The Philippines market accounts for nearly 20% of the Asian rum market size. The market registered a compound annual growth rate (CAGR) of 1.0% during 2017-22 and -3.62% decline over 2021. According to GlobalData’s deep-dive analysis report, the Philippines rum market databook, dark rum accounted for a notable share of 81% among various rum segments in the market in 2022, followed by light rum. The report also provides in-depth analysis and market forecast to 2027. Buy the report here.
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According to GlobalData’s company and brand analysis, LT Group, Destileria Limtuaco and Bacardi held significant shares in the Philippines rum market in 2022. Concurrently, Tanduay, Bacardi and Havana Club led in terms of brand market share. LT Group had the leading market share by volume in 2022. Companies operating in the Philippines rum market continue to use innovation to target gaps in product offering. Continuous tracking of market size and company performance is important to help competitors capture and maximize profits.
GlobalData’s channel analysis reveals that hypermarkets & supermarkets were the key channel of purchase for rum, along with food & drinks specialists. Also, convenience stores recorded a notable growth during the COVID-19 pandemic, as consumers were forced to stay at home due to restricted movement opportunities.
Hypermarkets & supermarkets constituted the highest market share by volume in 2022. Consumers preferred this channel for its product assortment and competitive pricing. Food & drinks specialists was the next preferred channel in the Philippines market.
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Among the top Asian markets, Thailand accounted for the highest volume share in 2022, followed by the Philippines, India, and China.
With a growing number of consumers seeking to experiment with novel products, manufacturers and brands need to constantly innovate their flavours and formulations to remain relevant and competitive. Additionally, the popularity of e-commerce has made it easier for shoppers to compare product features and offerings across different brands.
To further understand and explore GlobalData’s insight into the rum category and market forecast to 2027, buy the report here.
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