Global Craft Rum Market to Grow at 4.69% During 2024-2032, Bolstered by Technological Advancements in Brewing Techniques

August 25, 2023 | Food & Beverages

According to the latest report by IMARC Group, titled “Craft Rum Market Report by Age (Under 10 Years, 10 to 15 Years, Above 15 Years), Distribution Channel (On-trade, Off-trade), and Region 2024-2032”, the global craft rum market is projected to grow at a CAGR of 4.69% during 2024-2032. Craft rum is a specialized type of rum distinguished by its production in small, independent distilleries, focusing on quality, authenticity, and uniqueness. The definition of craft rum lies in its adherence to traditional techniques and hands-on approaches, resulting in a product that reflects the individual skill and passion of the craftsperson. The characteristics of craft rum include the use of locally sourced ingredients, which enhance its unique flavor and connect it to a specific region. It is often produced in small batches, allowing for meticulous attention to detail and the creation of distinctive, unconventional flavors that reflect the creativity of the distiller. The features that set craft rum apart encompass artisanal techniques, where time-honored methods and tools are utilized to contribute to its unique taste. Furthermore, many craft rum producers prioritize sustainability and eco-friendly practices, aligning with global trends towards responsible consumption. A strong connection to local traditions, culture, and community is often inherent in craft rum production, fostering a sense of belonging and heritage.

Global Craft Rum Market Trends:

The increasing interest in artisanal beverages and the expanding palate for unique and sophisticated flavors are vital drivers propelling the market growth of craft rum. Moreover, advancements in brewing techniques have diversified the applications of craft rum, which is significantly impacting market expansion. Along with this, craft rum's attributes of offering distinctive tastes, enhancing the experience of beverages, and appealing to connoisseurs of fine spirits are particularly commendable, leading to heightened demand and market growth. In line with the global trends towards local and responsibly sourced products, craft rum resonates with the demands of conscious consumers, contributing to community-based development initiatives and market growth. Besides this, the growing utilization of craft rum in premium bars and restaurants emphasizes its appeal to discerning customers, thus bolstering the market growth. Additionally, the rising desire for authentic and uniquely crafted spirits underlines the importance of craft rum in contemporary beverage culture which is creating a positive market outlook. Along with this, the trend towards personalized experiences in dining and entertainment is fueling the market growth of craft rum. In line with this, consumers are seeking out unique and memorable flavors, is fostering the market growth. Furthermore, partnerships between local distillers and globally recognized brands, focusing on quality craftsmanship and ethical sourcing, are supporting the market growth. Other factors, such as investments in artisanal techniques and innovations in flavor profiles, are driving the global market growth of craft rum.

Market Summary:

  • Based on the age, the market has been segmented into under 10 years, 10 to 15 years, and above 15 years.
  • On the basis of the distribution channel, the market has been segregated on-trade and off-trade. At present, on trade accounts for the largest market share.
  • Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Presently, Europe dominates the market across the globe.
  • The competitive landscape of the market has been examined in the report, with the profiles of the key players. Some of these players include Bacardi Limited, Belize Spirits Marketing, Inc., Charles Merser & Co., Diageo PLC, Domaines Ellam and Arizona Craft Beverage, Drum and Black Rum Company Limited, Maine Craft Distilling LLC, Rockstar Spirits Limited, Suntory Holdings Limited (Kotobuki Realty Co. Ltd.), and Wicked Dolphin Distillery.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Age, Distribution Channel, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Bacardi Limited, Belize Spirits Marketing, Inc., Charles Merser & Co., Diageo PLC, Domaines Ellam and Arizona Craft Beverage, Drum and Black Rum Company Limited, Maine Craft Distilling LLC, Rockstar Spirits Limited, Suntory Holdings Limited (Kotobuki Realty Co. Ltd.), and Wicked Dolphin Distillery
Customization Scope 10% Free Customization
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Global Craft Rum Market to Grow at 4.69% During 2024-2032, Bolstered by Technological Advancements in Brewing Techniques
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