Craft Rum Market An Objective Assessment Of The Trajectory Of The Market 2020-2030

 

Global Craft Rum Market – Introduction

  • Craft rum and spirits have gained popularity in recent years due to widespread advertisements, blogs, and multiple reviews in newspapers, magazines, and journals by connoisseurs of alcohol. Social media posts are influencing the change in type of consumption of alcohol, and craft rum is gaining acceptance in culturally advanced societies. Craft distilleries produce rum on a small-scale basis and are more quality oriented than commercial distilleries where the production is carried out on a larger scale. The fermentation and distillation process entails adding more flavors, and better taste and pleasurable experiences, especially for regular alcohol drinkers, by giving them a new cocktail. Craft rum is smoother in taste and is taken care of by bartenders having a hand in the entire process and who are aware of unique production processes.

Changing consumption trend among the younger generation

  • The younger generation is keen on trying different flavors of craft rum. Millennial tend to socialize more and are strong consumers of craft rum and often spend on premium rum brands while going to bars, hotels, pubs, and restaurants. Even Boomers and Gen X are spending equivalently and sometimes more on the intake of beverages and cocktails made in craft distilleries. The younger generation while on holiday and often when spending time outdoors during parties and get-togethers consume alcohol, craft rum being a new addition to the category of alcohol preferred in recent years. Meanwhile craft spirits continue to gain off premise volume and value share, which has propelled the growth rate of small craft distilleries.

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Manufacturers focusing on drinking standards and consumption habits of people, thus controlling excessive craft rum intake

  • Big companies aim at marketing their brands in a responsible manner. Global producers as a part of corporate responsibility check whether users have acquired the legal age of drinking. Increased emphasis is laid by these companies on monitoring the intake of alcohol and modern craft spirits and rums, and they do so as a part of mindful lifestyle. Going by drinking standards, the big giants operating in the alcohol industry indulge in sparked conversations with people visiting their bars, pubs, and restaurants about reducing excessive consumption, and discouraging drinking and driving. Such inclination and behaviour shown toward society has reflected in a positive outlook among people taking alcohol, thus making craft rum a more enjoyable drink.

Europe and North America considered the dominant regions of the global craft rum market

  • In terms of geography, the global craft rum market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
  • Europe and North America accounted for a major share of the global craft rum market in 2019. The market in Europe and North America is projected to expand at a significant rate during the forecast period owing to growing number of craft distilleries, increase in regional producers gaining popularity, and higher presence of younger generation consuming alcohol in countries such as the U.S., Mexico, Canada, U.K., Germany, and France, which is projected to surge the sales of craft rum in the near future.
  • The market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period due to increase in number of hotels, pubs, bars, and restaurants, rapid change in modern lifestyle, and growing consumer needs in China, India, South Korea, Japan, and other countries in Southeast Asia. These factors are projected to surge the demand for craft rum in Asia Pacific.

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Key Players Operating in the Craft Rum Market

Several local, regional, and international players in the craft rum market are facing increased competition. Prominent players such as Wicked Dolphin Rum, Drum Circle Distilling, Drum & Black, and Burning Bar are working on producing craft rum in large quantities and expanding business by opening more distilleries. Also, manufacturers are trying to add more flavors to the distilled crafted rum.

Key players in the craft rum market are listed below:

  • Wicked Dolphin Rum
  • Drum Circle Distilling
  • Drum & Black
  • Burning Barn
  • Bacardi Limited
  • Charles Merser & Co.
  • Domaines Ellam and Arizona Craft Beverage
  • Rockstar Spirits Ltd.
  • Lyon Distilling Company
  • Copalli

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