Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Rhum Agricole Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)" report has been added to ResearchAndMarkets.com's offering.
The global rhum agricole market is on a growth trajectory, with revenues forecast to reach an estimated US$ 1.6 billion in 2024. This positive trend is expected to continue in the coming years, driven by rapid urbanization and the increasing consumption of alcoholic beverages worldwide. According to analysts, the rhum agricole market is projected to achieve a valuation of approximately US$ 2.19 billion by the end of 2031. Several key trends are shaping the rhum agricole market.
Key Trends in the Rhum Agricole Market
Increasing Urban Population Boosting Demand for Alcoholic Drinks: The global urban population is growing at a rapid pace, accounting for approximately 55% of the world's total population. This urbanization trend, combined with factors like rising disposable incomes, modernization, and a growing preference for alcoholic beverages, is expected to drive the growth of the rhum agricole market worldwide.
Growing Penetration of E-Commerce: E-commerce channels and Direct-to-Consumer (DTC) channels selling spirits are on the rise. Consumers can easily purchase alcoholic beverages, including rhum agricole, through online platforms. Third-party cocktail clubs and startups are delivering curated spirits and premium cocktail ingredients directly to consumers. The increasing penetration of e-commerce and innovative business models are expected to boost rhum agricole sales.
Popularity of Alcoholic Drinks among Adolescents and Millennials: There is a rising trend of alcohol consumption among adolescents and millennials, driven by the perception that alcohol reduces stress and provides relaxation. The influence of the internet and social media has led to an increase in social gatherings and group outings, resulting in higher consumption of rum and its variants like rhum agricole. Growing disposable incomes, especially in developing countries in the Asia Pacific region, are contributing to this trend.
High Cost and Lower Awareness: Rhum agricole is produced in limited regions, leading to lower awareness and popularity, especially in developed and developing countries. It is considered a premium category spirit and is priced higher than traditional spirits, which can hinder market growth.
Country-wise Insights
- Dominance of the European Market: In terms of revenue, Europe is expected to maintain its dominant position in the global rhum agricole market throughout the forecast period, making it the most attractive market. The Europe rhum agricole market is projected to exhibit a steady growth trend from 2024 to 2031.
- Growing Consumption in Asia: The consumption outlook for rhum agricole in Asia is positive, with sales projected to be robust. The presence of a growing number of lounges and bar outlets in Asia is contributing to the profitability and growth of the rhum agricole market in the region.
Competitive Analysis
Players in the rhum agricole market are focusing on producing high-quality products supported by advanced technology and are committed to supplying certified products globally. The market is expected to witness continued growth, driven by high-quality offerings and unique marketing strategies.
Strategic branding and commercialization strategies supported by intellectual property assets have opened new markets for producers. Comprehensive manufacturing and distribution capabilities, along with key partnerships, have established manufacturers in competitive positions with high-profit margins in the global landscape.
Key Companies Profiled
- Distillerie Saint-James
- La Favorite Distillery
- Distillerie Damoiseau
- Distillerie Neisson
- Bellonnie & Bourdillon Successeurs
- Rhumerie de Chamarel
- Rhum HSE Habitation St-Etienne
- Rhum Bielle
- Distillerie Dillon
- Distillerie Depaz
- Distillerie J.M.
Rhum Agricole Industry Research by Category
By Variant Type:
- Ambre
- Blanc
- Vieux
By End Use:
- Foodservice
- Retail/Household
By Distribution Channel:
- Business to Business
- Business to Consumer
- Modern Trade
- Hypermarket/Supermarket
- Online Retail
By Region:
- North America
- Latin America
- Europe
- South Asia & Pacific
- East Asia
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/zhprgy
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