The Rum Global Market Report 2023 by The Business Research Company, provides rum market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Rum Global Market Report 2023, the global rum market size is expected to grow from $13.69 billion in 2022 to $14.35 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global rum market is expected to reach $17.68 billion in 2027 at a CAGR of 5.4%.
The growing consumer disposable earnings are expected to propel the growth of the rum market in the coming years. Disposable income or disposable earnings, often known as disposable personal income (DPI), is the sum of cash accessible to an individual or household after income taxes have been subtracted. Disposable income is a major factor influencing alcohol consumption. Increased disposable income increases rum consumption and boosts the market.
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The rum market is segmented:
1) By Rum Type: White Rum, Light Or Gold Rum, Dark Rum, Spiced Rum, Other Rums
2) By Nature: Plain Rum, Flavored Rum, Organic Rum, Conventional Rum, Other Categories
3) By Business Channel: Business To Business, Hypermarkets Or Supermarkets, Specialty Stores, Online Retails, Other Business Channels
4) By Distribution Channel: Offline Trading, Online Trading
Product innovation is the key trend gaining popularity in the rum market. Major companies operating in the rum market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2023, Bacardi Limited, a US-based privately held, family-run spirits firm launched Bacardí Caribbean Spiced rum, which is the brand’s first premium spiced aged product. The heavy-aged rum foundation, which offers the strong smokey flavors of molasses, and the light-aged rum base, together with the mixing of coconut blossom sugar, pineapple, and coconut water, are both used in the Bacardi process to make the Caribbean Spiced rum. Cinnamon and vanilla are also added to the spirit after it has been rested and filtered, followed by another pause and a second polishing filter for transparency and color.
The rum market report table of contents includes:
1. Executive Summary
2. Rum Market Characteristics
3. Rum Market Trends And Strategies
4. Rum Market – Macro Economic Scenario
5. Rum Market Size And Growth
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26. Africa Rum Market
27. Rum Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Rum Market
29. Rum Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- Bacardi Limited
- Davide Campari-Milano N.V
- Demerara Distillers Ltd
- Diageo Plc
- LT Group Inc
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