Global Rum Market: Overview
The global rum market is all set to register high growth trajectory during the forecast period of 2019 to 2029. This growth is attributed to increased demand for rum from all across the world. The increased number of pubs, bars, and lounges in all worldwide locations is working as a big positive for the growth of the global rum market. There are different types of products such as gold and dark rum, spiced rum, and white rum available in the market for rum.
The segmentation of the global rum market is performed on the basis of product, distribution channel, and region. Based on distribution channel, the market for rum is bifurcated into on-trade and off-trade.
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Global Rum Market: Growth Dynamics
The global rum market is growing on the back of plethora of reasons. Considerable growth in worldwide urban population and improved disposable income of major people living in all corners of the world are major factors stimulating the growth of the market for rum. In various urban regions of the world, major population is engaged in high-pressure jobs. In this group of people, it is considered that the alcohol consumption is relaxing to the mind. As a result, there is remarkable growth in the consumption of alcoholic beverages such as rum. This factor is fueling the growth of the global rum market.
Rum is known to be beneficial for health if consumed in moderate proportion. It helps in growing the bone mineral density. As a result, it may assist in the prevention of osteoporosis and lessen arthritis signs as well. Apart from this, consuming rum can help in increasing good cholesterol levels and avoid artery blockages in individuals. This suggests that rum can be used to avoid heart-relegated diseases including heart attacks. Owing to all these factors, the global rum market is growing at rapid pace.
Global Rum Market: Competitive Analysis
The global rum market is fairly fragmented in nature. Due to presence of many active players, the competitive landscape of the market for rum is highly intense. Vendors working in this market are engaged in new product launch activities. This move is helping them to attract new customer base while maintaining the existing one. Apart from this, several enterprises in the global rum market are growing efforts on expanding their regional presence. All these moves connote that the market for rum will grow at rapid speed during the forecast period of 2019 to 2027.
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The list of important players in the global rum market includes:
- Bacardi Global Brands Ltd.
- Davide Campari-Milano Spa
- Asahi Group Holdings Ltd.
- Diageo Plc
- Demerara Distillers Ltd.
- LT Group Inc.
- Pernod Ricard SA
- Nova Scotia Spirit Co.
Global Rum Market: Regional Assessment
The global rum market is spread across five key regions, namely, North America, South America, Europe, Asia Pacific, and Middle East and Africa. Among the important regions, Asia Pacific is one of the prominent regions in the market for rum. The market is expected to show stupendous demand avenues in countries like India and Philippines. One of the key reasons for the rum market growth is presence of considerable number of millennial population and growing popularity of rum in this region.
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