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

The global craft rum market is expected to register an impressive CAGR during the forecast period. Craft rum and spirits have become more well-known in recent years due to widespread advertising, blogs, and numerous reviews in periodicals for aficionados of booze. Craft rum is becoming more popular in societies with developed cultures, and social media posts influence the shift in how alcohol is consumed. The average alcohol consumption in the United States was around 9.97 liters per person as of 2019. Compared to commercial distilleries, where production is done on a larger scale, craft distilleries focus more on quality and produce rum on a smaller scale. Particularly for frequent drinkers of alcohol, the fermentation and distillation processes involve the addition of more flavors, better taste, and enjoyable experiences by creating a new cocktail. Craft rum has a smoother flavor and is handled by bartenders involved in every step 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 producers have been developing new products with flavors and ingredients such as buttery caramel, smoky licorice, vanilla, and sweet syrups to improve the taste. Accordingly, to provide customers with distinctive menus; hotels, cafes, and restaurants are experimenting with dishes that use craft rum. Additionally, natural and organic ingredients free of harmful pesticides, fertilizers, and inorganic chemicals are being preferred by product manufacturers. For instance, Radico Khaitan is an Indian company that has launched its flavored rum under the Spirit of Victory family – 1965 Spirit of Victory Lemon Dash Rum. With this launch, the company also enters the white rum market, a new spirit category. Therefore, the launch of different flavors is driving the growth of the craft rum market.

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

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