Market Size – USD 1.26 billion in 2020, Market Growth – at a CAGR of 5.5%, Market Trends – Changing urban lifestyle and preference and increasing disposable income
The global Craft Rum Market size is expected to reach USD 1.70 billion by 2028 and register a CAGR of 5.5% over the forecast period, according to the latest report by Reports and Data. Global market revenue growth can be primarily attributed to rapid demand for craft liquor such as craft rum among younger consumers, rising number of craft distilleries worldwide, and resilient pub and discotheque culture in countries across the globe. The rising endorsements of craft spirits and luxury alcoholic beverages on social media platforms, increasing availability of craft rum at bars and pubs, increasing consumption of packaged alcoholic beverages at parties, raves, and social gatherings, and changing lifestyle and tastes of millennial consumers are some other key factors expected to continue to support revenue growth of the global craft rum market going ahead. Rum is a strong-tasting, sweetened distilled alcoholic beverage available widely in various types including dark rum, light rum, gold rum, black rum, white rum, and vintage rum. Craft rum is a unique modification of commercial rum that offers a twist to the authentic flavor of rum. It is made with handpicked ingredients and unique flavor combinations, with spiced rum being the most popular type of craft rum infused with ingredients such as cinnamon, ginger, vanilla, pepper, clove, nutmeg, rosemary, coconut, and various tropical fruits.
Craft rum manufacturers around the world have been making product innovations using ingredients and flavors like buttery caramel, smoky licorice, vanilla, and sugary syrups to enhance taste. Rising demand for premium alcoholic beverages, including craft rum cocktails, increasing awareness about potential health benefits associated with consumption of rum, and rising purchasing power of consumers are factors expected to further bolster global market growth. However, various side-effects associated with excessive consumption of rum such as indigestion, diarrhea, and vomiting are factors expected to impact market growth to some extent.
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Key players in the global Specialty Fats Market include:
Rockstar Spirits Ltd., Drum Circle Distilling, Bacardi Limited, Burning Barn, Wicked Dolphin Rum, Drum & Black, Charles Merser & Co., Copalli, Lyon Distilling Company, Domaines Ellam, and Arizona Craft Beverage.
For the purpose of this report, the global craft rum market is segmented based on product type, price range, distribution channel, and region:
Segments Covered in the Report:
By Product Type (Revenue, USD Billion; 2018-2028)
By Price Range (Revenue, USD Billion; 2018-2028)
By Distribution Channel (Revenue, USD Billion; 2018-2028)
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By Region (Revenue, USD Billion; 2018-2028)
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/craft-rum-market
Some Key Highlights from the Report:
Table of Contents:
Chapter 1. Methodology and Scope
1.1. Market Segmentation & Scope
1.2. Market Definition
1.3. Information Procurement
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Material Type Outlook
2.3. Application Outlook
2.4. Regional Insights
Chapter 3. Craft Rum Market Variables, Trends & Scope
3.1. Market Introduction
3.2. Penetration & Growth Prospect Mapping
3.3. Industry Value Chain Analysis
Chapter 4. Consumer Behavior Analysis
4.1. Consumer Trends and Preferences
4.2. Consumer Calorie Perception
4.3. Factors Affecting Buying Decision
4.4. Consumer Product Adoption
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