According to a new market research report published by sheer analytics and insights, “The Global Craft Rum Market was valued at $1.2 Billion in 2020. Growing at a high CAGR of more than 5.1% between 2021 and 2031, it is estimated to reach $2.12 Billion by 2031, as per the latest market research report titled Global Craft Rum Market - Industry analysis, size, share, growth, trends, and forecast, 2021-2031.
Rum is a type of alcohol made from sugarcane or sugarcane by-products such as sugarcane syrup or molasses. Just like with agave in tequila, this sugar is later distilled into liquid alcohol. The alcohol can be filtered to various strengths but is typically higher than 40 percent alcohol by volume or 80 proof. Much stronger than many sugary liqueurs. When rum is first distilled, it is a clear liquid. The increasing demand for authentic alcoholic beverages among the younger generation drives craft rum and other spirits. These drinks have an original flavor, smooth taste, and high-end quality. In addition to this, magazines and social media are influencing consumers to opt for these premium spirits. Apart from this, the increasing number of product launches in the industry is attracting new consumers and boosting the market over the forecast period.
However, in this current pandemic of COVID-19, the Craft Rum market was affected much. It changes the growth rate graph slightly in the Craft Rum market. But it has been expected that after the pandemic situation, the global Craft Rum market will reach a high position in the graph. Apart from that, the rising of the beverages sector across the world is anticipated to offer a massive opportunity for market growth in the next forecast period of 2021 to 2031.
Geographically, The Craft Rum Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa.
The report covers a detailed outlook about the company, and it includes the company or industry profiles and market share of key players operating in the global market. Key players in the report include Bacardi Limited; Suntory Holdings Limited; Diageo; Maine Craft Distilling, LLC; Charles Merser & Co.; Drum & Black Rum Company; Wicked Dolphin Rum; Domaines Ellam and Arizona Craft Beverage; Rockstar Spirits Ltd.; Belize Spirits Marketing, Inc. Pernod Ricard, Anchor Distilling Company, House Spirits Distillery, Tuthilltown Spirits, and Woodinville Whiskey Co., among others.
The Global Craft Rum Market Has Been Segmented into:
Global Craft Rum Market: By Type
Global Craft Rum Market: By Application
Global Craft Rum Market: By Distribution Channel
Global Craft Rum Market: By Region