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Spiced Rum Market Size, Share, Industry, Forecast and outlook (2024-2031)

Published: February 2024 || SKU: FB5368
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Global Spiced Rum Market is Segmented By Type (White, Gold, Dark Spiced Rum), By Flavour (Vanilla, Fruit, Ginger, Others), By Distribution Channel (Departmental Stores, Convenience Stores, Online Sales, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2024-2031

 

Spiced Rum Market Overview

Global Spiced Rum Market reached USD 7.2 billion in 2022 and is expected to reach USD 10.0  billion by 2031 growing with a CAGR of 4.3% during the forecast period 2024-2031. Spiced rum is a type of rum that has been infused with a variety of spices, herbs, and other flavorings. It is known for its distinctive taste and aromatic qualities, which come from the added spices.

The base ingredient of spiced rum is traditional rum, which is typically made from molasses or sugarcane juice. After the rum is distilled, it is then aged in oak barrels to develop its characteristic flavor profile. Once the aging process is complete, the rum is infused with a blend of spices and other ingredients to create the spiced version.

The increased interest among young consumers in the validity of alcoholic beverages has fueled the worldwide rum industry. Craft spirits makers frequently operate on a small scale and actively participate in the production process. For instance, people need high-quality beverages with an engaging backstory, craft credentials, and provenance, according to the Bacardi 2020 Cocktail Trends Report. Furthermore, as per Bacardi's Global Brand Ambassador Survey (GBAS), more than 40% of bartenders chose dark rum as the most alluring spirit due to its higher quality.

 

Spiced Rum Market Scope

Metrics

Details

CAGR

4.3%

Size Available for Years

2022-2031

Forecast Period

2024-2031

Data Availability

Value (US$) 

Segments Covered

Type, Flavor, Distribution Channel, and Region

Regions Covered

North America, Europe, Asia-Pacific, South America, and Middle East & Africa

Fastest Growing Region

Europe

Largest Region

Asia Pacific

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights.

 

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Spiced Rum Market Dynamics

The Rising Demand for Spiced Rum in Cocktails is Driving the Spiced Rum Market Growth

Bartenders and mixologists across the globe have been incorporating spiced rum into their cocktail recipes, showcasing its versatility and ability to add depth and complexity to mixed drinks. This trend is particularly evident in upscale bars, speakeasies, and cocktail-focused establishments where creative libations are crafted to delight discerning customers.

The spiced rum trend in cocktails can also be observed in the menu offerings of bars and restaurants. Many establishments now feature signature spiced rum cocktails or dedicated sections on their menus, emphasizing the demand and consumer interest in these flavor-forward libations. Anecdotally, bartenders often report increasing requests for spiced rum-based cocktails from patrons seeking new and exciting taste experiences.

Increasing Cocktail Culture is Expected to Drive the Spiced Rum Market Growth

The increasing cocktail culture has undoubtedly played a significant role in driving the spiced rum market, creating a vibrant and dynamic environment for the exploration and consumption of spiced rum-based cocktails. Furthermore, the emergence of dedicated cocktail bars, speakeasies, and mixology-focused establishments worldwide showcases the growing demand for expertly crafted cocktails. These venues, often celebrated for their intricate and creative libations, frequently feature spiced rum as a prominent ingredient in their cocktail menus. 

Anecdotal evidence from bartenders and mixologists further supports the impact of cocktail culture on the spiced rum market. These professionals report an increasing number of customers seeking new and exciting taste experiences, with a particular interest in flavor-forward cocktails featuring spiced rum. This demand is mirrored in the menus of bars and restaurants, where spiced rum-based cocktails are prominently showcased.

Competition From Other Spirits is Restraining the Spiced Rum Market

Competition from other spirits poses a restraint on the spiced rum market, as consumers have a wide array of alcoholic beverage options to choose from. Whiskey, vodka, gin, and flavored liqueurs are among the spirits that compete with spiced rum for consumer attention and market share. These categories have established consumer bases and offer diverse flavor profiles and drinking experiences, creating a highly competitive market environment.

Historical shreds of evidence suggest that consumers who would traditionally opt for spiced rum may be enticed by the robust flavors and versatility of whiskey or the clean and neutral characteristics of vodka. Gin's botanical notes and the wide range of flavored liqueurs also attract consumers seeking unique taste profiles.

 

Spiced Rum Market Segment Analysis

The global spiced rum market is segmented based on type, flavor, distribution channel, and region.

The Fruits Segment Holds the Largest Market Share in the Spiced Rum Market

Fruit-infused spiced rum offers a unique flavor profile that appeals to a wide range of consumers. Generally, most of the fruit rums has an ABV of 36-50%. The infusion of fruits adds a natural sweetness, acidity, and fruity notes to the rum, creating a more complex and flavorful experience. The burstiness and burstiness of fruit flavors complement the warm and aromatic qualities of spiced rum, enhancing its appeal in cocktails and other mixed drinks.

