NEWARK, Del, July 01, 2024 (GLOBE NEWSWIRE) -- The dark rum market value is expected to rise from USD 953.1 million in 2024 to USD 1,510 million by 2034. Global sales will likely rise at a CAGR of 4.7% throughout the assessment period.
Multiple factors are expected to spur growth of the dark rum industry during the forecast period. These include growing interest in premium spirits, expanding cocktail culture, and increasing number of bars and pubs.
Dark rum is presently having its moment in emerging economies like India and China. Players in such economies, in addition to relying on low-cost tags, are finding growth in premium product offerings among growing discerning audiences.
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Providers of alcoholic beverages are seeking a makeover, as they wish to switch their labeling as a favorite college cocktail drink or a staple product found in defense canteens. Such a dynamic shift is the reason why players are finding a sweet spot among connoisseurs who are consistently on the lookout for premium, niche products.
Nowadays, consumers are willing to experiment and attempt to consume innovative, unique blends. Consumers are consuming less but high-quality drinks. Additionally, the surging cocktail trend and increasing adoption of rum as a unique ingredient are creating heightened demand for premium rums.
Key Takeaways from the Dark Rum Market Report
- The dark rum market is forecast to record a CAGR of 4.7% through 2034.
- Demand for dark rums with a strength of 40% ABV is projected to surge at a 4.5% CAGR.
- Liquor stores segment accounted for a share of 75% in 2023.
- Sales in the United States are set to total USD 268.7 million by 2034.
- South Korea is forecast to record a CAGR of 7.1% over the forecast period.
“Players take note of inclusivity as they offer premium dark rum offerings to cater to multiple regions after achieving success in mass-produced dark rums that have been on sale in emerging countries,” Nandini Roy Choudhury, Client Partner at Future Market Insights
Who is Winning?
Players are relying on luxurious rum offerings to make a larger cut in the market. Consumers, especially in developed economies, have displayed a preference for finer drinking experiences.
Discerning population in developing economies is also contributing to the sales of these drinks. Companies are thus trying their hands at unique blends of dark rums. A new variety that is having its limelight moment is spiced and flavored rums.
Certain players, particularly those with target audiences based in specific countries, are experimenting with local ingredients and arranging for small-batch dark rum production processes. This signifies that the consumer base is open to experimental drinking options.
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Latest Developments in the Dark Rum Market
- Piccadily Distilleries, an independent producer and distributor of malt spirits throughout India, released Camkara recently. Camkara is a limited edition that is aged over the span of 12 years in ex-bourbon barrels. The alcoholic beverage contains 50% ABV and has no added color, sugar, or flavor.
- Equiano Rum, which is the producer of the first Caribbean and African rum offering, introduced a new product in March 2024. The company made its first vintage debut of Foursquare and Gray’s Rums.
Leading Dark Rum Brands
- SASMA
- Captain Morgan
- Bacardi
- Malibu
- Radico Khaitan
- Amrut Distilleries
- Others
Get More Valuable Insights
Future Market Insights (FMI), in its new offering, provides a thorough, detailed and unbiased analysis of the global dark rum market, presenting historical demand data for the years 2019 to 2023 and forecast statistics for the years 2024 to 2034.
The study provides compelling industry insights based on alcohol content {40%, 69%, and 75% Alcohol by Volume (ABV)}, end user (individual consumer, store purchase, HORECA, and others), and sales channel (direct sales, liquor store, and others) across several regions.
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Key Segments of Dark Rum Market
By Alcohol Content:
The dark rum market segmentation, based on alcohol content, is divided into 40%, 69%, and 75% Alcohol by Volume (ABV).
By End User:
The industry is classified based on end users into HORECA, individual consumers, and store purchases, among others.
By Sales Channel:
Different sales channels that sell aged rum include direct sales, liquor stores, and others.
By Region:
Key countries of regions like North America, Latin America, Europe, East Asia, South Asia, Middle East and Africa (MEA), and Oceania have been introspected in the report.
About the Food & Beverage Division at Future Market Insights:
Expert analysis, actionable insights, and strategic recommendations – the food & beverage team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 1,000 reports and 1 million+ data points, the team has analyzed the food & beverage industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
Authored by:
Nandini Roy Choudhury (Client Partner for Food & Beverages at Future Market Insights, Inc.) has 7+ years of management consulting experience. She advises industry leaders and explores off-the-eye opportunities and challenges. She puts processes and operating models in place to support their business objectives.
She has exceptional analytical skills and often brings thought leadership to the table.
Nandini has vast functional expertise in key niches, including but not limited to food ingredients, nutrition & health solutions, animal nutrition, and marine nutrients. She is also well-versed in the pharmaceuticals, biotechnology, retail, and chemical sectors, where she advises market participants to develop methodologies and strategies that deliver results.
Her core expertise lies in corporate growth strategy, sales and marketing effectiveness, acquisitions and post-merger integration and cost reduction. Nandini has an MBA in Finance from MIT School of Business. She also holds a Bachelor’s Degree in Electrical Engineering from Nagpur University, India.
Nandini has authored several publications, and quoted in journals including Beverage Industry, Bloomberg, and Wine Industry Advisor.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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