London, 13 July 2015: Technavio, the independent tech-focused global research firm, has published a report on the global rum market 2015-2019, which is expected to grow at a CAGR of 2.5% during the forecast period of 2014-2019.
The increase in marketing and promotions by vendors is a major driver that is expected to boost growth in this market. A majority of the market vendors are large firms with international businesses and have sufficient capital to invest in marketing and promoting the brand images of their rum brands. Marketing a new product helps it to break through the competitive clutter. Therefore, major enterprises are increasingly investing in aggressive marketing as it helps to spread brand awareness and increase profit margins.
“The growing cocktail culture among the youth is an emerging trend in the market. Youths like to experiment with different combinations of alcoholic drinks. They also like mixing rum with different juices to make it tasty and healthy,” says Faisal Ghaus, Vice President of Technavio.
“Rum has become a popular ingredient in many cocktails due to its strong taste. The Hurricane is a poplar cocktail that contains dark rum, passion fruit, orange juice, lime juice, and grenadine.”
Key Market Drivers:
- Increase in Demand for Premium Brands.
- Increase in Demand for Flavored Brands.
- Increased Marketing and Promotions by Vendors.
Key Market Trends:
- In Increase in Demand for Light Rum.
- Increase in Cocktail Culture.
- Increased Appeal and Accessibility.
Key Market Vendors:
- Bacardi
- Diageo
- Pernod Ricard
- Tanduay
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges, and trends featuring data on product segmentations, vendor shares, growth rate by revenue, and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
