Craft Rum Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2017-2027 Segmented By Type (Spiced Rum, Coconut Rum, White Rum, Coffee Rum, Cranberry Rum, and Others (Vanilla Rum, Orange Rum)), By Price Range (Low, Medium, and High), By Distribution Channel (On Trade Vs. Off Trade), By Region, By Company
Published Date: October - 2024 | Publisher: MIR | No of Pages: 320 | Industry: Consumer Goods and Retail | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGet ready, rum lovers! The global craft rum market is taking off and expected to grow like crazy in the coming years. What's fueling this? Well, craft rum and other unique spirits are really having a moment, thanks to all the buzz from ads, blogs, and the rave reviews in those magazines we all love to read. With its growing popularity in sophisticated cultures, craft rum is riding the wave of social media trends that are changing how we drink. And speaking of drinking, in 2019, the average person in the US knocked back almost 10 liters of alcohol! But here's the thingunlike those giant commercial distilleries, craft distilleries are all about the quality, making rum in small batches. This means a focus on delicious flavors, a better taste, and a whole new experience for those who appreciate a good cocktail, especially if you drink regularly. Craft rum offers a smoother taste and is carefully created by bartenders who put their heart and soul into every single stage of the process.
Rising consumer purchasing power, increased awareness of the potential health benefits of rum consumption, and rising demand for premium alcoholic beverages, including craft rum cocktails, are all expected to support the growth of the global market. However, some adverse effects such as indigestion, diarrhea, and vomiting linked to excessive rum consumption are anticipated to influence the market expansion.
Rising Popularity Among The Younger Generation Fuels The Market Growth
The younger generation is eager to taste various craft rum flavors. When visiting bars, hotels, pubs, and restaurants, millennials frequently spend money on premium rum brands. Even Baby Boomers and Generation X are consuming equally, if not more, alcoholic beverages and mixed drinks from craft distilleries. Craft rum is a recent addition to the category of alcohol preferred in recent years. The younger generation consumes alcohol while on vacation and frequently when spending time outdoors during parties and get-togethers. Craft spirits' continued growth in off-premises volume and value share has accelerated the expansion rate for small craft distilleries.
Introduction Of Different Flavors Drives The Market Growth
Craft rum makers are getting creative, whipping up new drinks with yummy additions like buttery caramel, smoky licorice, vanilla, and sweet syrups to make them taste even better. That's why hotels, cafes, and restaurants are having fun experimenting with craft rum in their dishes to give customers something special on the menu. Plus, a lot of producers are choosing natural and organic ingredients that are free from nasty pesticides, fertilizers, and other chemicals. Take Radico Khaitan, for example. This Indian company just launched its flavored rum, the 1965 Spirit of Victory Lemon Dash Rum, as part of their Spirit of Victory family. With this new flavor, they're even jumping into the white rum game for the first time! So, all these cool new flavors are really helping the craft rum market grow.
Increasing Purchasing Power Drives The Market Growth
Individual income is a significant factor in determining alcoholic beverage sales and consumer purchasing power is based on income. Income of people has increased in recent years and owing to this there is more disposable income for buying food and drink items. It is expected that this factor will fuel the growth of the global rum market during the forecast period.
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Market Segmentation
Company Profile
Bacardi Limited, Suntory Holdings Limited, Diageo Plc, Maine Craft Distilling LLC., Charles Merser & Co., Drum & Black Rum Company, Burning Barn, Wicked Dolphin Rum Distillery, Rockstar Spirits Ltd., Belize Spirits Marketing, Inc., etc. are
| Attribute | Details |
| Base Year | 2021 |
| Historical Years | 2017 – 2021 |
| Estimated Year | 2022 |
| Forecast Period | 2023 – 2027 |
| Quantitative Units | Revenue in USD Billion and CAGR for 2017-2021 and 2022-2027 |
| Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
| Segments Covered | · Type· Price Range· Distribution Channel· Region· Competition |
| Regional Scope | North America, Europe, Asia-Pacific, Middle East & Africa, and South America |
| Country Scope | United States, Canada, Mexico, France, Germany, United Kingdom, Italy, Spain, China, India, Japan, South Korea, Australia, South Africa, Saudi Arabia, UAE, Turkey, Brazil, Argentina, Colombia |
| Key Companies Profiled | Bacardi Limited, Suntory Holdings Limited, Diageo Plc, Maine Craft Distilling LLC., Charles Merser & Co., Drum & Black Rum Company, Burning Barn, Wicked Dolphin Rum Distillery, Rockstar Spirits Ltd., Belize Spirits Marketing, Inc., etc. |
| Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
Report Scope
In this report, the global craft rum market has been segmented into the following categories, in addition to the industry trends which have also been detailed below
- Craft Rum Market, By Type
- Spiced Rum
- Coconut Rum
- White Rum
- Coffee Rum
- Cranberry Rum
- Others
- Craft Rum Market, By Price Range
- Low
- Medium
- High
- Craft Rum Market, By Distribution Channel
- On Trade
- Off Trade
Craft Rum Market
- North America
- United States
- Canada
- Mexico
- Europe
- France
- Germany
- The United Kingdom
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Australia
- Middle East & Africa
- Saudi Africa
- South Arabia
- UAE
- Turkey
- South America
- Brazil
- Argentina
- Colombia
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