Rum Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031

Description

The global rum market is on a robust growth trajectory, expected to expand at a CAGR of 7.7% from 2024 to 2031. The market is anticipated to rise from USD 19.1 billion in 2024 to a staggering USD 32.2 billion by 2031. This press release outlines key market insights, growth drivers, business opportunities, and competitive landscape shaping the future of the rum industry.

Market Insights

The demand for premium alcoholic beverages and exotic flavors is fueling growth in the rum sector.
Health-conscious consumers are driving the launch of sugar-free rum varieties, catering to rising diabetes rates and wellness trends.
Key product categories, such as dark and golden rum, are gaining popularity among millennials who are eager to explore aged, premium spirits.
Increasing on-trade sales through nightclubs, bars, and restaurants in both developed and developing nations is propelling the growth of the rum market.

Key Market Drivers

1.Rising Demand for Premium Beverages: Millennial consumers are gravitating toward unique, high-quality rum options, with an increased focus on premium and exotic varieties. The launch of sugar-free rum is especially popular among health-conscious consumers, contributing to the market's expansion.

2.Growth of the Cocktail Culture: The global cocktail scene is buzzing, with rum emerging as a staple in cocktails like mojitos, pina coladas, and daiquiris. This trend is expected to continue as the cocktail culture evolves and spreads across regions.

3.E-commerce Boom: The growing popularity of e-commerce platforms, where consumers can explore product features and reviews, is significantly boosting rum sales, especially in markets like the U.S.

4.Pub and Nightlife Growth in Emerging Markets: Countries like India are witnessing a surge in the bar and pub culture, providing a strong platform for premium and exotic rum brands to expand their reach.

Business Opportunities

1.Rise of Craft Rum: Consumers are increasingly seeking authenticity in their drinks, driving demand for craft rum with superior flavor profiles and quality. Craft rum producers are capitalizing on this trend by promoting small-batch production through digital platforms, tapping into millennials' preference for artisan spirits.

2.Flavored and Spiced Rum: Flavored rum, with varieties like mango, pineapple, and coconut, is gaining traction among younger consumers and mixologists. Brands are focusing on limited-edition launches to attract modern cocktail enthusiasts.

3.Expansion of On-trade Channels: As the number of restaurants, bars, and nightclubs continues to grow, particularly in regions like North America and Asia Pacific, demand for unique rum options is expected to soar. Innovative concepts like smart nightclubs are creating new opportunities for rum sales.

Regional Insights

1.North America: The U.S. is expected to lead the North American rum market with a projected CAGR of 4.9% through 2031. E-commerce growth and the presence of major retailers like Walmart are key factors driving rum sales in the region. Enhanced logistics for alcohol delivery further contribute to the convenience and accessibility of rum.

2.Asia Pacific: India is set to dominate the rum market in Asia Pacific with a forecasted CAGR of 5.2% by 2031. The rising pub culture, coupled with increasing disposable incomes, is creating significant opportunities for premium rum brands in the country.

3.Latin America & Caribbean: Rum-producing regions like Latin America and the Caribbean are benefitting from tourism, where travelers purchase rum as souvenirs. The region's reputation for premium rum production further bolsters market demand.

Key Players and Competitive Analysis

The rum market is highly competitive, with major global brands focusing on innovation, sustainability, and health-conscious offerings. The following companies are leading the charge:

Pernod Ricard SA
Bacardi Limited
Diageo plc
Tanduay Distillers, Inc.
Appleton Estate
Captain Morgan
Gosling's Rum
Havana Club International

These key players are leveraging new product launches, marketing campaigns, and digital strategies to gain a competitive edge. Bacardi, for instance, recently introduced flavored rum varieties tailored to local preferences in India, which are gaining rapid popularity.

