Report : Asia Pacific 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 5.1% CAGR, Asia Pacific High-End Rum Market is Speculated to be Worth US$ 968.68 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific high-end rum market was valued at US$ 649.70 million in 2022 and is expected to reach US$ 968.68 million by 2030, registering a CAGR of 5.1% from 2022 to 2030. Strategic initiatives by key players and growing consumption of flavored and spiced are among the critical factors attributed to drive the Asia Pacific high-end rum market growth.
High-end rum manufacturers are investing significantly in strategic development initiatives such as product innovation, merger & acquisition, and expansion of their businesses to attract many consumers and enhance their market position. Moreover, consumers' demand for high-end rum is increasing due to the growing popularity of luxury and premium spirits and product availability in distinct flavors. Thus, manufacturers such as Pernod Ricard SA, Diageo plc, and Brown-Forman Corp are launching various high-end rums to cater to the increasing demand. For instance, in August 2023, BACARDÍ Rum launched a new limited-edition premium variant, BACARDÍ Reserva Ocho Sevillian Orange Cask Finish. This third installment in the popular Cask Series, Sevillian Orange, continues the brand legacy of producing premium rums that match consumer taste preferences.
In June 2022, Pernod Ricard India launched the super-premium rum Havana Club 7. It is a dark rum matured in ex-Bourbon barrels that brings out the rich natural flavors of Cuba in a versatile manner. Such product innovations help companies extend their reach in domestic markets and gain a competitive edge in international markets.
Major manufacturers are employing strategies such as acquisition, expansion, and production capacity scaleup to serve their customers better and satisfy their growing demands. In January 2023, The Brown-Forman Corp acquired the Diplomatico Rum brand and related assets from Destillers United Group SL. Through this acquisition, the company added aging, bottling, and shipping production facilities located in Panama to its assets. Similarly, in March 2023, Diageo acquired the Philippines-based Don Papa Rum, a super-premium dark rum. Thus, such strategic initiatives by key manufacturers drive the Asia Pacific high-end rum market.
On the flip side, increasing demand for low-alcoholic beverages hampers the growth of Asia Pacific high-end rum market.
Based on product type, the Asia Pacific high-end rum market is categorized white, dark, and gold. The gold segment held 54.3% market share in 2022, amassing US$ 353.06 million. It is projected to garner US$ 522.64 million by 2030 to register 5.0% CAGR during 2022–2030.
In terms of category, the Asia Pacific high-end rum market is segmented into super premium, ultra-premium, and prestige & prestige plus. The super premium segment held 60.8% share of Asia Pacific high-end rum market in 2022, amassing US$ 395.21 million. It is anticipated to garner US$ 577.85 million by 2030 to expand at 4.9% CAGR during 2022–2030.
By nature, the Asia Pacific high-end rum market is bifurcated into plain and flavored. The plain segment held 84.9% share of Asia Pacific high-end rum market in 2022, amassing US$ 551.48 million. It is projected to garner US$ 827.42 million by 2030 to expand at 5.2% CAGR from 2022 to 2030.
By distribution channel, the Asia Pacific high-end rum market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 74.0% share of Asia Pacific high-end rum market in 2022, amassing US$ 480.75 million. It is projected to garner US$ 710.25 million by 2030 to expand at 5.0% CAGR from 2022 to 2030.
Based on country, the Asia Pacific high-end rum market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that the Rest of Asia Pacific captured 35.1% share of Asia Pacific high-end rum market in 2022. It was assessed at US$ 228.18 million in 2022 and is likely to hit US$ 312.88 million by 2030, registering a CAGR of 4.0% during 2022–2030.
Key players operating in the Asia Pacific high-end rum market are Pernod Ricard SA, Davide Campari Milano NV, Brown Forman Corp, and Diageo Plc., among others.
Contact Us
Contact Person: Sameer Joshi
Phone: +1-646-491-9876
Email Id: sales@businessmarketinsights.com