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.
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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