Nevertheless, the consumer willingness to spend on new forms of entertainment like parties, pubs, lounges, and bars have opened new opportunities for the alcohol market. The introduction of various flavored rum and different rum brands have also contributed to the growth of the global rum market.
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Some of the key players in the Global Rum Market are
Some of the strategies followed by the players operating in the market were product launches, acquisitions, mergers, and expansions.
In April 2018, Bacardi Limited aquired Patrón Spirits International AG and its brand PATRÓN. This acquisition increased the company’s market share and market presence, thereby making it a top company in the upper-premium segment in the US.
The global rum market has been segmented based on type, category, distribution channel, and region.
Based on type, the Global Rum Market has been divided into white and dark. The dark rum segment accounted for the larger market share in 2018. Dark rum is usually consumed straight or neat and is also used in cooking. The market for white rum is expected to register a higher CAGR during the forecast period owing to the increasing preferences for cocktails.
Based on distribution channel, the global rum market has been further categorized as hypermarkets and supermarkets, specialty stores, and others. In 2018, the hypermarkets and supermarkets segment accounted for the largest share in the market. However, the convenience stores segment is projected to witness significant growth during the forecast period.
The market in Asia-Pacific is expected to dominate the global rum market. The market in India is considered to be lucrative for manufacturers owing to growing alcohol retail. The North American and European markets are mature. These markets are expected to see a declining growth rate during the forecast period.
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