South & Central America High-End Rum Market
No. of Pages: 92 | Report Code: BMIRE00030542 | Category: Food and Beverages
No. of Pages: 92 | Report Code: BMIRE00030542 | Category: Food and Beverages
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; it is estimated to record a CAGR of 4.2% from 2022 to 2030. Growing Consumption of Flavored and Spiced Rum Fuels South & Central America 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.South & Central America High-End Rum Market Overview
According to WHO, in Latin America and the Caribbean, total alcohol consumption per capita was 6.3 liters in 2018. The urban population has contributed significantly to alcohol consumption. The growing urban population in South & Central America has shifted consumer preferences toward premium spirits, including high-end rum owing to rising trend of premiumization. The trend of socializing and entertaining at home has risen from COVID-19 pandemic. To maintain their standards high, consumers stock luxury spirits such as high-end rum in their houses for celebrations and social gatherings. Thus, the demand for high-end rum is increasing across the region.
Moreover, according to the Organization for Economic Co-operation and Development (OECD), Brazil consumes almost 33% more spirits than other alcoholic beverages. The changes in taste and the growing demand for small-batch, handmade beverages with unique flavor profiles contribute to the growing demand for high-end craft rum across the region. Thus, riding premiumization and preference for flavored craft rum in the region expected to boost the market share for high-end rum.
Strategic insights for the South & Central America 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 South & Central America 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.South & Central America High-End Rum Market Revenue and Forecast to 2030 (US$ Million)
Get more information on this report South & Central America High-End Rum Strategic Insights
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Report Attribute
Details
Market size in 2022
US$ 336.63 Million
Market Size by 2030
US$ 468.57 Million
Global CAGR (2022 - 2030)
4.2%
Historical Data
2020-2021
Forecast period
2023-2030
Segments Covered
By Product Type
By Category
By Distribution Channel
Regions and Countries Covered
South and Central America
Market leaders and key company profiles
Get more information on this report South & Central America High-End Rum Regional Insights
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South & Central America High-End Rum Market Segmentation
The South & Central America high-end rum market is categorized into product type, category, nature, distribution channel, and country.
Based on product type, the South & Central America 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 South & Central America 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 South & Central America 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 South & Central America 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 South & Central America high-end rum market is segmented into Argentina, Brazil, Colombia, and the Rest of South & Central America. The Rest of South & Central America dominated the South & Central America 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 South & Central America high-end rum market.
1. Pernod Ricard SA
2. Davide Campari Milano NV
3. Brown Forman Corp
4. Diageo Plc
The South & Central America High-End Rum Market is valued at US$ 336.63 Million in 2022, it is projected to reach US$ 468.57 Million by 2030.
As per our report South & Central America High-End Rum Market, the market size is valued at US$ 336.63 Million in 2022, projecting it to reach US$ 468.57 Million by 2030. This translates to a CAGR of approximately 4.2% during the forecast period.
The South & Central America 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 South & Central America High-End Rum Market report:
The South & Central America High-End Rum Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The South & Central America High-End Rum Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the South & Central America High-End Rum Market value chain can benefit from the information contained in a comprehensive market report.
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