How To Make More Rum Market By Doing Less
Posted: Nov 14, 2019
The global rum market size is expected to grow at a CAGR of 2% during the forecast period. Based on the product, the global rum market has been segmented into gold and dark rum, white rum, and spiced rum.
Get Free Sample
The growing demand for uniquely flavored rum cocktails is one of the major factors driving the rum market size for gold and dark rums. Gold and dark rums are popular varieties of rum used in rum-based cocktails. The extensive use of gold and dark rums are key ingredients in cocktails is one of the major factors driving the growth of this segment. The segment is also driven by a rise in the number of product launches.
The sale of rum is expected to increase with the increasing launch of new products. The growing demand for gold and dark rum varieties has significantly increased the retail sales of these varieties. This significant growth in the sale of dark and gold rum varieties is expected to drive the growth of the global rum market size during the forecast period.
Market Competitive Analysis
The market is fragmented, and the degree of fragmentation will increase during the forecast period. Market vendors are increasingly focusing on mergers and acquisitions to strengthen their position in the rum market. Asahi Group Holdings Ltd., Bacardi Global Brands Ltd., and Davide Campari-Milano Spa are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, the stringent regulations and heavy taxation will challenge the growth of the market participants. To make the most of the increasing rum market size, companies should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market position, this rum market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this rum market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading rum manufacturers, including:
- Asahi Group Holdings Ltd.
- Bacardi Global Brands Ltd.
- Davide Campari-Milano Spa
- Demerara Distillers Ltd.
- Diageo Plc
- LT Group Inc.
- Nova Scotia Spirit Co.
- Pernod Ricard SA
- Suntory Holdings Ltd.
- William Grant & Sons Ltd.
The growing demand for premium varieties of rum will be a significant factor in driving the growth of the rum market size. A rise in the per capita income in both developed and developing economies has resulted in the increasing demand for premium varieties of rum among consumers. Premium varieties of rum are known for their authenticity, taste, and brand. To cater to this growing demand for rum of superior quality and taste, several market vendors are offering premium varieties of rum. For instance, Pernod Richard launched white and gold Havana Club Cuban rum in its premium rum range. Similarly, Bacardi launched Anejo Cuatro gold rum and BACARDÍ Gran Reserva Diez, a gold sipping rum in the premium range. The willingness of consumers to spend more on such premium varieties of rum will fuel the growth of the rum market during the forecast period.
- The rising demand for rum cocktails will be one of the critical rum market trends contributing to market growth.
- Rum is widely being used as an ingredient to prepare ready-to-drink cocktails.
- Ready-to-drink cocktails containing rum and other flavorings require minimal preparation time.
- Mixologists are also experimenting with rum-based cocktails to create various herbal and spice varieties of rum cocktails.
- The use of homemade seasonal ingredients for creating rum cocktails has also increased.
- Several vendors have expanded their product portfolio to include different variants of rum cocktails to capitalize on the rising popularity of innovative rum cocktails.
- Vendors are also adopting various strategies to increase the awareness about the versatile range of available rum cocktails.
- During 2020-2024, the rum market size will grow at a CAGR of 2%.
Love to share the info on various topics of the markets, along with their latest market trends, size, share and growth with forecast.