At 4.6% CAGR, North America High-End Rum Market is Projected to be Worth US$ 1,504.83 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America high-end rum market was valued at US$ 1,052.02 million in 2022 and is expected to reach US$ 1,504.83 million by 2030, registering a CAGR of 4.6% from 2022 to 2030. Growing consumption of flavored and spiced rum and rising sales through e-commerce platforms are among the critical factors attributed to drive the North America high-end rum market growth.

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.

On the flip side, increasing demand for low-alcoholic beverages hampers the growth of North America high-end rum market.

Based on product type, the North America high-end rum market is categorized white, dark, and gold segment held 52.0% market share in 2022, amassing US$ 546.72 million. It is projected to garner US$ 772.39 million by 2030 to register 4.4% CAGR during 2022-2030.

In terms of category, the North America high-end rum market is segmented into super premium, ultra-premium, and prestige & prestige plus. The super premium segment held 58.8% share of North America high-end rum market in 2022, amassing US$ 618.13 million. It is anticipated to garner US$ 867.36 million by 2030 to expand at 4.3% CAGR during 2022-2030.

By nature, the North America high-end rum market is bifurcated into plain and flavored. The plain segment held 86.2% share of North America high-end rum market in 2022, amassing US$ 906.75 million. It is projected to garner US$ 1,303.63 million by 2030 to expand at 4.6% CAGR from 2022 to 2030.

By distribution channel, the North America high-end rum market is categorized into supermarket and hypermarket, specialty stores, online retail, and others. The specialty stores segment held 58.9% share of North America high-end rum market in 2022, amassing US$ 619.19 million. It is projected to garner US$ 874.22 million by 2030 to expand at 4.4% CAGR from 2022 to 2030.

Based on country, the North America high-end rum market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 74.1% share of North America high-end rum market in 2022. It was assessed at US$ 779.55 million in 2022 and is likely to hit US$ 1,099.73 million by 2030, registering a CAGR of 4.4% during 2022-2030.

Key players operating in the North America high-end rum market are Cayman Spirits Co, Soveriegn Brands LLC, Cognac Ferrand SASU, Mount Gay Distilleries Ltd, Pernod Ricard SA, Davide Campari Milano NV, Brown Forman Corp, Westerhall Estate Ltd, and Diageo Plc., among others.

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