Rum Market Size
Market Outlook:
Base Year Value (2023)
USD 12.44 Billion
CAGR (2024-2032)
5.7%
Forecast Year Value (2032)
USD 20.49 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:Increasing demand for premium and flavored rum varieties among consumers worldwide is expected to drive growth in the rum market. The growing popularity of craft cocktails and mixology is also contributing to the increasing demand for rum as a key ingredient. In addition, the expansion of the tourism industry in regions known for rum production, such as the Caribbean, is expected to bolster sales and consumption of rum globally.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Product Type, Distribution Channel |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | Bacardi Limited, Davide Campari-Milano Spa, Demerara Distillers., Diageo Plc, LT Group, Nova Scotia Spirit Co., Pernod Ricard SA, Suntory Holdings., William Grant & Sons., Mohan Meakin Limited |
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Stringent regulations and taxes imposed on alcohol sales and consumption in many countries pose a major restraint to the growth of the rum market. These regulations can limit the distribution and availability of rum products, thereby hindering market growth. Additionally, changing consumer preferences towards healthier and low-alcohol options can also pose a challenge to the growth of the rum market.
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