Rum Market Size, Share, Growth Analysis, By Products(Dark and Golden Rum, White Rum, Flavored and Spiced Rum), By Distribution Channels(Offline and Online), By Region - Industry Forecast 2024-2031

Rum Market size was valued at USD 12.94 billion in 2022 and is poised to grow from USD 13.64 billion in 2023 to USD 20.77 billion by 2031, at a CAGR of 5.4% during the forecast period (2024-2031).

Rum Market will continue to rise as a result of major industry players spending a lot of money on R&D to increase their product offerings. Market participants are engaging in a wide range of strategic initiatives to improve their presence in addition to key industry changes like new product releases, contractual agreements, mergers and acquisitions, higher investments, and cooperation with other organizations. The rum market industry's rivals must offer products that are reasonably priced to survive and grow in a market that is becoming more competitive and expanding. 'Bacardi Limited', 'Diageo plc', 'Pernod Ricard SA', 'Tanduay Distillers, Inc.', 'Demerara Distillers Limited', 'Admiral Rodney', 'Appleton Estate', 'Captain Morgan', 'Cruzan Rum Distillery', 'Flor de Caña', 'Gosling's Rum', 'Havana Club International', 'Mount Gay Distilleries', 'Rhum J.M', 'Ron Barceló', 'Ron del Barrilito', 'Ron Matusalem', 'Saint James Distillery', 'The West Indies Rum Distillery', 'Worthy Park Estate', 'In March 2024, BrewDog Distilling Co., announced the official launch of its DUO White Rum, which will join its existing rum SKUs including DUO Spiced Rum and DUO Spiced with Caramelised Pineapple Rum. ', 'In March 2024, in a strategic move to broaden its portfolio, Brands Ltd announced its latest partnership with award-winning RedLeg Spiced Rum. This partnership will see Brands representing RedLeg in the UK major grocery and cash & carry channels, marking the beginning of Brands incorporating established third-party brands into its business model.  ', 'In January 2024, Platinum Equity announced the acquisition of premium rum blending specialist E&A Scheer, the largest blender and vendor of premium rum in bulk, from The Riverside Company.'

Cocktails are mixed alcoholic drinks that are typically made with one or more types of spirits, including rum. The popularity of cocktails is on the rise, and they are becoming increasingly popular among younger consumers. Rum is a key ingredient in many popular cocktails, such as Mojitos, Daiquiris, and Piña Coladas. These cocktails are enjoyed by consumers all around the world, and their popularity is driving the demand for rum. The availability of a wide variety of rum flavors is also contributing to the popularity of cocktails. Flavored rums, such as coconut, pineapple, and mango, are gaining popularity among consumers, and are often used in cocktail recipes. This trend is driving the demand for flavored rums, which is contributing to the growth of the rum market. In addition, the rising trend of mixology is also driving the popularity of cocktails. Mixology is the art and science of creating cocktails, and it involves using high-quality spirits and ingredients to create unique and flavour full drinks. The growing interest in mixology is leading to an increase in demand for premium spirits, including premium rum, which is contributing to the growth of the rum market.

Increasing consumer demand for proprietary flavours will fuel market expansion.

The Asia-Pacific region is the largest consumer and producer of Rum globally. Because to its vast population, rising disposable income, and rising popularity of rum among the younger generation, Asia Pacific held the greatest market share of almost 40% of worldwide sales in 2021 and is predicted to grow at a significant growth rate during the forecast period. India and the Philippines, which are both significant producers and consumers, make significant contributions to this expansion. According to the corporation, India is one of Bacardi's fastest-growing regions, with a 30% increase in business in 2021.