Asia Pacific High-End Rum Market
No. of Pages: 93 | Report Code: BMIRE00030359 | Category: Food and Beverages
No. of Pages: 93 | Report Code: BMIRE00030359 | Category: Food and Beverages
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; it is estimated to record a CAGR of 5.1% from 2022 to 2030. Growing Consumption of Flavored and Spiced Rum Boosts Asia Pacific High-End Rum Market
The population worldwide is more inclined toward consuming crafted flavored spirits and blends than traditional mass-produced spirits. Nowadays, consumers are looking for high-quality products with distinct flavors. Above all, the popularity of spiced rum and flavored spirits is increasing among young adults. Flavored rum offers a unique flavor to cocktails and rum cakes. Moreover, spiced rum is commonly consumed with Coca-Cola. Companies including Bacardi, Captain Morgan, and Altitude Spirits have introduced mix-flavored spirits in their product portfolio, which are popular brands of flavored rum globally. Spiced and flavored rum, such as Diageo's Captain Morgan spiced rum, which has a unique caramel and vanilla flavor is one of the most popular spiced rums globally.
In March 2023, the Kraken Rum-the renowned black spiced rum brand-expanded its product portfolio by venturing into the gold spiced rum category with the launch of a new product called "The Kraken Gold Spiced Rum." This product is aged for two years in oak barrels and has cinnamon, vanilla, and caramel notes. It is bottled at 40% ABV. Such product launches fuel the consumption of flavored and spiced rum, creating a huge opportunity for the growth of the high-end rum market.Asia Pacific High-End Rum Market Overview
Consumers in Asia Pacific are increasingly seeking premium and high-quality rum with unique flavors, leading to the emergence of craft and artisanal offerings in the market. According to International Wine & Spirit Research (IWSR) data, China accounted for a fifth of worldwide alcohol volume consumption in 2021. India and the Philippines are the major rum-producing and consuming countries across Asia Pacific. According to the Company's report, in 2021, Bacardi showed a 30% increase in its rum sales in India. Moreover, consumers who want novel experiences in rum consumption and seek distinctive flavors in rum prefer to consume premium rums. Changing lifestyle, rising trend of rum premiumization, and adoption of western culture boost the demand for high-end rum in the region.
Expanding experiential liquor retail in India, Japan, Australia, and other Asian countries will boost sales from the off-trade channels. Local and international brands have launched experiential liquor retail outlets in metros and cities with larger capacities to increase the sales of liquor products such as rum and whisky. For instance, in February 2022, Living Liquidz opened "Mansionz," a luxury lifestyle experiential liquor store in Bangalore, India. The first-of-its-kind premium experiential liquor store with a New York-style tasting room provides visitors with an enhanced experience. Such stores will boost the sales of high-end rum and other spirits through the off-trade channel. Thus, these factors fuel the demand for high-end rum, thereby driving the market growth during the forecast period.
Strategic insights for the Asia Pacific High-End Rum provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market. The geographic scope of the Asia Pacific High-End Rum refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.Asia Pacific High-End Rum Market Revenue and Forecast to 2030 (US$ Million)
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Report Attribute
Details
Market size in 2022
US$ 649.70 Million
Market Size by 2030
US$ 968.68 Million
Global CAGR (2022 - 2030)
5.1%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Product Type
By Category
By Nature
By Distribution Channel
Regions and Countries Covered
Asia-Pacific
Market leaders and key company profiles
Get more information on this report Asia Pacific High-End Rum Regional Insights
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Asia Pacific High-End Rum Market Segmentation
The Asia Pacific high-end rum market is categorized into product type, category, nature, distribution channel, and country.
Based on product type, the Asia Pacific high-end rum market is categorized into white, dark, and gold. The gold segment held the largest market share in 2022.
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 the largest market share in 2022.
By nature, the Asia Pacific high-end rum market is bifurcated into plain and flavored. The plain segment held a larger market share in 2022.
In terms of distribution channel, the Asia Pacific high-end rum market is categorized into supermarkets and hypermarkets, specialty stores, online retail, and others. The specialty stores segment held the largest market share in 2022.
By country, the Asia Pacific high-end rum market is segmented into the Australia, China, India, Japan, South Korea, New Zealand, and the Rest of Asia Pacific. The Rest of Asia Pacific dominated the Asia Pacific high-end rum market share in 2022.
Pernod Ricard SA, Davide Campari Milano NV, Brown Forman Corp, and Diageo Plc are some of the leading companies operating in the Asia Pacific high-end rum market.
1. Pernod Ricard SA
2. Davide Campari Milano NV
3. Brown forman corp
4. Diageo Plc
The Asia Pacific High-End Rum Market is valued at US$ 649.70 Million in 2022, it is projected to reach US$ 968.68 Million by 2030.
As per our report Asia Pacific High-End Rum Market, the market size is valued at US$ 649.70 Million in 2022, projecting it to reach US$ 968.68 Million by 2030. This translates to a CAGR of approximately 5.1% during the forecast period.
The Asia Pacific High-End Rum Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific High-End Rum Market report:
The Asia Pacific High-End Rum Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific High-End Rum Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific High-End Rum Market value chain can benefit from the information contained in a comprehensive market report.
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