Spiced Rum Market: Know The Key Trends, Leading Companies, Driving Factors and Forecast Till 2025 | Grand View Research, Inc.

January 13 12:20 2021
Spiced Rum Market: Know The Key Trends, Leading Companies, Driving Factors and Forecast Till 2025 | Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
According to a report published by Grand View Research, the market growth is majorly attributed to the expansion of cocktail culture among millennials at the global level which is expected to widen the growth opportunity for spiced/flavored rum in the forthcoming years.

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. The 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, the Cruzan Rum brand of Suntory Holdings Limited introduced its watermelon flavored premium product.

The leading players in the industry have been investing in the market in response to the growing demand for spiced rum. For instance, in April 2018, Hotaling & Co., distiller, and importer of premium craft spirits, has invested in Denizen Rum. This investment helped the company to enhance its product portfolio, distribution channel, and marketing. Also, 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 helped Davide Campari-Milano’s high-grade aged inventory and strengthen its position in France.

U.S. spiced/flavored rum market size, by distribution channel, 2016 - 2027 (USD Billion)

Spiced/Flavored Rum Market Report Highlights

  1. On the basis of product, fruit-based spiced/flavored rum dominated the market with more than 55% share of the global revenue in 2019 owing to the growing consumer inclination towards alcoholic beverages fortified with oranges, grapes, and apples as they are easily mixed with other fruit drinks.

  2. The mixed spiced rum is expected to witness the fastest growth over the forecast period. This segment includes a combination of different spices and spices blended with fruits. Spices including cinnamon, clove, and ginger blend very well with flavors, such as vanilla and fruits, and provide a unique taste to the drink.

  3. On the basis of the distribution channel, the on-trade segment led the spiced/flavored rum market in 2019 and held over 60% share of the global revenue. Besides, the off-trade distribution channel is expected to witness the fastest growth over the forecast period. According to the Wine and Spirit Trade Association, in 2019, more than 10 million consumers have bought spiced rum from specialty stores and supermarkets in the U.K. Expansion of e-commerce has also widened the growth opportunity for spiced rum in the off-trade segment.

  4. The Asia Pacific dominated the market for spiced/flavored rum in 2019 with more than 45% share of the global revenue owing to the large consumer base in countries, such as China, India, South Korea, Japan, Philippines, and Australia.

Europe is expected to witness exponential growth in the coming years and could be the fastest-growing region. The consumers of spiced/flavored rum in the region are continuously exploring different types of rum, including spice and fruits flavored.

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Spiced/Flavored Rum Market Segmentation

Grand View Research has segmented the global spiced/flavored rum market on the basis of product, distribution channel, and region:

Spiced/Flavored Rum Product Outlook (Revenue, USD Million, 2016 – 2027)

  • Vanilla

  • Fruit

  • Mix

  • Others

Spiced/Flavored Rum Distribution Channel Outlook (Revenue, USD Million, 2016 – 2027)

  • On-trade

  • Off-trade

Spiced/Flavored Rum Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America

    • U.S.

  • Europe

    • Germany

    • U.K.

  • Asia Pacific

    • China

    • India

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

List of Key Players of Spiced Rum Market
• Diageo
• Bacardi Limited
• Suntory Holdings Limited
• Destilería Serrallés
• Heaven Hill Distillery
• Admiral Nelson’s Rum
• Davide Campari-Milano S.p.A.
• Pernod Ricard
• Maine Craft Distilling, LLC
• Tanduay Distillers, Inc.
• Altitude Spirits, Inc.
• SEASPIRITS
• Sazerac Co.

Have Any Query? Ask Our Experts for More Details on Reporthttps://www.grandviewresearch.com/inquiry/450258/ibb

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About Grand View Research

Grand View Research is a market research and consulting company based in the State of California with headquarters in San Francisco. The company offers consulting services tailored for business organizations to assist them with understanding and exploring their potential on a large scale. At the same time, Grand View Research caters to the individual research needs to provide a customized research service. 

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The rising interest in the authenticity of alcoholic drinks among the millennial consumers has been driving the market for craft spirits, including rum

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