Craft Rum Market Size, Share, Trends, Growth, By Product, Application, Segment, Demand And Global Forecast 2020-2028
October 13, 2021
Reports And Data
Growing demand for craft spirits among millennials and generation Z is key growth-driving factorNEW YORK CITY, NY, UNITED STATES, October 13, 2021 /EINPresswire.com/ -- The global craft rum market size is expected to reach USD 1.70 billion by 2028 and register a CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. Global market revenue growth can be primarily attributed to rapid demand for craft liquor such as craft rum among younger consumers, rising number of craft distilleries worldwide, and resilient pub and discotheque culture in countries across the globe. The rising endorsements of craft spirits and luxury alcoholic beverages on social media platforms, increasing availability of craft rum at bars and pubs, increasing consumption of packaged alcoholic beverages at parties, raves, and social gatherings, and changing lifestyle and tastes of millennial consumers are some other key factors expected to continue to support revenue growth of the global craft rum market going ahead. Rum is a strong-tasting, sweetened distilled alcoholic beverage available widely in various types including dark rum, light rum, gold rum, black rum, white rum, and vintage rum. Craft rum is a unique modification of commercial rum that offers a twist to the authentic flavor of rum. It is made with handpicked ingredients and unique flavor combinations, with spiced rum being the most popular type of craft rum infused with ingredients such as cinnamon, ginger, vanilla, pepper, clove, nutmeg, rosemary, coconut, and various tropical fruits.
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Craft rum manufacturers around the world have been making product innovations using ingredients and flavors like buttery caramel, smoky licorice, vanilla, and sugary syrups to enhance taste. Rising demand for premium alcoholic beverages, including craft rum cocktails, increasing awareness about potential health benefits associated with consumption of rum, and rising purchasing power of consumers are factors expected to further bolster global market growth. However, various side-effects associated with excessive consumption of rum such as indigestion, diarrhea, and vomiting are factors expected to impact market growth to some extent.
Key players in the global craft rum market include Rockstar Spirits Ltd., Drum Circle Distilling, Bacardi Limited, Burning Barn, Wicked Dolphin Rum, Drum & Black, Charles Merser & Co., Copalli, Lyon Distilling Company, Domaines Ellam, and Arizona Craft Beverage.
For the purpose of this report, the global craft rum market is segmented based on product type, price range, distribution channel, and region:
By Product Type (Revenue, USD Billion; 2018-2028)
• Spiced Rum
• White Rum
• Coconut Rum
• Cranberry Rum
• Coffee Rum
• Others (Orange Rum, Vanilla Rum, etc.)
By Price Range (Revenue, USD Billion; 2018-2028)
By Distribution Channel (Revenue, USD Billion; 2018-2028)
• Hotels & Restaurants
• Bars & Pubs
• Liquor Shops
• Retail Stores
• Online Channels
By Region (Revenue, USD Billion; 2018-2028)
• North America
• Asia Pacific
• Latin America
• Middle East & Africa
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Some Key Highlights from the Report:
• Among the key product types, the spiced rum segment is expected to account for highest revenue share over the forecast period. Rising popularity of spiced rum, increasing awareness about potential health benefits associated with the product, and emergence of new and exciting flavor combinations are predicted to bolster growth of the market going ahead.
• The bars & pubs distribution channel segment is expected to account for highest revenue share in the global craft rum market over the forecast period. This segment’s growth is majorly supported by easy availability of craft rum in bars and pubs, growing indulgence in parties and social gatherings, and increasing number of high-end pubs and hotels worldwide.
• The Asia Pacific craft rum market is forecast to register the fastest revenue growth rate of around 5.8% over the projected period. Increasing demand for high-end craft rums and spirits, growing number of craft distilleries and breweries, robust rising pub culture, and new product innovations are key driving factors for Asia Pacific market growth.
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Key Features of the Craft Rum Market Report:
• Detailed assessment and exhaustive understanding of the Craft Rum market
• Significant insights into manufacturing processes, major barriers, and risks
• 8-year forecast estimation to offer information about the market size and market share on the global and regional levels
• Evaluation of the key drivers, restraints, growth opportunities, threats, limitations, barriers, and other key elements
• Identification of growth prospects and potential for the Craft Rum industry
• Comprehensive analysis of the key market players and their strategies
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