PUBLISHER: Acute Market Reports | PRODUCT CODE: 1453017
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1453017
The craft rum market is expected to grow at a CAGR of 5.8% during the forecast period of 2024 to 2032, fueled by drivers such as expanding consumer palates, the rise of premium offerings, and the diversification of product types. Recognized companies play a pivotal role in shaping the industry through their innovative approaches, robust marketing strategies, and commitment to meeting consumer demands. Despite challenges related to supply chain disruptions, the craft rum market is poised for sustained growth. As consumers seek unique and premium experiences, companies that prioritize innovation, quality, and strategic positioning are likely to emerge as long-term leaders in this dynamic and evolving market.
Expanding Consumer Palates and Demand for Unique Flavors
Craft rum producers, exemplified by Bacardi and Mount Gay Rum, are capitalizing on the expanding consumer palates and the increasing demand for unique flavor experiences. Bacardi's range of flavored craft rums, including tropical fruit infusions and spice blends, has resonated with consumers seeking distinctive and artisanal offerings. The evidence suggests a positive correlation between the introduction of innovative flavor profiles and increased consumer interest, contributing to the overall growth of the craft rum market.
Rising Popularity of Premium Craft Rum
The craft rum market is experiencing a surge in popularity, particularly in the premium segment, with recognized companies such as Appleton Estate leading the way. Appleton Estate's premium craft rums, aged to perfection, have garnered acclaim and demonstrated a strong appeal among consumers willing to invest in high-quality and aged spirits. Evidence indicates a growing trend of consumers shifting towards premium offerings, contributing to higher revenues for companies specializing in premium craft rum production.
Diversification of Product Types and Categories
Craft rum producers, like Diplomatico and Ron Diplomatico, are driving market growth through the diversification of product types. From light and gold rum to dark/black rum and unique variations like Rhum Agricole, these companies offer a comprehensive range to cater to diverse consumer preferences. The evidence underscores the importance of a varied product portfolio in capturing a broader market share and sustaining growth over time.
Supply Chain Challenges Impacting Production
Despite the positive trajectory, the craft rum market faces challenges, notably in the form of supply chain disruptions impacting production. Recognized companies such as Diplomatico acknowledge these challenges, with evidence pointing to occasional disruptions in the availability of key ingredients. The restraint highlights the vulnerability of the craft rum industry to external factors and emphasizes the need for robust supply chain management to ensure consistent production and meet consumer demand.
Dark/Black Rum Dominates the Market by Product Type
The craft rum market is segmented into various product types, with light rum, gold rum, dark/black rum, Rhum Agricole, and others contributing to the diverse landscape. In 2023, dark/black rum dominated in terms of both the highest revenue and highest CAGR during the forecast period of 2024 to 2032. The evidence suggests a growing preference for richer and aged expressions among consumers, driving the success of dark/black rum in the craft rum market.
Premium Craft Rum Dominates the Market by Pricing
Craft rum is further segmented by pricing into mass and premium categories. In 2023, premium craft rum led in both the highest revenue and is also expected to witness the highest CAGR during the forecast period of 2024 to 2032. The evidence points to a discernible shift in consumer preferences towards premium offerings, driven by factors such as quality, aging processes, and unique production methods. The segmentation reflects the industry's ability to cater to a broad spectrum of consumers with varying preferences and willingness to invest in premium experiences.
North America remains the Global Leader
The craft rum market exhibits diverse geographic trends. The region with the highest CAGR during the forecast period is the Latin America and Caribbean region, driven by its rich rum-producing heritage and a surge in international demand. The United States led in terms of revenue percentage in 2023, underscoring its position as a key market for craft rum consumption. Understanding these regional dynamics is crucial for companies seeking to navigate and capitalize on opportunities in the craft rum market.
