Report : Middle East & Africa 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 3.4% CAGR, Middle East & Africa High-End Rum Market is Speculated to be Worth US$ 172.71 Million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa high-end rum market was valued at US$ 132.08 million in 2022 and is expected to reach US$ 172.71 million by 2030, registering a CAGR of 3.4% from 2022 to 2030. Rum premiumization and rising trend of homemade cocktail among consumers are among the critical factors attributed to drive the Middle East & Africa high-end rum market growth.
Traditionally, rum has been popular among a broad demographic. Initially, rum was known for its mass production, simple flavor profile, and ideal for blending into cocktails. However, over time, rum manufacturers began to explore advanced aging techniques and more sophisticated distillation methods. This resulted in the development of rums with more complex and nuanced flavor profiles comparable to other premium spirits such as whiskey and cognac.
The impact of digital marketing and social media has also played an important role. Premium rum brands that effectively use social platforms have showcased the versatility and luxury associated with products, attracting consumers. Several brands, such as Diplomático, Rum Zacapa, and Richard Seale, have emerged as key players in premium rum for the quality of their products and their innovative marketing strategies.
Globally, premium rum is gaining traction in several key international markets. In the US, Middle East & Africa, and Asia Pacific, there is an increase in demand for premium and ultra-premium rums. Premium, matured, and high-quality rums are becoming more popular as consumers seek distinctive flavors and novel experiences in rum consumption.
Younger consumers, especially those between the ages of 25 and 40, are keen to invest in premium rums that offer a unique history and distinctive flavor profile. Thus, key players are launching innovative products to cater to the increasing demand. For instance, in February 2021, Diageo introduced the Captain Morgan Sherry Oak Finish, a premium variety of rum matured in sherry casks aimed at discerning rum connoisseurs.
The consumers’ willingness to experiment with matured rums with complex flavor profiles and rich history is further boosting the growth of the high-end rum market. With an upsurge in the number of premium varieties of rum launched across the globe, market players are trying to push high-end products to encourage consumers to spend more. Thus, the increasing demand for premium varieties of rum boosts the demand for high-end rum, thereby driving the Middle East & Africa market growth.
On the flip side, increasing demand for low-alcoholic beverages hampers the growth of Middle East & Africa high-end rum market.
Based on product type, the Middle East & Africa high-end rum market is categorized white, dark, and gold segment held 48.8% market share in 2022, amassing US$ 64.40 million. It is projected to garner US$ 84.13 million by 2030 to register 3.4% CAGR during 2022–2030.
In terms of category, the Middle East & Africa high-end rum market is segmented into super premium, ultra-premium, and prestige & prestige plus. The super premium segment held 68.8% share of Middle East & Africa high-end rum market in 2022, amassing US$ 90.91 million. It is anticipated to garner US$ 116.70 million by 2030 to expand at 3.2% CAGR during 2022–2030.
By nature, the Middle East & Africa high-end rum market is bifurcated into plain and flavored. The plain segment held 81.0% share of Middle East & Africa high-end rum market in 2022, amassing US$ 107.00 million. It is projected to garner US$ 141.47 million by 2030 to expand at 3.6% CAGR from 2022 to 2030.
By distribution channel, the Middle East & Africa high-end rum market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 83.9% share of Middle East & Africa high-end rum market in 2022, amassing US$ 110.83 million. It is projected to garner US$ 143.89 million by 2030 to expand at 3.3% CAGR from 2022 to 2030.
Based on country, the Middle East & Africa high-end rum market is categorized into South Africa, the UAE, Nigeria, and the Rest of Middle East & Africa. Our regional analysis states that the Rest of Middle East & Africa captured 54.6% share of Middle East & Africa high-end rum market in 2022. It was assessed at US$ 72.08 million in 2022 and is likely to hit US$ 90.79 million by 2030, registering a CAGR of 2.9% during 2022–2030.
Key players operating in the Middle East & Africa high-end rum market are Pernod Ricard SA, Davide Campari Milano NV, Brown Forman Corp, and Diageo Plc., among others.
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