Rum Market Size Expansion, Key Development, Share, Growth Insights, Regional Demand and Global Foreseen by 2028
Rum Market Forecast Rum is prepared by fermentation and distillation of molasses or juice of sugarcane. The global rum market Revenue reached a value of about USD 6.2 billion in 2020. The industry is further expected to grow at a CAGR of 4% in the forecast period of 2022-2027 to reach a value of around USD 8 billion by 2026. Rum has gained popularity owing to the increasing per capita disposable incomes, changing lifestyles in developing countries. However, increasing health concerns, availability of substitute products and growing awareness regarding the negative impact of over-consumption of rum, and a demand for alcoholic beverages have been restraining the growth of the market. Nevertheless, the consumer willingness to spend on new forms of entertainment like parties, pubs, lounges, and bars have opened new opportunities for the alcohol market. The introduction of various flavoured rum and different rum brands have also contributed to the growth ...