The
global Spiced/Flavored Rum Market size is expected to
reach USD 9.39 billion by 2027, expanding at a CAGR of 4.3% over the forecast
period, according to a new report by Grand View Research, Inc. Shifting
consumer inclination towards flavored alcoholic beverages is fueling the growth
of the market across the globe. Furthermore, escalating cocktail culture has
widened the growth opportunity for spiced/flavored rum worldwide. As a result,
manufacturers have been introducing innovative products to cater to the growing
demand.
In
terms of product, the fruit-based spiced/flavored rum led the market with over
55% share of the total revenue in 2019. This spirit blends well with the
fruits, such as lime, pineapple, coconut, and orange. Over the past few years,
companies have introduced several products under the fruit category. For
instance, in July 2019, Cruzan Rum brand of Suntory Holdings Limited introduced
its watermelon flavored premium product.
Asia
Pacific dominated the market for spiced/flavored rum in 2019 and held more than
45% share of the global revenue. Increased demand for premium and innovative
drinks in China, India, South Korea, Japan, Philippines, and Australia has
fueled the market growth in the region. Europe is projected to witness the
fastest growth over the forecast period.
Key
competitors in this industry include Diageo; Bacardi Limited; Suntory Holdings
Limited; Destilería Serrallés; Admiral Nelson's Rum; Tanduay Distillers, Inc.;
Pernod Ricard; Maine Craft Distilling, LLC; Altitude Spirits, Inc.; Davide
Campari-Milano S.p.A.; Heaven Hill Distillery; SEASPIRITS; and Sazerac Co.
Merger & acquisition and new product launch are the key strategies adopted
by the manufacturers in the industry. For instance, in September 2019, Davide
Campari-Milano S.p.A. acquired Rhumantilles, from Chevrillon Group.
Rhumantilles is the owner of Maison La Mauny and Trois Rivières rum brands.
This acquisition will enhance Davide Campari-Milano’s high-grade aged inventory
and strengthen its position in France.
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Spiced/Flavored
Rum Market Report Highlights
- By product,
fruit-based spiced/flavored rum dominated the market with more than 55%
share of the global revenue in 2019 due to increasing consumer inclination
towards alcoholic beverages fortified with oranges, grapes, and apples as
they are easily mixed with other fruit drinks
- Off-trade
distribution channel is expected to expand at the fastest CAGR of 5.2%
from 2020 to 2027. Rising preference for drinking at home among
millennials during weekends and after-office hours is expected to promote
the scope of off-trade channels, including supermarkets and bar shops, as
shopping media
- Asia Pacific
dominated the spiced/flavored rum market in 2019 with more than 45% share
of the global revenue. Strong consumer base of middle-class groups in
countries, such as China and India, is expected to remain a favorable
factor for the industry growth in this region
- Europe is
expected expand at the fastest CAGR of 5.0% from 2020 to 2027 owing to
growing demand for the premium alcoholic beverages in countries, such as
Germany, U.K., and France
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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