Craft Rum: The Trending Spirit of Choice for Millennials

Rum is the oldest distilled spirits, starting its history in the Caribbean and South America, then gaining popularity in New England, now making and enjoying rum worldwide. Craft rum is increasingly becoming a firm favourite of spirit connoisseurs as distillers continue to drive experimentation in the category and push premiumization. Craft rum refers to small-batch, artisanal rums that are produced using traditional methods and high-quality ingredients. Craft rum is often made by independent distillers who take great care in sourcing their ingredients, using unique blends of sugar cane, molasses, or other sources of fermentable sugars to create distinctive flavors.

Craft rum distillers typically focus on producing small batches of rum, which allows them to experiment with different aging techniques, barrel types, and flavor profiles. Some craft rum distillers also use unique ingredients such as spices, fruits, or botanicals to infuse their rums with additional flavors. Craft rum is often associated with premium quality, and is typically sold at higher prices than mass-produced rums. Many craft rum distillers also emphasize sustainability and use environmentally-friendly production methods, making craft rum a popular choice among consumers who value both quality and sustainability.

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Industry Dynamics

The spirits-making industry, including rum, has experienced a surge in demand from millennial buyers who seek authentic alcoholic drinks. This trend has also led to an increase in product shipments, attracting new customers and expanding the global market for these goods. The promotion of these products through social media and print publications has had a positive impact on market growth. Consumers prefer antique rum over commercial varieties due to its smooth flavor, high quality, and genuine taste.

Craft spirit manufacturers typically employ a hands-on approach to their small-scale production process. They carefully monitor the flavor, consistency, and overall experience of their distilled alcohol in order to create a unique collection of markers. This enables them to control the fermentation and distillation pace, resulting in a final flavor profile that meets their high standards. As consumer tastes evolve, craft distillers continue to enhance their craftsmanship and efficiency to remain competitive.

Industry Scope

The "Global Craft Rum Market Analysis to 2028" is a specialized and in-depth study of the Food and Beverages industry with a special focus on the global market trend analysis. The report aims to provide an overview of the craft rum market with detailed market segmentation by type, application, and geography. The global craft rum market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading craft rum market players and offers key trends and opportunities in the market.

Industry Segmentation

The global craft rum market is segmented on the basis of type and application. On the basis of type the global craft rum market is segmented into white rum, black rum, golden rum, and spiced rum. Based on application the global craft rum market is segmented into bottle stores, bars, online, restaurants, and others.

Regional Framework

The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global craft rum market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America. The craft rum market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.

The report analyzes factors affecting the craft rum market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the craft rum market in these regions.

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Competitive Analysis

The reports cover key developments in the craft rum market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market payers from craft rum market are anticipated to lucrative growth opportunities in the future with the rising demand for craft rum in the global market. Below mentioned is the list of few companies engaged in the craft rum market.

The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the washable marker market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.

Bacardi Limited
Suntory Holdings Limited
Diageo
Maine Craft Distilling, LLC
Charles Merser & Co.
Drum & Black Rum Company
Wicked Dolphin Rum
Domaines Ellam and Arizona Craft Beverage
Belize Spirits Marketing, Inc.
Rockstar Spirits Ltd.

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