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According to a new report by EMR titled, ‘Global Spiced/Flavoured Rum Market Report and Forecast 2021-2026’, the global market for spiced/flavoured rum reached a value of about USD 6.2 billion in 2020. The industry is expected to grow at a CAGR of 4% in the forecast period of 2021-2026 to reach a value of around USD 8 billion by 2026.
The global spiced/flavoured rum industry is primarily being driven by the changing lifestyles and shifting consumer preference towards premium alcoholic beverages. The industry has excellent growth potential owing to the willingness of the consumers, especially millennials, to try new and innovative drinks. The competition among the key players is getting intense, and they are experimenting more in order to bring more flavours and variety to their product. These factors are expected to aid the growth of the spiced/flavoured rum industry in the coming years.
In 2018, one of the key players, Diageo plc (NYSE: DEO), under their brand Captain Morgan introduced the newest prefaced shot, Captain Morgan Apple Smash, which fuses green apple with Caribbean rum. Captain Morgan Apple Smash could also be served in a variety of cocktail, but it is best for a chilled shot. The packaging of Apple Smash matches an apple, and when scratching, the bottle emanates the scent of the tart green fruit. Captain Morgan Original Spiced Rum is also widely amazon on online distribution channels, including Drizly and Amazon.com, Inc. (NASDAQ: AMZN).
Market Analysis by Product, Type, Distribution Channel, and Region:
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The major players in the global spiced/flavoured rum market are Diageo plc., Bacardi Limited, Pernod Ricard SA., Maine Craft Distilling, LLC., and Altitude Spirits, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.
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