Global Craft Rum Market – Introduction
- Craft rum and spirits have gained popularity in recent years due to widespread advertisements, blogs, and multiple reviews in newspapers, magazines, and journals by connoisseurs of alcohol. Social media posts are influencing the change in type of consumption of alcohol, and craft rum is gaining acceptance in culturally advanced societies. Craft distilleries produce rum on a small-scale basis and are more quality oriented than commercial distilleries where the production is carried out on a larger scale. The fermentation and distillation process entails adding more flavors, and better taste and pleasurable experiences, especially for regular alcohol drinkers, by giving them a new cocktail. Craft rum is smoother in taste and is taken care of by bartenders having a hand in the entire process and who are aware of unique production processes.
Changing consumption trend among the younger generation
- The younger generation is keen on trying different flavors of craft rum. Millennial tend to socialize more and are strong consumers of craft rum and often spend on premium rum brands while going to bars, hotels, pubs, and restaurants. Even Boomers and Gen X are spending equivalently and sometimes more on the intake of beverages and cocktails made in craft distilleries. The younger generation while on holiday and often when spending time outdoors during parties and get-togethers consume alcohol, craft rum being a new addition to the category of alcohol preferred in recent years. Meanwhile craft spirits continue to gain off premise volume and value share, which has propelled the growth rate of small craft distilleries.
Are you a start-up willing to make it big in the business? Grab an exclusive PDF Brochure of this report
Manufacturers focusing on drinking standards and consumption habits of people, thus controlling excessive craft rum intake
- Big companies aim at marketing their brands in a responsible manner. Global producers as a part of corporate responsibility check whether users have acquired the legal age of drinking. Increased emphasis is laid by these companies on monitoring the intake of alcohol and modern craft spirits and rums, and they do so as a part of mindful lifestyle. Going by drinking standards, the big giants operating in the alcohol industry indulge in sparked conversations with people visiting their bars, pubs, and restaurants about reducing excessive consumption, and discouraging drinking and driving. Such inclination and behaviour shown toward society has reflected in a positive outlook among people taking alcohol, thus making craft rum a more enjoyable drink.
Europe and North America considered the dominant regions of the global craft rum market
- In terms of geography, the global craft rum market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Europe and North America accounted for a major share of the global craft rum market in 2019. The market in Europe and North America is projected to expand at a significant rate during the forecast period owing to growing number of craft distilleries, increase in regional producers gaining popularity, and higher presence of younger generation consuming alcohol in countries such as the U.S., Mexico, Canada, U.K., Germany, and France, which is projected to surge the sales of craft rum in the near future.
- The market in Asia Pacific is anticipated to expand at a considerable pace during the forecast period due to increase in number of hotels, pubs, bars, and restaurants, rapid change in modern lifestyle, and growing consumer needs in China, India, South Korea, Japan, and other countries in Southeast Asia. These factors are projected to surge the demand for craft rum in Asia Pacific.
For Right Perspective & Competitive Insights on Craft Rum Market, Request for a Sample
Key Players Operating in the Craft Rum Market
Several local, regional, and international players in the craft rum market are facing increased competition. Prominent players such as Wicked Dolphin Rum, Drum Circle Distilling, Drum & Black, and Burning Bar are working on producing craft rum in large quantities and expanding business by opening more distilleries. Also, manufacturers are trying to add more flavors to the distilled crafted rum.
Key players in the craft rum market are listed below:
- Wicked Dolphin Rum
- Drum Circle Distilling
- Drum & Black
- Burning Barn
- Bacardi Limited
- Charles Merser & Co.
- Domaines Ellam and Arizona Craft Beverage
- Rockstar Spirits Ltd.
- Lyon Distilling Company
Global Craft Rum Market – Research Scope
Global Craft Rum Market, by Type
- Spiced Rum
- Coconut Rum
- White Rum
- Coffee Rum
- Cranberry Rum
- Others (Vanilla Rum, Orange Rum)
Global Craft Rum Market, by Price Range
Global Craft Rum Market, by End-use
- Hotels & Restaurants
- Bars & Pubs
Global Craft Rum Market, by Distribution Channel
- Company Owned Websites
- Liquor Stores
- Others (Retail Stores)
Global Craft Rum Market, by Region, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.