The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Consumer discretionary income is likely to promote innovation in rum manufacture, propelling the market throughout the forecast period.

The global rum market 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 global rum market is expected to reach $17.68 billion in 2027 at a CAGR of 5.4%.

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Global Rum Market Segments Include:

• By Rum Type: White Rum, Light Or Gold Rum, Dark Rum, Spiced Rum, Other Rums
• By Nature: Plain Rum, Flavored Rum, Organic Rum, Conventional Rum, Other Categories
• By Business Channel: Business To Business, Hypermarkets Or Supermarkets, Specialty Stores, Online Retails, Other Business Channels
• By Distribution Channel: Offline Trading, Online Trading
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global rum market in 2021.

Major Market Players in the rum market include Bacardi Limited, Davide Campari-Milano N.V., Demerara Distillers Ltd., Diageo Plc., LT Group Inc., Nova Scotia Spirit Co., Pernod Ricard, Suntory Holdings Limited, William Grant & Sons Ltd.

Product innovation is a crucial trend that is gaining traction in the rum market. Major rum firms are focusing on generating unique goods in order to strengthen their market position. For example, in March 2023, Bacardi Limited, a privately held, family-run spirits company located in the United States, debuted Bacard Caribbean Spiced rum, the brand’s first premium spiced aged product. The heavy-aged rum foundation, which delivers powerful smokey molasses flavours, and the light-aged rum foundation, together with the blending of coconut blossom sugar, pineapple, and coconut water, are both employed in the Bacardi process to create the Caribbean Spiced rum. After the spirit has been rested and filtered, cinnamon and vanilla are added, followed by another pause and a second polishing filter for transparency and colour.

The Rum Global Market Report 2023  provides a rum market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The rum market forecast analyzes rum market size, rum market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Rum is an alcoholic beverage manufactured from fermented sugarcane juice, syrup, molasses, and other sugarcane byproducts. It is made in such a way that the distillate has the flavour, smell, and qualities associated with rum, and it is predominantly made up of such distillates.

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