Rum market Size Highlights
Rum is prepared by fermentation and distillation of molasses or juice of sugarcane. The global rum market Size accounted for USD 15.91 billion in 2018 and is expected to register a CAGR of 2.5% during the forecast period of 2019 to 2024. 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 non-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 flavored rum and different rum brands have also contributed to the growth of the global rum market Size.
Some of the key players in the global rum market Size are Radico Khaitan Ltd. (India), Corporation Cuba Ron (Cuba), J. Armando Bermudez & Co. (Dominican Republic), Mausoleum (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 Patron 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 Size has been segmented based on type, category, distribution channel, and region.
Based on type, the global rum market Size 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 Size 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 Size 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.
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Based on region, the global rum market Size 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 Size. 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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