Manufacturers in the rum market are focused on introducing innovations in their products to acquire the maximum millennial population. Premium rums are creating momentum into the market, generating opportunities for growth of the market players.

New York, United States, March 09, 2020 (GLOBE NEWSWIRE) -- The rum market is projected to reach US$21.5Bn by the end of the year 2029 owing to the growing market of premium category of rums, suggests a new study by persistence market research (PMR). Manufacturers are introducing advanced technologies to produce rums with unique flavors to capture a major chunk of the market. The thriving culture of e-commerce has significantly increased the sale of rums, further bolstering the market growth. 

Rum Market: Key Findings

• Light/gold rum to maintain a lead in the market; spiced rum gaining fast traction
• Attributing to surge in the number of restaurants, night clubs, and pubs, business to business distribution channels to attain the highest market share
• Organic rums to register high growth rate owing to the burgeoning demand
• The high concentration of rum producers and consumers imparts a prominent position to South Asia in the rum market. East Asia, the Middle East & Africa exhibit impressive growth owing to the increasing number of foodservice outlets and rum consumers in the region.

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Rum Market: Key Driving Factors

• The increased spending power of the middle-income population to boost the sale of rums, boosting the market growth
• Sale of rum to escalate as an economic drink
• Growing demand for exclusive flavors and tastes will be a key factor driving the growth of the rum market
• Burgeoning preference of online retail will significantly influence the revenue generated in the rum market

Rum Market: Key Restraints

• Spirits such as scotch and whiskey pose a challenge to the rapid growth of the rum market
• Presence of a variety of non-alcoholic beverages is giving tough competition to rums

Explore the complete rum market report with detailed market segmentation, 106 illustrative figures, and 80 data tables spread across 240 pages on: https://www.persistencemarketresearch.com/methodology/19588  

Rum Market: Competition Landscape

The market players are focused to build their brand image with the help of unique packaging and design. They are entering into collaborations with popular social figures to create impactful brand awareness campaigns, boosting their sale and consumer database. Manufacturers are introducing new products to achieve a competitive edge in the rum market. For instance, Bacardi, leading liquor brand, launched a premium range of rums such as Reserva Ocho, Gran Reserva Limitada, and Gran Reserva Diez, to stay at the forefront in competition. Organic rum is also generating a plethora of opportunities in the market. Major players in the rum market are Diageo PLC, William Grant & Sons Ltd., Westerhall Estate Ltd., Mohan Meakin Ltd., Elements Eight Rum Company Ltd, Radico Khaitan Limited, Green Tree Distillery, and MAISON FERRAND.

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More about the Report
This Persistence Market Research study of 240 pages offers in-depth insights into the rum market. This market analysis is based on type (light/gold rum, dark rum, white rum, and spiced rum), sales channel (business to consumer and business to business), and nature (conventional and organic), in seven different regions.

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