Rum Market Set to Surge Significantly During 2017 - 2025
While most of the adult population consumes alcoholic beverages at low risk levels, most of the time or abstains altogether, the broad range of alcoholic consumption patterns range from daily heavy drinking to occasional drinking wherein a widely consumed alcoholic beverage is “Rum”. Rum is an alcoholic spirit which is distilled from sugarcane residues or molasses the first distillation of which was reported in 17th century. Between the late 16th century and early 17th century rum production exploded in Barbados when it was more popularly known as “kill devil” since it tasted a bit harsh .In the wake of whiskey wave the rum marketers are striving to connect with consumers in new ways. The current trend of rum consumption reflect a growing diversity among rum’s global market where the rum’s larger share markets are expected to record falls whereas lesser share destinations is expected to contribute in maintaining the firmness of the market’s spine.
While the overall global rum market is expected to decline, the super and ultra-premium rum categories are expected to expand at a healthy rate.
Global rum market: Segmentation
Global rum market can be segmented on the basis of type, flavor, end use, sales channel
On the basis of type, global rum market can be segmented into light rum, gold rum, black rum, spiced rum and premium rum. On the basis of flavor, global rum market can be segmented into coconut rum, old cherry spiced rum, lemon spirit, vintage honey rum, caramel & spices rum, vanilla rum, apple rum, pineapple fusion rum, orange rum and others. Global rum market can be further segmented on the basis of end use into pharmaceutical industry as antimicrobial agent, food industry as flavoring agent and sauces preparation, amelioration in joint pain and in HORECA. On the basis of sales channel global rum market can be further segmented into direct and indirect. The indirect sales channel can be further sub segmented into Supermarket, hypermarket, specialty stores and e retailers.
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Global rum market: Drivers, Restraints, and Trends
The growing cocktail culture among the youth is an emerging and emphasizing trend in the market. Youths like to experiment with different combinations of alcoholic drinks. They also like mixing rum with different fruit juices to make it less bitter and even more enjoyable. Rum has become a popular ingredients in many cocktails due to its strong taste. One of the other important factor which is strengthening the global rum market is the party culture. Almost every age section of the present global society loves to celebrate every big and small occasion accompanied by a drink where rum finds an appropriate place because rum is very much required in the formation of almost every cocktail consumers wish to get for themselves.
Since the potential customers have started to realize the ill effects of alcoholic beverages on their health, the consumers have started to switch gradually to the nutritiously rich drinks such as the fruit juices, fruit shakes, sparkling water and sport drinks which has played an important part in hindering the growth of the global rum market.
Stringent government regulations have also hampered the rum market since the sale of alcoholic beverages in government approved shops is prohibited. In addition, the ban on drinking in public places and advertising has also hindered the growth of global rum market.
Global rum market: Regional Outlook
Depending on the geographic regions, global rum market is segmented into seven key regions: North America, Latin America, West Europe, East Europe, Asia pacific excluding Japan, Japan and MEA.
In terms of consumption Asia pacific more specifically India holds the largest share of global rum market followed by North America which also holds a significant share global rum market however the Asia pacific rum market is expected to expand with relatively low CAGR.
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Latin American global rum market is expected to grow at relatively high CAGR in terms of value during the forecast period because of specific destinations like Brazil and Venezuela which holds a high potential, owing to high per capita consumption of alcoholic drinks.
Global rum market: Key Players
Some of the prominent players of global rum market are: Patron spirits, Vok beverages, Bacardi, Diageo, Amrut distilleries, Gruppo Campari, Matusalem, Mohan Meakin, Pernod Ricard, Beam Suntory, Sang Son and others.
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