WILMINGTON, DE / ACCESSWIRE / February 6, 2023 / The global craft rum market is projected to grow at a CAGR of 5.5% from 2022 to 2031, as per the market outlook report by Transparency Market Research.
The global population is inclining toward consuming crafted beverages and blends instead of traditional mass-produced spirits, which is creating significant business opportunities for craft rum producers. Furthermore, the number of craft distilleries has grown significantly across the globe. These factors are estimated to fuel market growth during the forecast period.
Key Findings
- Craft spirits have gained immense popularity among the millennial population. This generation has an increasing preference for flavored spirits, imported premium brands, and craft spiced rum. Hence, rise in this consumer pool across the globe is boosting growth opportunities in the craft rum industry. Increase in socializing activities among millennials at restaurants and bars is fueling demand for craft rum at these commercial venues. Rise in number of wealthy younger generations across the globe is likely to drive market demand during the forecast period.
- People are inclining toward the consumption of spirits that have been aged for longer periods. Hence, demand for black rum has increased in the past few years. Gen X and boomers across the globe are increasing their consumption of beverages manufactured at micro-distilleries. Demand for craft rums with varied flavors has increased among young adults. Companies are investing heavily in R&D activities in order to develop products with innovative flavors. Players are utilizing different types of spices, herbs, fruits, and botanicals for the production of innovative products. This aside, they are focusing on obtaining raw materials from farmers with strong experience in fruit and sugarcane production. Such initiatives are anticipated to help in the overall market development in the near future.
- Expansion of the tourism and hospitality sectors in developing economies is expected to boost the sales of craft rum during the forecast period. Increase in inclination of people toward early retirement has resulted in a rise in number of parties and vacations at international and domestic locations. These factors are driving the demand for and consumption of alcoholic beverages, such as craft rum, across the globe.
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Craft Rum Market: Growth Drivers
- Increase in awareness about various available flavors and styles of craft rum is propelling industry growth
- Rise in disposable income of youth and millennial population across the globe is expected to augment market development
Regional Analysis
- Increase in alcohol consumption among youth from countries such as the U.K., Germany, Mexico, France, the U.S., and Canada, and rise in number of craft rum producers in North America and Europe are likely to drive growth opportunities in these regions
- The market is estimated to witness substantial growth opportunities in Asia Pacific during the forecast period owing to rise in adoption of western culture and rapid expansion of the hospitality and tourism sectors
Craft Rum Market: Competition Landscape
- Micro-distilleries are strengthening their production capabilities in order to cater to the rising demand for craft rums
- Leading players are entering into collaboration agreements with local micro-distillers to expand their businesses in newer regions
- Manufacturers are adopting innovative packaging solutions, such as tanks, bottles, craft rum boxes, and kegs, while launching their products
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Craft Rum Market: Key Players
- Merser & Co.
- Cardinal Spirits LLC
- Kōloa Rum Company
- Muddy River Distillery
- Arizona Craft Beverage, Inc.
- Lyon Distilling Company LLC
- Devon Rum Company
- Stilldistilling Spirits Pvt. Ltd.
- 25° South Distillery
- Wicked Dolphin Rum
- La Hechicera Company
- Bristol Spirits Ltd.
- Burning Barn Rum
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Craft Rum Market Segmentation
Product Type
- Light Rum
- Flavored & Spiced Rum
- Non-flavored & Spiced Rum
- Gold Rum
- Flavored & Spiced Rum
- Non-flavored & Spiced Rum
- Dark/Black Rum
- Flavored & Spiced Rum
- Non-flavored & Spiced Rum
- Rhum Agricole
- Others
Volume
- Under 350ml
- 351ml - 750ml
- Above 750ml
Pricing
- Mass
- Premium
End-user
- Individual
- Commercial
- Hotels & Restaurants
- Pubs & Clubs
- Others
Distribution Channel
- Online
- Company Websites
- E-commerce Websites
- Offline
- Direct Sales
- Indirect Sales
Regions Covered
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
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SOURCE: Transparency Market Research Inc.