Rum Market Segmentation

By Product Type

Dark and Golden
White
Flavored
Spiced

By Distribution Channel

Off-trade
On-trade

By Region

North America
Europe
East Asia
South Asia & Pacific
Latin America
The Middle East and Africa

1. Executive Summary

1.1. Global Rum Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2024
1.5. Analyst Recommendations

2. Market Overview

2.1. Market Definitions and Segmentations
2.2. Market Dynamics
- 2.2.1. Drivers
- 2.2.2. Restraints
- 2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
- 2.5.1. Supply
- 2.5.2. Demand
2.6. Economic Overview
- 2.6.1. World Economic Projections
2.7. PESTLE Analysis

3. Global Rum Market Outlook, 2019 - 2031

3.1. Global Rum Market Outlook, by Product Type, Value (US$ Bn), 2019 - 2031
- 3.1.1. Key Highlights
  - 3.1.1.1. Dark and Golden
  - 3.1.1.2. White
  - 3.1.1.3. Flavored
  - 3.1.1.4. Spiced
3.2. Global Rum Market Outlook, by Sales Channel, Value (US$ Bn), 2019 - 2031
- 3.2.1. Key Highlights
  - 3.2.1.1. Off-trade
  - 3.2.1.2. On-trade
3.3. Global Rum Market Outlook, by Region, Value (US$ Bn), 2019 - 2031
- 3.3.1. Key Highlights
  - 3.3.1.1. North America
  - 3.3.1.2. Europe
  - 3.3.1.3. Asia Pacific
  - 3.3.1.4. Latin America
  - 3.3.1.5. Middle East & Africa

4. North America Rum Market Outlook, 2019 - 2031

4.1. North America Rum Market Outlook, by Product Type, Value (US$ Bn), 2019 - 2031
- 4.1.1. Key Highlights
  - 4.1.1.1. Dark and Golden
  - 4.1.1.2. White
4.2. North America Rum Market Outlook, by Sales Channel, Value (US$ Bn), 2019 - 2031
- 4.2.1. Key Highlights
  - 4.2.1.1. Off-trade
  - 4.2.1.2. On-trade
4.3. North America Rum Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 4.3.1. Key Highlights
  - 4.3.1.1. U.S. Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 4.3.1.2. U.S. Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 4.3.1.3. Canada Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 4.3.1.4. Canada Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
- 4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Rum Market Outlook, 2019 - 2031

5.1. Europe Rum Market Outlook, by Product Type, Value (US$ Bn), 2019 - 2031
- 5.1.1. Key Highlights
  - 5.1.1.1. Dark and Golden
  - 5.1.1.2. White
  - 5.1.1.3. Flavored
  - 5.1.1.4. Spiced
5.2. Europe Rum Market Outlook, by Sales Channel, Value (US$ Bn), 2019 - 2031
- 5.2.1. Key Highlights
  - 5.2.1.1. Off-trade
  - 5.2.1.2. On-trade
- 5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Rum Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 5.3.1. Key Highlights
  - 5.3.1.1. Germany Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.2. Germany Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 5.3.1.3. U.K. Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.4. U.K. Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 5.3.1.5. France Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.6. France Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 5.3.1.7. Italy Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.8. Italy Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 5.3.1.9. Turkey Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.10. Turkey Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 5.3.1.11. Russia Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.12. Russia Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 5.3.1.13. Rest of Europe Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 5.3.1.14. Rest of Europe Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
- 5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Rum Market Outlook, 2019 - 2031

6.1. Asia Pacific Rum Market Outlook, by Product Type, Value (US$ Bn), 2019 - 2031
- 6.1.1. Key Highlights
  - 6.1.1.1. Dark and Golden
  - 6.1.1.2. White
  - 6.1.1.3. Flavored
  - 6.1.1.4. Spiced
6.2. Asia Pacific Rum Market Outlook, by Sales Channel, Value (US$ Bn), 2019 - 2031
- 6.2.1. Key Highlights
  - 6.2.1.1. Off-trade
  - 6.2.1.2. On-trade
- 6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Rum Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 6.3.1. Key Highlights
  - 6.3.1.1. China Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 6.3.1.2. China Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 6.3.1.3. Japan Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 6.3.1.4. Japan Rum Market End Use, Value (US$ Bn), 2019 - 2031
  - 6.3.1.5. South Korea Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 6.3.1.6. South Korea Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 6.3.1.7. India Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 6.3.1.8. India Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 6.3.1.9. Southeast Asia Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 6.3.1.10. Southeast Asia Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 6.3.1.11. Rest of Asia Pacific Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 6.3.1.12. Rest of Asia Pacific Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
- 6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Rum Market Outlook, 2019 - 2031

