Rum Market Research Report [ 2019-2029] -Latest Trends, Demand, Growth, Opportunities & Outlook With a CAGR of 3.7%

Introduction

Millennials are the top rum consumers around the world, as rum is a relatively inexpensive drink compared to other spirits. This makes it suitable for this age group who are looking for cheap drinks in the premium category with the desired alcohol content. Millennials also have decent spending power and are more willing to spend on alcohol than other categories of consumers. The strong preference for rum over other alcoholic beverages by millennials is one of the reasons driving the growth of the global rum market. Increase the purchasing power of the middle-income population to increase sales

Sales of alcoholic beverages are primarily determined by people's income and consumers' purchasing power is based on their income. According to the United Nations, the number of middle-income consumers has increased in recent years. This category of consumers shows a greater propensity towards a better lifestyle, with a higher disposable income in food and drink. This factor is expected to drive the growth of the global rum market during the forecast period 2019-2029.

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High attention to rum with unique aromatic profiles

In recent years, manufacturers have been offering rum-based products with different tastes and flavors. Most manufacturers focus on offering rum-based products with sweet notes of buttery caramel, tropical fruit and vanilla ending with a smoky finish of licorice and molasses.

This is attributable to technological advances in the production line. In addition, advances in advertising leave a great impact on alcohol consumers as well.

Manufacturers focus on agreements with famous celebrities to advertise their brands and improve sales and brand awareness, further fueling the growth of the global rum market. Innovation and brand building will continue to be key growth drivers
The rum category is becoming increasingly competitive. 
Therefore, to gain an edge over their peers, rum producers focus on innovation and strive to launch new products in the premium category. These factors greatly affect the overall growth of the rum market. Furthermore, key players are also focusing on developing new and premium rum offerings to maintain their position in this competitive market. Bacardí, a leading brand in the rum market, launched a new line of premium rums in 2018, including Añejo Cuatro, Reserva Ocho, Gran Reserva Diez and Gran Reserva Limitada, in the US market.

Producers will offer rum-based products through e-commerce platforms

The use of e-commerce for shopping is increasing dramatically in emerging and established markets. Consumers want everything delivered to their homes, especially food and drink.

According to the ISWR report, most millennials prefer to consume alcohol at home instead of going out. Online retailing is the easiest way to get alcohol delivered to your door in countries like the US, UK, China, and Canada.

Due to these factors, e-commerce is expected to create great opportunities for players in the global rum market. In some countries, government authorities still ban online alcohol retailing, which may change in the near future.

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For example, in India, which is a major consumer of alcohol, the sale of alcohol through online retailers is still prohibited. The government plans to allow alcohol to be sold through online retail, which would present lucrative prospects for producers.
Regional overview of the world rum market

South Asia has been identified as one of the largest rum consumers in the world. India and the Philippines are the most dominant countries in the South Asian rum market, with the largest number of consumers.

India and the Philippines are also the main producers of rum-based products. Furthermore, India is seeing a strong growth rate in the premium rum category. Countries like Indonesia, Malaysia and Thailand are seeing an increase in rum consumption, due to the growing tourism and travel retail industry in these countries. In 2018 Diageo, a leader in the production of spirits, recorded an 11% growth rate in the premium segment in India.

Point of view of the analyst

The world rum market has seen steady growth in recent years. Markets in East and South Asia are expected to record the highest growth during the forecast period, while South Asia remains the largest consumer of rum, followed by Europe.

By increasing the production of premium blended rum products for the vintages, producers could make bigger profits in the near future.

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This release was published on openPR.