Europe is Expected to Have the Leading Market Share in the Global Craft Rum Market During the Forecast Period
The
rising number of product launches and increasing interest of millennial
consumers in the authenticity of alcoholic beverages are drawing in new
customers and driving the market demand.
According to TechSci
Research report, “Craft Rum Market– Global Industry Size, Share,
Trends, Competition, Opportunity, and Forecast, 2017-2027F”, the global craft rum market is
expected to grow during the forecast period. The rapid increase in young
consumers' demand for craft alcohol such as craft rum, the expansion of craft
distilleries around the world, and the thriving pub and disco culture in nations
around the world drives the growth of global craft rum market. Another
important factor anticipated to support revenue growth of the global craft rum
market is the rising endorsement of craft spirits and luxury alcoholic
beverages on social media platforms and expanding craft rum availability at
bars and pubs. Rising consumption of packaged alcoholic beverages at parties,
raves, and social gatherings and changing lifestyle & tastes of millennial
consumers are also contributing to the market growth.
Craft rum, a potent,
sweetened, distilled alcoholic beverage, comes in various flavors, including
dark, light, gold, black, white, and vintage. Craft rum is a unique variation
of commercial rum that twists the traditional flavor of rum. Spiced rum, the most
popular variety of craft rum, is made with ingredients such as cinnamon,
ginger, vanilla, pepper, clove, nutmeg, rosemary, coconut, and various tropical
fruits. It is made with hand-selected ingredients and distinctive flavor
combinations.
Compared to other consumer
groups, millennials are more willing to spend money on alcohol and have good
purchasing power. One of the factors driving the growth of the global rum
market is millennials' pronounced preference for rum over other alcoholic
beverages.
Browse over XX market
data Figures spread through XX Pages and an in-depth TOC on the "Craft Rum Market"
The craft rum market is
segmented based on type, price range, application, region, and competitive
landscape. Based on type, the global craft rum market is segmented into spiced
rum, coconut rum, white rum, coffee rum, cranberry rum, and others (vanilla
rum, orange rum). Among these, spiced rum is expected to grow during the
forecast period. Spiced rum has a distinctive flavor because it is blended with
various fruit extracts and spices, such as ginger, cinnamon, vanilla, clove,
mint, citrus fruits, coconut, pineapple, and mango. Due to its distinct flavors
and beneficial health properties, spiced rum is becoming more and more popular.
This trend is anticipated to continue as demand for premium spiced rum
increases and new products are introduced.
On the basis of price range,
the global craft rum market is segmented into low, medium, and high. Among
these, the medium and high price range segments hold the largest share in the
market during the forecast period owing to increasing disposable income and
spending power of the middle-class population which fuels the growth of the
craft rum market.
On the basis of distribution
channel, the global craft rum market is segmented into on-trade and off-trade.
Among these, on-trade will be the fastest-growing segment during the forecast
period. Many online retailers offer a wide range of craft rums options at lower
prices than those found in traditional retail locations. Due to their
affordability and ease of accessibility, online services have grown in
developed and developing nations.
Based on region, the market
is segmented into North America, Europe, Asia-Pacific, Middle East &
Africa, and South America. Among these regions, Europe dominated the market
during the forecast period. The Wine and Spirit Trade Association reports that around
36 million bottles of rum were bought in the UK in 2019, with the premium and
artisan categories being the main growth drivers. Additionally, developing
craft spirits produced in Germany by a growing number of micro distillers has
gained momentum over time.
Key market players operating
in the Craft Rum market include:
- Bacardi Limited
- Suntory
Holdings Limited
- Diageo
Plc.
- Maine
Craft Distilling LLC.
- Charles
Merser & Co.
- Drum
& Black Rum Company
- Burning
Barn
- Wicked
Dolphin Rum Distillery
- Rockstar
Spirits Ltd.
- Belize Spirits
Marketing, Inc.
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“Increased consumption at parties and
music festivals, increased availability of craft rum in eateries, bars, and
pubs, shifting urban lifestyles, and rising consumer disposable income are
factors that have a sizable impact on the growth of the global craft rum
market. Craft rum producers have been experimenting with various flavors and
ingredients such as buttery caramel, vanilla pods, smoky licorice, sweet
syrups, and tropical fruits to make their products more enticing to consumers.
Additionally, rising consumption of high-end rum cocktails and soaring demand
for premium alcoholic beverages are anticipated to propel market expansion.
Growing knowledge of rum's health advantages, such as its antimicrobial
capabilities, ability to prevent cancer, and cardiovascular benefits, is
anticipated to support market expansion on a global scale.” said Mr. Karan
Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Craft
Rum Market, Global Industry Size, Share, Trends, Opportunity, and
Forecast 2017-2027 Segmented
By Type (Spiced Rum, Coconut Rum, White Rum, Coffee Rum, Cranberry Rum and
Others (Vanilla Rum, Orange Rum)), By Price Range (Low, Medium and High), By Distribution
Channel (On Trade Vs. Off Trade.), By
Region, By Company, has evaluated the future growth potential of craft rum market
globally and provides statistics and information on
market structure, size, share, and future growth. The report provides
cutting-edge market intelligence and helps decision-makers to make sound
investment decisions. Besides, the report also identifies the emerging trends
along with essential drivers, challenges, and opportunities present in the global
craft rum market.
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