Craft Rum Market Size, Share, Growth Analysis, By Distribution Channel(On-trade, Off-trade), By Regional (Revenue, USD Million, 2016 - 2027)(North America, U.S.) - Industry Forecast 2024-2031

The market for Craft Rum was estimated to be valued at US$ XX Mn in 2021.

The Craft Rum Market is estimated to grow at a CAGR of XX% by 2028.

The Craft Rum Market is segmented on the basis of Distribution Channel, Regional (Revenue, USD Million, 2016 - 2027).

Based on region, the Craft Rum Market is segmented into North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

The key players operating in the Craft Rum Market are view , The 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 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 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 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..