Cocktails set to boost global rum sales

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 ...