Latin America Rum Market was worth USD xx billion in 2022 and estimated to be growing at a CAGR of xx%, to reach USD xx billion by 2028.
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. Increased Demand for Premium Brands and Popularity of Cocktail Culture are the primary drivers of this market. High Competition from Non-alcoholic Beverages is the major challenge from this market.
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 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.
In spite of 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.
Geographically the Latin America Rum Market is segmented into Brazil, Mexico, Argentina, Chile and Rest of Latin America. A very significant amount of the world's rum production happens in the Latin America. This report notes that, while only two of rum's ten largest markets - Cuba and the Dominican Republic - are set to grow over the coming five years, the heaviest deteriorations will be seen in high-volume, low-value markets. Few of rum's other significant markets are projected to enjoy better fortunes, notably Brazil and Venezuela. In the meantime, Peru is projected to grow strongly over the forecast period.
Key Players in the Market:
Major Key Players in the Latin America Rum Market are
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