Rum Market Will Generate Record Revenue by 2031

Global rum market is anticipated to grow at a CAGR of 5.5% during the forecast period (2024-2031). Growth in the global rum market is attributed to a change in consumer preferences for premium and craft spirits, globalization that makes it easy for people from across the world to exchange their culture among themselves. This has led to innovation in product diversification. The need for marketing strategies has also contributed to an increase in demand for rum products alongside cocktail culture development and mixology trends. Furthermore, sustainability and corporate social responsibility developments are gaining prominence, albeit in a roundabout way, influencing consumers' choices. Generally, both of these conditions help create a dynamic market situation where firms try to make their products different from one another and at the same time draw the interest of customers who want a genuine and special taste of rum.

Recent Developments-

In January 2023, Diageo acquired Don Papa Rum, a super-premium, dark rum from the Philippines. The upfront consideration is €260 million with a further potential consideration of up to €177.5 million through 2028 subject to performance, reflecting the brand's current growth potential.
In January 2023, Brown-Forman Corporation successfully finalized the acquisition of the Diplomático Rum brand and associated assets from Distillers United Group S.L., based in Spain. This strategic acquisition, initially announced in October 2022, represented Brown-Forman's strategic move into the expanding super-premium+ rum market segment.
In March 2022, the UK branch of Proximo Spirits introduced The Kraken Roast Coffee, a coffee-infused variant of its flagship product, The Kraken Black Spiced Rum, to the UK market. This new offering, the first flavored rum from Cuervo's Proximo Spirits division, was made accessible through both on-trade and off-trade channels, providing consumers with a unique and innovative addition to their rum choices.

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Market Coverage

The market number available for - 2023-2031
Base year- 2023
Forecast period- 2024-2031

Segment Covered- 

By Product
By Distribution Channel

Regions Covered-

North America
Europe
Asia-Pacific
Rest of the World

Competitive Landscape- Asahi Group Holdings Ltd., Bacardi Global Brands Ltd., Davide Campari-Milano Spa, Demerara Distillers Ltd., and Diageo Plc., among others.

Rum Market Report Segment

By Product

White Rum
Light or Gold Rum
Dark Rum

By Distribution Channel

Online
Offline

A full Report of Rum Market is Available @  https://www.omrglobal.com/industry-reports/rum-market

Rum Market Report Segment by Region

North America                                                                                                           

United States
Canada

Europe

UK
Germany
Spain
France
Italy
Rest of Europe

Asia-Pacific

India
China
Japan
South Korea
Rest of APAC

Rest of the World

Latin America
Middle East and Africa

Company Profiles

Admiral Rodney
Captain Morgan
Cayman Spirits Co.
Cruzan Rum Distillery (Suntory Global Spirits Inc.)
Demerara Distillers Ltd.
Destilerías Arehucas S.A.
Edrington Group Ltd.
Elements Eight Rum Co.
Goslings Rum®
Halewood Artisanal Spirits PLC
Havana Club
Mount Distilleries Ltd
Nova Scotia Spirit Co.
Radico Khaitan Ltd.
Rhum J.M
RON BARCELO, SRL
Ron del Barrilito
Rhum Saint James
Tanduay Distillers, Inc.
West Indies Rum Distillery
William Grant & Sons Group

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