Rum Market 2018-2022 - Increasing Demand for Craft Rum to Boost Growth – TechnavPosted by Loise Williams on August 26th, 2019
The global rum market is expected to post a CAGR of close to 2% during the period 2018-2022, according to the latest market research report by Technavio. A key factor driving the growth of the market is new product launches. 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, the global rum market has witnessed a rise in the number of product launches. For instance, the Mangrove Company announced the launch of JAH45, a new Jamaican rum brand. More players are expected to launch their rum offerings during the forecast period, which will encourage consumers to try these new varieties. This market research report on the global rum market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline. Download the Free Sample Report @ http://bit.ly/2OugLFX In this report, Technavio highlights the increasing demand for craft rum as one of the key emerging trends in the global rum market: Global rum market: Increasing demand for craft rum 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. For instance, in 2017, O&C Spirits announced the availability of its OAK &CANE AMERICAN CRAFT RUM at retail stores throughout Florida and online in the US. Therefore, it is expected that during the forecast period, the popularity of craft rum will increase, which will eventually help increase the global consumption of rum. “Apart from craft rum trending globally, other factors such as marketing initiatives and mergers and acquisitions are boosting the growth of the overall global rum market. For instance, many players are undertaking integrated marketing communications, using newspapers magazines, and social media to increase the popularity of their existing and new offerings,” says a senior analyst at Technavio. Global rum market: Segmentation analysis This market research report segments the global rim market by product (gold and dark rum, white rum, spiced rum) and geographical regions (APAC, EMEA, and the Americas). The gold and dark rum segment led the market in 2017 with a market share of over 57%, followed by white rum and spiced rum respectively. However, the spiced rum segment is expected to register the highest incremental growth, during the forecast period. Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more. Some of the key topics covered in the report include: Market Landscape
Market Sizing
Five Forces Analysis Market Segmentation Geographical Segmentation
Market Drivers Market Challenges Market Trends Vendor Landscape
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