Market Competition to Intensify during the Forecast Period
The competitive landscape of the craft rum market is marked by intense rivalry among key players, including Bacardi, Mount Gay Rum, Appleton Estate, Diplomatico, Ron Diplomatico, Cardinal Spirits LLC, Merser & Co., Muddy River Distillery, Koloa Rum Company, Lyon Distilling Company LLC, Arizona Craft Beverage, Inc., Stilldistilling Spirits Pvt. Ltd., Devon Rum Company, Wicked Dolphin Rum, 25A° South Distillery, Bristol Spirits Ltd., La Hechicera Company, and Burning Barn Rum. These recognized companies have strategically positioned themselves through innovations in flavor profiles, a focus on premium offerings, and diversification of product types. The key strategies include investments in marketing, collaborations with mixologists, and a commitment to sustainability. Revenues for the top players in 2023 indicate Appleton Estate and Diplomatico as leaders. In the forecast period of 2024 to 2032, these recognized companies are expected to maintain their positions, with anticipated growth driven by continuous innovation, expansion into new markets, and an understanding of evolving consumer preferences.
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2023 to 2031.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Craft Rum market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users and consumption volume, price and value.
Geographical revenues generate by countries considered in the report
Micro and macro environment factors that are currently influencing the Craft Rum market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
Market Segmentation
Product
Volume
351ml - 750ml
Pricing
End-User
Distribution Channel
Region Segment (2021-2031; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Craft Rum market?
What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2031.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Craft Rum market?
Which is the largest regional market for Craft Rum market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Craft Rum market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Craft Rum market worldwide?
TABLE 3 Global Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 4 Global Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 8 Global Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 10 Global Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 11 North America Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 13 North America Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 14 North America Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 18 North America Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 20 North America Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 21 U.S. Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 23 U.S. Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 24 U.S. Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 28 U.S. Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 30 U.S. Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 31 Canada Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 33 Canada Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 34 Canada Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 38 Canada Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 40 Canada Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 41 Rest of North America Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 43 Rest of North America Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 44 Rest of North America Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 48 Rest of North America Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 50 Rest of North America Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 51 UK and European Union Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 53 UK and European Union Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 54 UK and European Union Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 58 UK and European Union Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 60 UK and European Union Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 61 UK Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 63 UK Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 64 UK Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 68 UK Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 70 UK Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 71 Germany Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 73 Germany Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 74 Germany Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 78 Germany Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 80 Germany Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 81 Spain Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 83 Spain Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 84 Spain Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 88 Spain Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 90 Spain Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 91 Italy Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 93 Italy Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 94 Italy Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 98 Italy Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 100 Italy Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 101 France Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 103 France Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 104 France Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 108 France Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 110 France Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 111 Rest of Europe Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 113 Rest of Europe Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 114 Rest of Europe Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 118 Rest of Europe Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 120 Rest of Europe Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 121 Asia Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 123 Asia Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 124 Asia Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 128 Asia Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 130 Asia Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 131 China Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 133 China Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 134 China Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 138 China Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 140 China Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 141 Japan Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 143 Japan Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 144 Japan Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 148 Japan Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 150 Japan Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 151 India Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 153 India Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 154 India Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 158 India Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 160 India Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 161 Australia Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 163 Australia Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 164 Australia Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 168 Australia Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 170 Australia Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 171 South Korea Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 173 South Korea Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 174 South Korea Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 178 South Korea Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 180 South Korea Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 181 Latin America Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 183 Latin America Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 184 Latin America Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 188 Latin America Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 190 Latin America Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 191 Brazil Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 193 Brazil Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 194 Brazil Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 198 Brazil Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 200 Brazil Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 201 Mexico Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 203 Mexico Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 204 Mexico Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 208 Mexico Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 210 Mexico Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 211 Rest of Latin America Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 213 Rest of Latin America Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 214 Rest of Latin America Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 218 Rest of Latin America Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 220 Rest of Latin America Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 221 Middle East and Africa Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 223 Middle East and Africa Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 224 Middle East and Africa Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 228 Middle East and Africa Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 230 Middle East and Africa Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 231 GCC Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 233 GCC Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 234 GCC Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 238 GCC Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 240 GCC Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 241 Africa Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 243 Africa Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 244 Africa Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 248 Africa Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 250 Africa Craft Rum Market By Offline, 2022-2032, USD (Million)
TABLE 251 Rest of Middle East and Africa Craft Rum Market By Product, 2022-2032, USD (Million)
TABLE 253 Rest of Middle East and Africa Craft Rum Market By Dark/Black Rum, 2022-2032, USD (Million)
TABLE 254 Rest of Middle East and Africa Craft Rum Market By Volume, 2022-2032, USD (Million)
TABLE 258 Rest of Middle East and Africa Craft Rum Market By Distribution Channel, 2022-2032, USD (Million)
TABLE 260 Rest of Middle East and Africa Craft Rum Market By Offline, 2022-2032, USD (Million)
FIG. 12Market Positioning of Key Craft Rum Market Players, 2023
FIG. 13Global Craft Rum Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032