Rum Market Forecast
Rum is prepared by fermentation and distillation of molasses or juice of sugarcane. The global rum market size was valued at USD 1.06 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027.
Rum has gained popularity owing to the increasing per capita disposable incomes, changing lifestyles in developing countries. However, increasing health concerns, availability of substitute products and growing awareness regarding the negative impact of over-consumption of rum, and a demand for alcoholic beverages have been restraining the growth of the market. Nevertheless, the consumer willingness to spend on new forms of entertainment like parties, pubs, lounges, and bars have opened new opportunities for the alcohol market. The introduction of various flavoured rum and different rum brands have also contributed to the growth of the global rum market.
COVID-19 Scenario Analysis
The COVID-19 outbreak has shaken economies worldwide. In this scenario, some industries are doing extremely well while others have been crushed. The necessity food market, cleaning & hygiene product market, and medical industry are such categories which have witnessed high growth. The consumers are more inclined toward traditional, safe, staple, and healthy food due to which demand for rum is experiencing decline in this scenario. In addition, the lockdown in different economies caused impaired supply chain and unavailability of workers & raw materials due to which production of the rum manufacturing companies has been hampered. The end of the lockdown in the countries may bring higher consumer traffic to this market. E-commerce may also witness growth in the post COVID-19 scenario. In the post COVID-19 scenario, the sale of rum may get increased from e-commerce platforms. The companies need to develop such strategies to change the design of their supply chain and production policies or plans in tandem with the changing business environment.
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Some of the key players in the global rum market Radico Khaitan Ltd. (India), Corporacion Cuba Ron (Cuba), J. Armando Bermudez & Co. (Dominican Republic), Matusalem (Dominican Republic), Diageo PLC (UK), Bacardi Limited (Bermuda), Pernod Ricard SA (France), Beam Suntory, Inc. (US), Gruppo Campari (Italy), The Edrington Group (UK), Mohan Meakin (India), Tanduay Distillers, Inc. (Philippines), The Patrón Spirits Company (US), Pusser's Rum Ltd. (US), and Amrut Distilleries Ltd (India).
Some of the strategies followed by the players operating in the market were product launches, acquisitions, mergers, and expansions.
The global Rum Market has been segmented based on type, category, distribution channel, and region.
Based on type, the global Rum market Analysis has been divided into white and dark. The dark rum segment accounted for the larger market share in 2018. Dark rum is usually consumed straight or neat and is also used in cooking. The market for white rum is expected to register a higher CAGR during the forecast period owing to the increasing preferences for cocktails.
The global rum market has been bifurcated, by category, into standard and overproof. The standard segment is expected to dominate the market in 2019, while overproof segment is projected to record a faster growth rate. In developed countries, like the US, the preference towards overproof rum Has been increasing.
Based on distribution channel, the global rum market Revenue has been further categorized as hypermarkets and supermarkets, specialty stores, and others. In 2018, the hypermarkets and supermarkets segment accounted for the largest share in the market. However, the convenience stores segment is projected to witness significant growth during the forecast period.
Based on region, the global rum market has been divided into North America, Europe, Asia-Pacific, and the rest of the world.
The market in Asia-Pacific is expected to dominate the global rum market. The market in India is lucrative for manufacturers owing to growing alcohol retail. The North American and European markets are mature. These markets are expected to see a declining growth rate during the forecast period.
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