Product ID: UCMIG30F2022
Report ID:
UCMIG30F2022 |
Region:
Global |
Published Date: Upcoming |
Pages:
165
| Tables: 55 | Figures: 60
The global craft rum market achieved a substantial valuation of USD 1.06 billion in 2019, laying a robust foundation for its prospective growth. Forecasts are optimistic, predicting a consistent expansion with a projected compound annual growth rate (CAGR) of 5.2% between 2020 and 2027. This ascending trajectory reflects the surging consumer interest in unique and artisanal spirits, coupled with an evolving palate that seeks authentic and distinctive flavors. Craft rum, with its emphasis on traditional production methods and distinctive profiles, is well-positioned to capitalize on this trend. As consumer preferences continue to gravitate toward premium and experiential offerings, the craft rum market is poised for sustained advancement in the foreseeable future.
This report is being written to illustrate the market opportunity by region and by segments, indicating opportunity areas for the vendors to tap upon. To estimate the opportunity, it was very important to understand the current market scenario and the way it will grow in future.
Production and consumption patterns are being carefully compared to forecast the market. Other factors considered to forecast the market are the growth of the adjacent market, revenue growth of the key market vendors, scenario-based analysis, and market segment growth.
The market size was determined by estimating the market through a top-down and bottom-up approach, which was further validated with industry interviews. Considering the nature of the market we derived the Distillers & Vintners by segment aggregation, the contribution of the Distillers & Vintners in Food, Beverage & Tobacco and vendor share.
To determine the growth of the market factors such as drivers, trends, restraints, and opportunities were identified, and the impact of these factors was analyzed to determine the market growth. To understand the market growth in detail, we have analyzed the year-on-year growth of the market. Also, historic growth rates were compared to determine growth patterns.
The Craft Rum Market is segmented by Distribution Channel, Regional (Revenue, USD Million, 2016 - 2027). We are analyzing the market of these segments to identify which segment is the largest now and in the future, which segment has the highest growth rate, and the segment which offers the opportunity in the future.
Craft Rum Market is being analyzed by North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) regions. Key countries including the U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, and South Africa among others were analyzed considering various micro and macro trends.
SkyQuest's expert analysts have conducted a risk analysis to understand the impact of external extremities on Craft Rum Market. We analyzed how geopolitical influence, natural disasters, climate change, legal scenario, economic impact, trade & economic policies, social & ethnic concerns, and demographic changes might affect Craft Rum Market's supply chain, distribution, and total revenue growth.
To understand the competitive landscape, we are analyzing key Craft Rum Market vendors in the market. To understand the competitive rivalry, we are comparing the revenue, expenses, resources, product portfolio, region coverage, market share, key initiatives, product launches, and any news related to the Craft Rum Market.
To validate our hypothesis and validate our findings on the market ecosystem, we are also conducting a detailed porter's five forces analysis. Competitive Rivalry, Supplier Power, Buyer Power, Threat of Substitution, and Threat of New Entry each force is analyzed by various parameters governing those forces.
The Craft Rum Market is being analyzed by SkyQuest's analysts with the help of 20+ scheduled Primary interviews from both the demand and supply sides. We have already invested more than 250 hours on this report and are still refining our date to provide authenticated data to your readers and clients. Exhaustive primary and secondary research is conducted to collect information on the market, peer market, and parent market.
Our cross-industry experts and revenue-impact consultants at SkyQuest enable our clients to convert market intelligence into actionable, quantifiable results through personalized engagement.
Report Attribute | Details |
---|---|
The base year for estimation | 2021 |
Historical data | 2016 – 2022 |
Forecast period | 2022 – 2028 |
Report coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
Segments covered |
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Regional scope | North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), Middle East & Africa (MEA) |
Country scope | U.S., Canada, Germany, France, UK, Italy, Spain, China, India, Japan, Brazil, GCC Countries, South Africa |
Key companies profiled |
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Customization scope | Free report customization (15% Free customization) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options | Reap the benefits of customized purchase options to fit your specific research requirements. |
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Craft Rum Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Craft Rum Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Craft Rum Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Craft Rum Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATIONThe global market for Craft Rum was estimated to be valued at US$ XX Mn in 2021.
The global Craft Rum Market is estimated to grow at a CAGR of XX% by 2028.
The global Craft Rum Market is segmented on the basis of Distribution Channel, Regional (Revenue, USD Million, 2016 - 2027).
