The latest report by IMARC Group, titled “Craft Rum Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global craft rum market is expected to exhibit a CAGR of 5.37% during 2022-2027. Craft rum is a type of alcoholic beverage manufactured with specialized processes and customized flavors. It is produced using quality and ethically sourced ingredients in specialized distilleries with patented or highly specific fermentation, distillation, and packaging processes to control the quality and taste of the beverage. The production process used to manufacture craft rum is more manual and time-consuming than mass-produced rum. Nowadays, craft rum is gaining widespread popularity among the masses due to its smooth taste, high-end quality, and authentic flavor.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Craft Rum Market Trends:
The market is primarily driven by the expanding food and beverage (F&B) industry and the rising consumption of alcoholic beverages across the globe. In addition, the introduction of craft rum in innovative flavors infused with exotic tropical extracts represents another major growth-inducing factor. Besides this, millennial customers widely prefer authentic and personalized alcoholic beverages such as craft rum. This, coupled with the growing consumer inclination toward beverages made with natural and organic ingredients that are free from harmful fertilizers, pesticides, and inorganic chemicals, is positively influencing the market growth. Moreover, the increasing utilization of craft rums in cafes and restaurants to offer unique menus to the customers is also escalating the product demand. Furthermore, the emergence of micro-distilleries that emphasize sustainable sourcing and alcohol manufacturing practices, and the proliferation of online retail channels are anticipated to create a positive market outlook.
- 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.
- 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.
- The competitive landscape of the market has been examined in the report, with some of the key players being 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.
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