Additionally, consumer preferences for natural and fruity flavors in alcoholic beverages contribute to the demand for fruit-infused spiced rum. This preference aligns with broader trends in the spirits industry, where natural ingredients and flavor authenticity are valued by consumers seeking more genuine and artisanal experiences.

 

Source: DataM Intelligence Analysis (2023)

 

Global Spiced Rum Market Geographical Penetration

The Asia Pacific Region Held the Largest Market Share in the Spiced Rum Market

The Asia Pacific region has witnessed a surge in the consumption of spirits, including rum, in recent years. This can be attributed to several factors, such as changing consumer preferences, the influence of Western cocktail culture, and the rise of tourism in tropical destinations. For instance, the leading Filipino rum brand Tanduay, according to Drinks International's, sold more than 23.7 million 9-liter cases in 2021. As a result, the spiced rum market has gained traction in this region.

Cultural factors also play a role in the popularity of spiced rum in the Asia Pacific. Many countries in the region have a historical connection to the production and consumption of rum, particularly those with a colonial history or a strong maritime tradition. For instance, according to Agriculture and Agri-Food Canada, the retail sales value of pubs and bars in China in 2021 accounted for about USD 8.04 billion. This cultural background and familiarity with rum have contributed to the market share of spiced rum in the region.

Source: DataM Intelligence Analysis (2023)

 

Spiced Rum Market Companies

The major global players in the market include Diageo, Bacardi Limited, Pernod Ricard, Maine Craft Distilling, LLC., Altitude Spirits, Inc., Heaven Hill Distillery, Sazerac Co., Seaspirits, Suntory Holdings Limited, and Tanduay Distillers, Inc.

 

COVID-19 Impact on Spiced Rum Market

Global Recession/Ukraine-Russia War/COVID-19, and Artificial Intelligence Impact Analysis:

Covid-19 Impact:

The closure of bars, restaurants, and hospitality venues due to lockdowns and social distancing measures has significantly impacted the on-trade consumption of spiced rum. The decrease in foot traffic and restrictions on social gatherings have resulted in a decline in sales within this channel. On the other hand, off-trade sales, such as liquor stores and online platforms, have seen a surge in demand as consumers shifted towards at-home consumption. Individuals stocking up on spirits for home consumption and experimenting with homemade cocktails could have positively influenced the off-trade sales of spiced rum.

By Type

  • White Spiced Rum
  • Gold Spiced Rum
  • Dark Spiced Rum

By Flavor

  • Vanilla
  • Fruit
  • Ginger
  • Others

By Distribution Channel

  • Supermarkets/Hypermarkets
  • Specialized Stores
  • Online Sales
  • Others

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • Germany
    • The U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • South America
    • Brazil
    • Argentina
    • Rest of South America
  • Asia-Pacific
    • China
    • India
    • Japan
    • Australia
    • Rest of Asia-Pacific
  • Middle East and Africa

Key Developments

  • In April 2023, America's No. 1 selling spiced rum, Captain Morgan Original Spiced Rum, has been serving up delicious flavor and spice for every moment. It has been made even better, with the addition of real Madagascar vanilla. A leveled-up liquid also calls for a bold, enhanced look that accentuates its deliciousness. The new bottle features a bold color palette with expressive gold brushstrokes to reflect the signature smoothness and spice of Captain Morgan.
  • In March 2023, Bacardi announced the launch of its new Bacardí Caribbean Spiced rum, which is said to be the brand’s first premium spiced aged product.
  • In March 2022, Sakurafresh Beverage and Food, a Japan headquartered global beverage and food company launched its world-acclaimed and awards-winning range of Zero Alcoholic spirits and liqueurs in India.

Why Purchase the Report?

  • To visualize the global spiced rum market segmentation based on type, flavor, distribution channel, and region, as well as understand key commercial assets and players.
  • Identify commercial opportunities in the market by analyzing trends and co-development. 
  • Excel data sheet with numerous data points of spiced rum market-level with all segments.
  • The PDF report consists of cogently put-together market analysis after exhaustive qualitative interviews and in-depth market study. 
  • Product mapping is available as Excel consists of key products of all the major market players.

The global spiced rum market report would provide approximately 61 tables, 59 figures and 190 Pages.

Target Audience 2024

  • Manufacturers/ Buyers
  • Industry Investors/Investment Bankers
  • Research Professionals
  • Emerging Companies

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FAQ’s

  • Spiced Rum Market is expected to grow at a CAGR of 4.3% during the forecast period 2024-2031.

  • Among all regions, Europe is the fastest growing market share during the forecast period.

  • Major players are Diageo, Bacardi Limited, Pernod Ricard, Maine Craft Distilling, LLC., Altitude Spirits, Inc., Heaven Hill Distillery, Sazerac Co., Seaspirits, Suntory Holdings Limited, Tanduay Distillers, Inc.

  • North America region Controls the Snack Pellets Market during 2024-2031.
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