Global Rum Market: Overview
Rum’s medicinal properties were a lifesaver for armies and soldiers at war until a few decades ago. During the World War I, a ‘tot o rum’ was used to help soldiers stay healthy.
Rum can increase the bone mineral density. In light of that, moderate consumption may help prevent osteoporosis and alleviate the symptoms of arthritis. Rum can increase good cholesterol, also known as HDL cholesterol, and combat artery blockages, helping to prevent heart attacks and heart disease. This report is a complete study of current trends in the market, industry growth drivers, and restraints. It provides rum market projections for the coming years. It includes analysis of recent developments in technology, and detailed profiles of top industry players. The report also includes a review of micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.
Global Rum Market: Drivers & Restraints
The global rum market has witnessed impressive growth over the last couple of years driven by a number of favorable factors. Growing urban population coupled with rising disposable incomes in emerging economies is leading individuals to explore new forms of entertainment such as night parties and spending time at bars, pubs, and lounges. Further, young adults with spending power, social media influence, and easy access to alcoholic drinks are other prominent factors driving sales of alcoholic beverages. In urban areas, high pressure jobs and the perception that consumption of alcohol is relaxing to the mind is leading to the increased consumption of rum.
One of the major factors influencing the global rum market growth is the new product launch. Product development and extension in product offerings are popular strategies that players adopt to increase the demand for alcoholic beverages such as rum. Over the past few years, more players are expected to launch new varieties of rum driving growth of the global rum market in the forthcoming years.
Consumers in the millennial and Gen X groups are increasingly interested to know the authenticity of alcoholic beverages, including spirits like rum. The interest is mainly driven by social media, word of mouth, and by the new and growing multicultural group of consumers. Such groups prefer craft products and demand for more than just taste and ease of purchase.
Global Rum Market: Geographical Outlook
The global rum report includes market share of each segment according to the region with analysis towards market trends respectively. By region the global rum market the APAC region will account for the highest growth of this market throughout the forecast period.
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Global Rum Market: Competitive Landscape
Manufacturers of rum that are continuously launching new products with unique flavors. Curiosity among consumers especially among millennial is attracting them to try these products, which is having a positive bearing on the rum market. Some of the key players in the global rum market include Bacardi, Diageo, LT Group, Pernod Ricard, and Ron Barceló are among these. The companies are expected to expand their business by enhancing their product portfolio in global rum market.