Europe Rum Market Research Report – Segmented By Type, Distribution Channel, and Country (UK, France, Spain, Germany, Italy, Russia, Sweden, Denmark, Switzerland, Netherlands, Turkey, Czech Republic And Rest Of Europe) – Analysis on Size, Share, Trends, COVID-19 Impact & Growth Forecast (2024 to 2029)

Updated On: January, 2024
ID: 3767
Pages: 145

Europe Rum Market Size (2024 to 2029)

The Europe rum market is estimated to grow from USD 5.19 billion in 2024 to USD 6.53 billion by 2029, growing at a CAGR of 4.69% from 2024 to 2029.

Rum is the second preferred beverage of all spirits, and consumers are increasingly interested in new flavor profiles in addition to what thick and golden rums offer. Flavored rums are widely used in shaker making, cocktails, and drink mixes. Rum is one of the oldest alcoholic beverages. Rum is a distilled liquor that is produced by fermenting and distilling molasses or sugar cane juice. Available in different grades and types depending on the production location. This type of rum can be used immediately for cooking, cocktails, or drinking. The medicinal properties of rum saved the lives of armies and soldiers in war, not until decades ago. During the First World War, 'totorum' was used to maintain the health of soldiers. Rum can increase bone density. In that sense, eating in moderation can help prevent osteoporosis and alleviate arthritis symptoms. Rum is expected to help in preventing heart diseases by increasing good cholesterol and by preventing artery blockages.

The growing urban population coupled with rising disposable income in countries of Europe are driving the Europe rum market growth.

People in Europe explore new forms of entertainment, such as spending time at night parties, pubs, bars, and lounges, which is contributing to increasing consumption in Europe. The influence of social media and increasing spending by consumers and young adults with easy access to alcoholic beverages are fuelling alcoholic beverage sales in Europe and supporting the European rum market. In urban areas, high-pressure jobs and the perception that drinking alcohol is relaxing are leading to increased consumption of rum. The growing individual per capita income in developed and developing countries across Europe has resulted in an increase in demand for premium rum varieties among consumers. The European rum market is thriving in the spirits category and is receiving a lot of attention. Regular rum consumers have been looking forward to exploring unique rum-flavoured products. Therefore, scented premium rum is contributing significantly to the growth of the Europe rum market.

The growing cocktail culture among millennials around the European region is expected to boost the expansion of the Europe rum market.

The increased consumption of cocktails and the increased use of rum in the kitchen have been offering lucrative growth opportunities to the market participants in the Europe rum market. Consumers in the millennial and Generation X groups increasingly want to know the authenticity of alcoholic beverages, including alcoholic beverages such as rum. Social media, word of mouth, and a growing group of multicultural consumers have been driving the attention among people who are unfamiliar with the taste of rum and creating interest in them to try and make a habit of consuming rum. These groups prefer craftsmanship and demand more than taste and ease of purchase. The growing interest in the authenticity of alcoholic beverages among millennial consumers is propelling the European rum market. Increased production of premium aged blended rum products will allow manufacturers to get promising growth in the business during the forecast period. The demand for premium varieties of rum is one of the key factors driving the European rum market. The growing demand for premium rum varieties will provide tremendous growth opportunities.

An increase in the number of new product launches across Europe to please the consumers of rum is promoting the European market growth.

Product development and expanding the product offering are popular strategies that players adopt to increase the demand for alcoholic beverages such as rum. In recent years, more players are expected to launch a new type of rum to drive the growth of the Europe rum market in the coming years. The changing trend of consuming smaller amounts of alcohol for better quality has increased the demand for rum, especially among millennials. The increasing number of product launches across the European market is attracting new consumers and increasing demand for products. Product promotion through social media and newspaper magazines has a positive impact on market growth in the region. Lifestyle changes, increased influence on social media, and ease of access to alcohol have contributed significantly to the growth of the alcohol and Europe rum markets.

The growing demand for rum cocktails is a major trend shaping the Europe rum market.

The cocktail revolution attracts many drinkers interested in traditional and exotic flavors. This trend has increased sales of spicy liquor in pubs, bars, and restaurants. In addition, cocktail lovers are posting attractive photos on Instagram that influence a large group of followers. This trend is expected to expand the range of spiced rum in the coming years.

The strong foundation of various non-alcoholic beverages through online and offline channels is expected to pose a threat to European rum market growth. Additionally, the growth of other spirits, such as scotch and whiskey, may influence the growth of the European rum market.

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

Europe Rum Market - By Product Type

  • Golden
  • Dark
  • White
  • Spiced

Europe Rum Market - By Distribution Channel

  • On-trade
  • Off-trade

Europe Rum Market – By Country

  • UK
  • France
  • Spain
  • Germany
  • Italy
  • Russia
  • Sweden
  • Denmark
  • Switzerland
  • Netherlands
  • Turkey
  • Czech Republic
  • Rest of Europe

Europe is a promising regional segment in the global rum market and is also expected to show the fastest growth during the forecast period. Consumers in Europe have been increasingly exploring different types of rum, including spices and fruit flavors.

The UK is anticipated to account for a substantial share of the European market during the forecast period.

The growing trends in the search for flavored drinks will open growth opportunities for rum in the UK in the future. The UK is a major importer and consumer of rum in Europe, is a hub for rum enthusiasts, and has the presence of numerous bars, festivals, and events dedicated to the spirit. The rich history of rum consumption in the UK is majorly driving the growth of the UK rum market.

Germany is another notable market for rum in Europe and is expected to grow at a prominent CAGR during the forecast period.

German rum consumers are looking for spicy rum. The sweet taste has gained considerable popularity among German consumers. The presence of an affluent population who consume rum frequently and the growing demand for premium and craft offerings of rum in Germany are primarily propelling the growth of the German rum market.

France is renowned for its appreciation of fine spirits, including rum. France has high sales of flavored rum products and the trend is gradually growing, which is driving the rum market in France. The growing interest in premium and artisanal rums from consumers in France is further favoring the rum market in France.

Countries such as Spain, Italy, and Portugal are major consumers of rum in Europe and are projected to account for a considerable share of the European rum market during the forecast period.

KEY MARKET PLAYERS

Bacardi Limited, Diageo Plc., Tanduay Distillers Inc, Pernod Ricard SA., United Spirits Limited, Altitude Spirits, Inc., Serrallés Distillery Inc., Maine Craft Distilling, LLC., Suntory Holdings Limited., Heaven Hill Distilleries Inc and Sazerac Company are some of the major players in the Europe rum market.

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Frequently Asked Questions

1. What factors are driving the growth of the rum market in Europe?

Factors such as increasing consumer preference for premium and craft spirits, growing popularity of rum-based cocktails, expanding distribution channels, and rising disposable incomes are driving the growth of the rum market in Europe.

2. What are the emerging trends in the European rum market?

Emerging trends in the European rum market include the rise of premium and artisanal rums, the demand for flavored and spiced rums, the emphasis on sustainability and eco-friendly production methods, and the increasing popularity of rum tourism experiences.

3. What are the growth prospects for the European rum market in the coming years?

The European rum market is expected to continue growing steadily, fueled by increasing consumer interest in premium spirits, introducing innovative products, expanding distribution networks, and the rising popularity of rum-based cocktails and mixology culture.

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