North America Rum Market

North America Rum Market Size (2024 to 2029)

The rum market in North America is predicted to be worth 5.87 billion in 2024 and USD 7.47 billion by 2029, growing at a CAGR of 4.92% from 2024 to 2029.

Rum is a distilled alcoholic beverage produced from sugarcane by-products, like molasses, or directly from sugarcane juice, through fermentation and distillation. The distillate, a clear liquid, is then commonly aged in oak barrels. Rums are manufactured in several grades. Light rums are usually used in cocktails, whereas "golden" and "dark" rums are usually consumed straight or neat, on the rocks, or used for cooking, but these days are consumed with mixers. Premium rums are produced to be consumed either straight or iced. Segmenting rum into meaningful groupings is difficult because no single standard exists for what constitutes rum. Therefore, rum is defined by the varying rules and laws of the nation’s manufacturing of the spirit. The differences in definitions are issues such as spirit proof, minimum aging, and even naming standards. The grades and variations utilized for describing rum depend on the location of its production.

The growing demand for premium brands and the popularity of cocktail culture are driving the growth of the rum market in North America.

Despite these variations, the following terms are commonly used to describe different types of rum - Dark rums, Flavoured rums, gold rums, Light rums, over-proof rums, Premium rums, and Spiced rums. Super and ultra-premium rum segments are "still growing robustly". Nonetheless, rum continues to underperform in contrast to rival spirits segments, for example, Scotch whisky and Cognac, with the super and ultra-premium price categories accounting for less than 0.5% of sales.

High competition from non-alcoholic beverages is the major challenge in this market.

This research report on the North American rum market has been segmented and sub-segmented into the following categories.

North America Rum Market - By Product Type

• Golden
• Dark
• White
• Spiced

North America Rum Market - By Distribution Channel

• On-trade
• Off-trade

North America Rum Market – By Country

• The U.S.
• Canada
• Mexico
• Rest of North America

KEY MARKET PLAYERS

Companies playing a key role in the North American rum market include Bacardi, Diageo, Pernod Ricard, Tanduay, Amrut Distilleries, Beam Suntory, Gruppo Campari, Matusalem, Mohan Meakin, Patron Spirits, Pusser's, Radico Khaitan, Ron Bermudez and Ron Edmundo Dantes.