Tridge summary
The rum sector is projected to reach a value of US$20.2 billion by 2029, with a compound annual growth rate of 4.85%, thanks to the increasing popularity of cocktails. A report from Maximize Market Research highlighted the evolving consumer tastes towards new flavors and the wide range of flavors offered by rum as driving factors for its growth. Asia Pacific currently dominates the rum market, with India being a major producer of the sugarcane used in rum production.
Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.
Original content
The rum sector is set to reach US$20.2 billion in value by 2029 due to the increasing popularity of cocktails boosting its growth. According to report from food and drinks business-consulting firm Maximize Market Research, the rum category is expected to grow from US$14.5 billion in 2022 to US$20.2 billion in 2029 at a compound annual growth rate (CAGR) of 4.85%. Maximize Market Research outlined in its market intelligence and competitive landscape report on that the goal of the research was to estimate market sizes in several countries and segments during the past few years and estimate those values for the next few years all while looking at the qualitative and quantitative characteristics of the industry to provide in-depth details on important variables such as motivating factors and obstacles that are expected to determine the market’s future growth. According to the findings, “consumer tastes that are evolving towards new flavours and product quality provide the rum market ...
Source: Thedrinkbusiness
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