Craft Rum Market Research Report: Size & Share, Key Players, Growth Strategies till 2028
Reports and Data's Global Craft Rum Market research report is an in-depth investigation that provides an industry-wide overview of existing and emerging growth patterns, end-user analysis, and other key data that has been tested and validated by industry experts and professionals. The report examines the market in terms of importance, share, size, demand and supply, patterns, competitive landscape, industrial chain analysis, and other important factors. The report also provides a detailed outlook for the industry's driving and restraining forces, as well as micro and macroeconomic factors that are expected to influence its development.
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The global craft rum market size was USD 1.26 billion in 2020 and is expected to register a CAGR of 5.5% during the forecast period. Steady market revenue growth can be attributed to increasing demand for craft spirits, especially among millennial consumers, reopening of pubs worldwide, growing popularity of craft rum and spirits through social media platforms, and increasing number of craft distilleries in countries across the globe. Increasing indulgence in parties and music festivals, rising availability of craft rum at restaurants, bars, and pubs, changing urban lifestyles, and rising disposable income of consumers are other factors contribution significantly to global craft rum market revenue growth.
Major Companies:
Wicked Dolphin Rum, Drum Circle Distilling, Drum & Black, Burning Barn, Bacardi Limited, Charles Merser & Co., Domaines Ellam, Arizona Craft Beverage, Rockstar Spirits Ltd., Lyon Distilling Company, and Copalli.
The COVID-19 impact Analysis: The growing COVID-19 pandemic has led to the weakening demand for coatings in electronics, automotive, construction, and white goods. The market has the capacity to bounce back, but it completely depends on the duration of the lockdown, and also the impact of the virus on the economy. Even though the overall demand of the market is falling, the demand for Craft Rum is expected to rise in the coming years.
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Type Outlook:
Spiced Rum
White Rum
Coconut Rum
Cranberry Rum
Coffee Rum
Others (Orange Rum, Vanilla Rum, etc.)
Application Outlook:
Bars & Pubs
Cafes
Liquor Shops
Retail Stores
Online Channels
Others
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Key Regional Markets Covered in the Report:
North America (U.S.A., Canada, Mexico)
Europe (Italy, U.K., Germany, France, Rest of Europe)
Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)