The global craft rum market size is expected to reach USD 1.60 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% from 2020 to 2027. The growing demand for authentic alcoholic beverages among the younger generation drives the demand for craft rum and other spirits. These drinks have a smooth taste, authentic flavor, and high-end quality. These attributes of the product have been attracting consumers seeking to explore new tastes and drinking experiences. Furthermore, social media and magazines are influencing consumers to opt for these premium spirits. However, the high cost of production may hinder the growth of the industry.
Europe
dominated the market in 2019 with more than 35.0% share of the total revenue.
The rising number of manufacturers in the European countries, including the
U.K. and Germany, has been boosting the regional growth. Asia Pacific is
expected to witness significant growth in the forecast period in light of the
growing cocktail culture trend, increasing purchasing power, and rapid
urbanization in the countries, including India and the Philippines.
In
June 2020, Matugga Distillers Limited launched a new collection, The Liv Rum,
which includes two white rums, a spiced rum, and two flavored drinks. The
company has handcrafted the entire process and used natural and seasonal raw
materials. The two flavors available include raspberry & hibiscus, and
honey & lavender. Similarly, in August 2019, Rockstar Spirits Ltd.
introduced two new flavors: cherry and grapefruit. These innovative flavored
products are expected to attract more consumers.
Over
the past few years, the craft rum manufacturing companies have invested in the
promotion of their beverages by emphasizing their country of origin (as
countries such as Barbados, The Philippines, Guyana, Cuba, and Jamaica are
known for their high-quality rums), age, and organic certificates. According to
the Bacardi 2020 Cocktail Trends Report, consumers seek quality drinks with an
interesting story, craft credentials, and origin.
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Craft Rum Market
Report Highlights
- Asia Pacific is expected to
register the fastest CAGR of 5.5% from 2020 to 2027 owing to the growing
trend of cocktail culture in the region
- The on-trade distribution
channel segment dominated the market by accounting for over 60.0% share of
the global revenue in 2019 as a large number of consumers prefer to drink
at restaurants, bars, and pubs
- Product innovation is
expected to remain one of the key success factors among the industry
participants.
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Craft Rum Market
Segmentation
Grand View Research has segmented
the global craft rum market on the basis of distribution channel and region:
Craft Rum
Distribution Channel Outlook (Revenue, USD Million, 2016 - 2027)
- On-trade
- Off-trade
Craft
Rum Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- U.S.
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- India
- Philippines
- Central & South America
- Brazil
- Middle East & Africa
List of Key Players
of Craft Rum Market
- 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.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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