7.1. Latin America Rum Market Outlook, by Product Type, Value (US$ Bn), 2019 - 2031
- 7.1.1. Key Highlights
  - 7.1.1.1. Dark and Golden
  - 7.1.1.2. White
  - 7.1.1.3. Flavored
  - 7.1.1.4. Spiced
7.2. Latin America Rum Market Outlook, by Sales Channel, Value (US$ Bn), 2019 - 2031
- 7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Rum Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 7.3.1. Key Highlights
  - 7.3.1.1. Brazil Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 7.3.1.2. Brazil Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 7.3.1.3. Mexico Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 7.3.1.4. Mexico Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 7.3.1.5. Argentina Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 7.3.1.6. Argentina Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 7.3.1.7. Rest of Latin America Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 7.3.1.8. Rest of Latin America Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
- 7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Rum Market Outlook, 2019 - 2031

8.1. Middle East & Africa Rum Market Outlook, by Product Type, Value (US$ Bn), 2019 - 2031
- 8.1.1. Key Highlights
  - 8.1.1.1. Dark and Golden
  - 8.1.1.2. White
  - 8.1.1.3. Flavored
  - 8.1.1.4. Spiced
8.2. Middle East & Africa Rum Market Outlook, by Sales Channel, Value (US$ Bn), 2019 - 2031
- 8.2.1. Key Highlights
  - 8.2.1.1. Off-trade
  - 8.2.1.2. On-trade
- 8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Rum Market Outlook, by Country, Value (US$ Bn), 2019 - 2031
- 8.3.1. Key Highlights
  - 8.3.1.1. GCC Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 8.3.1.2. GCC Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 8.3.1.3. South Africa Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 8.3.1.4. South Africa Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 8.3.1.5. Egypt Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 8.3.1.6. Egypt Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 8.3.1.7. Nigeria Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 8.3.1.8. Nigeria Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
  - 8.3.1.9. Rest of Middle East & Africa Rum Market by Product Type, Value (US$ Bn), 2019 - 2031
  - 8.3.1.10. Rest of Middle East & Africa Rum Market Sales Channel, Value (US$ Bn), 2019 - 2031
- 8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape

9.1. End Use vs Sales Channel Heatmap
9.2. Manufacturer vs Sales Channel Heatmap
9.3. Company Market Share Analysis, 2024
9.4. Competitive Dashboard
9.5. Company Profiles
- 9.5.1. Bacardi Limited
  - 9.5.1.1. Company Overview
  - 9.5.1.2. Product Portfolio
  - 9.5.1.3. Financial Overview
  - 9.5.1.4. Off-trade Strategies and Development
- 9.5.2. Diageo (Captain Morgan)
- 9.5.3. Pernod Ricard (Havana Club)
- 9.5.4. Destileria Serralles (Don Q Rum)
- 9.5.5. Appleton Estate (J. Wray & Nephew Ltd.)
- 9.5.6. Mount Gay Distilleries
- 9.5.7. Brugal & Co.
- 9.5.8. Ron Barcelo
- 9.5.9. Flor de Cana
- 9.5.10. Foursquare Rum Distillery
- 9.5.11. The Real McCoy
- 9.5.12. Myers's Rum (Sazerac Company)
- 9.5.13. Angostura
- 9.5.14. Pusser's Rum
- 9.5.15. Diplomatico Rum

10. Appendix

10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations