Report : South & Central America High-End Rum Market Forecast to 2030 - Regional Analysis - by Product Type (White, Dark, and Gold), Category (Super Premium, Ultra-Premium, and Prestige & Prestige Plus), Nature (Plain and Flavored), and Distribution Channel (Supermarkets and Hypermarkets, Specialty Stores, Online Retail, and Others)
At 4.2% CAGR, South & Central America High-End Rum Market is Speculated to be Worth US$ 468.57 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the South & Central America high-end rum market was valued at US$ 336.63 million in 2022 and is expected to reach US$ 468.57 million by 2030, registering a CAGR of 4.2% from 2022 to 2030. Rising trend of homemade cocktail among consumers and strategic initiatives by key players are among the critical factors attributed to drive the South & Central America high-end rum market growth.
Post COVID-19 pandemic, consumer’s preference for at-home alcohol consumption has increased. The trend of at-home drinking is strongest in Western regions owing to the number of factors including the macroeconomic climate and cultural attitudes towards drinking.
To maintain the status and prestige, consumers stock high-end rums in their homes and offers high-end rum cocktails in celebrations and house parties. Thus, high-end rums act as a major ingredient in many popular cocktails such as Daiquiris, Mojitos, and Piña Coladas. These cocktails are enjoyed by consumers across the globe, and their popularity is driving the demand for high-end rum. The availability of a wide variety of flavors in rum gives a distinct aroma and flavor to the cocktail, contributing to its growing popularity. The rise of cocktail culture, driven by consumer interest in mixology and craft cocktails, has significantly boosted the demand for high-end rum.
Moreover, young consumers are more likely to explore and seek out distinctive and trendy alcoholic beverages, including rum-based cocktails. The growing influence of this demographic within these establishments further contributes to the growth of the high-end rum industry. Thus, the rising trend of homemade cocktail across the globe is expected to create new trends in the high-end rum market.
On the flip side, increasing demand for low-alcoholic beverages hampers the growth of South & Central America high-end rum market.
Based on product type, the South & Central America high-end rum market is categorized white, dark, and gold. The gold segment held 49.5% market share in 2022, amassing US$ 166.78 million. It is projected to garner US$ 230.82 million by 2030 to register 4.1% CAGR during 2022–2030.
In terms of category, the South & Central America high-end rum market is segmented into super premium, ultra-premium, and prestige & prestige plus. The super premium segment held 64.4% share of South & Central America high-end rum market in 2022, amassing US$ 216.80 million. It is anticipated to garner US$ 295.96 million by 2030 to expand at 4.0% CAGR during 2022–2030.
By nature, the South & Central America high-end rum market is bifurcated into plain and flavored. The plain segment held 82.1% share of South & Central America high-end rum market in 2022, amassing US$ 276.43 million. It is projected to garner US$ 388.09 million by 2030 to expand at 4.3% CAGR from 2022 to 2030.
By distribution channel, the South & Central America high-end rum market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 78.4% share of South & Central America high-end rum market in 2022, amassing US$ 264.02 million. It is projected to garner US$ 364.22 million by 2030 to expand at 4.1% CAGR from 2022 to 2030.
Based on country, the South & Central America high-end rum market is categorized into Argentina, Brazil, Colombia and the Rest of South & Central America. Our regional analysis states that the Rest of South & Central America captured 51.1% share of South & Central America high-end rum market in 2022. It was assessed at US$ 172.09 million in 2022 and is likely to hit US$ 234.28 million by 2030, registering a CAGR of 3.9% during 2022–2030.
Key players operating in the South & Central America high-end rum market are Pernod Ricard SA, Davide Campari Milano NV, Brown Forman Corp, and Diageo Plc., among others.
- In October 202, Pernod Ricard has increased its minority stake in Sovereign Brands' premium wine and spirits brand portfolio, strengthening a long-term partnership. The merger is expected to boost Pernod Ricard's innovation pipeline and increase its operating margin. The partnership, which includes French sparkling wine Luc Belaire, Caribbean rums Bumbu, Brazilian gin McQueen and Violet Fog, and French liqueur Villon, is expected to close in November 2022.
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