Based on region, the global Craft Rum Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
The key players operating in the global Craft Rum Market are view , The global craft rum market size was valued at USD 1.06 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 5.2% from 2020 to 2027. The rising interest in the authenticity of alcoholic drinks among the millennial consumers has been driving the market for craft spirits, including rum. Furthermore, the increasing number of product launches in the industry is attracting new consumers and boosting product demand. Product promotions through social media and newspaper magazines have a positive impact on market growth at the global level. , Consumers prefer craft rum over commercial rum due to its smooth taste, high-end quality, and authentic flavor. The craft spirit producers generally manufacture on a small scale and they have a hands-on approach to the process. These manufacturers usually distill their alcohol to control the taste, quality, and experience and provide the spirit with a distinct set of markers. This process allows the craft distillers to control the final output's flavor by managing the fermentation process and distillation speed. The manufacturers have been improving their craftsmanship and quality to cater to the evolving tastes. , The trend of craft beer has triggered an emphasis on quality in the spirit industry, including rum. Over the past few years, consumers have been seeking to try innovative alcoholic beverages and pay more for the craft drinks. Thus, the availability of innovative alcoholic beverages has become a crucial part of several bars or restaurants to appeal to consumers. As a result, craft spirits have gained traction in both bars or restaurants and retail sectors with a wide range of flavors and ingredients. The availability of a wide variety of rum has boosted the demand for the product over the world. , The manufacturers promote their beverages by emphasizing their country of origin (as countries such as Barbados, The Philippines, Guyana, Cuba, and Jamaica are known for their high-quality rums), age, and organic certificates. According to the Bacardi 2020 Cocktail Trends Report, consumers seek quality drinks with an interesting story, craft credentials, and origin. As per the global brand ambassador survey (GBAS) 2019 of Bacardi, over 40% of barkeepers voted dark rum as the most appealing spirit for its superior quality. Furthermore, lately, the high-end cocktails, such as Kapalua Butterfly and The Artillery Punch, are gaining popularity. This growing trend of cocktail culture is expected to widen the growth opportunity for the product in the upcoming years. , Distribution Channel Insights , The on-trade segment dominated the market with more than 60.0% share of the global revenue in 2019. Bars, pubs, and restaurants are the key distribution channels of the product. Usually, craft spirits producers start selling their products to the high-end bars and restaurants before launching into supermarkets and other retail stores. The increased interest in the cocktail has boosted the on-trade sales across the globe. Restaurants, bars, and pubs have been focusing on improving the cocktail experience. According to the CGA Mixed Drinks Report 2019, cocktail consumers visit the on-trade premises 25% more than non-cocktail consumers. Factors such as willingness to try an innovative drink, luxury alcoholic beverages, and share on social media are driving the on-trade sales of the product. , The off-trade segment is expected to expand at the fastest CAGR of 5.5% from 2020 to 2027. The increasing availability of drinks in supermarkets, liquor shops, and online retail stores has fueled the growth of the off-trade segment. According to The Wine and Spirit Trade Association, supermarkets and retail stores in the U.K. witnessed a 23% increase in volume from March to June 2019 compared to the same period in 2018. In April 2017, O&C Spirits, LLC declared the availability of its new spirit, Oak & Cane rum, at retail stores across Florida and online throughout the U.S. , Regional Insights , Europe held the largest revenue share of more than 35.0% in 2019. The U.K., Germany, and France are the major markets of the region. According to The Wine and Spirit Trade Association, consumers in the U.K. purchased around 36 million bottles of rum in 2019 and the premium and artisan categories have majorly driven the nation's sales growth. Furthermore, the increasing number of micro distillers producing craft spirits in Germany is gaining traction over the years. , Asia Pacific is expected to expand at the fastest CAGR of 5.5% from 2020 to 2027. The growing trend of the Tiki cocktail culture in Asian countries is expected to fuel the product's consumption in the upcoming years. Rapid urbanization, increasing purchasing power, and growing pub and bar culture are the key factors boosting the growth of the regional market. The number of bars and pubs grew by nearly 23% from 2015 to 2017 in India, whereas cafes increased by 20% in the same period. , KEY MARKET SEGMENTS, By Distribution Channel, On-trade , Off-trade , By Regional (Revenue, USD Million, 2016 - 2027) , North America , U.S. , Europe , Germany , U.K. , France , Asia Pacific , India , Philippines , Central & South America , Brazil , Middle East & Africa , KEY MARKET PLAYERS, The industry is fragmented on account of the presence of many local and regional players and few international players. The growing number of craft distilleries across the world has been intensifying the competition in the market. Wicked Dolphin Rum, Drum Circle Distilling, Arizona Craft Beverage, Cannon Beach Distillery, Lost Spirits Distillery, and Lyon Distilling Company are some of the regional producers gaining popularity in North America. Similarly, Merser & Co., Drum & Black, Copalli, Burning Barn, Equiano, and Dark Matter are among Europe's key brands. Producers have been launching new drinks with innovative flavors to gain a competitive advantage over other producers. Some prominent players in the craft rum market 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 , Belize Spirits Marketing, Inc. , Rockstar Spirits Ltd..
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Product ID: UCMIG30F2022