposable earnings become a major driver for the rum market, with market sizes in 2023, 2024, and 2028 shaping its progression.
Get A Free Sample Of The Global Rum Market ReportGlobal Rum Market Segments
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
By Geography:The regions covered in the rum market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Rum Industry Players
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 Lancut, 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
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Rum Market Overview
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.
Rum Global Market Report 2023 provides data on the global rum market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The rum market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.