Rum sector to hit $17.6bn by 2027
The global rum category is expected to increase by a compound annual growth rate (CAGR) of 5.4% by 2027, a new report has found.
The Business Research Company released the Rum Global Market Report 2023 on 21 June.
The global rum category is expected to grow by a CAGR of 4.8%, from US$13.69 billion in 2022 to US$14.35bn in 2023.
In 2023, the report projects the global rum market will reach a CAGR value of US$17.68bn.
The report has evaluated sales of standard, agricole, navy strength, overproof, black, and premium aged rums.
The regions covered include Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Asia Pacific was found to be the largest region for the rum sector in 2022, followed by Europe.
Increased disposable income is expected to ‘propel’ the growth of the category in the coming years, while product innovation is another factor driving the category’s expansion.
The report cites Bacardí Caribbean Spiced rum, the brand’s first premium spiced aged product, as an example of this.
Earlier this month, Bacardí revealed that more than a quarter of British consumers are opting for rum-based drinks this summer, with only 15% ordering beer.
In more news of projections for sector value, the global alcohol category was recently valued at US$1.6 trillion in 2022 and is set to increase by a CAGR of 2.5% by 2031.