Kenya’s rum market is expected to see substantial growth, with a projected valuation of Sh2 billion ($18.2 million) by 2028, up from Sh1.6 billion ($12.3 million) in 2024, according to industry forecasts. This growth is fueled by a rising preference for premium spirits among Kenya’s urban youth.
Captain Morgan, distributed by East African Breweries, leads the charge in this market. Recent initiatives like a packaging redesign and the Spice on Campaign have enhanced Captain Morgan’s appeal, making it the top choice among rum enthusiasts.
Rum consumption is gaining traction among Kenyans aged 18 to 29, both at home and in social settings. To cater to evolving tastes, the industry is focusing on flavor innovation, particularly to attract female drinkers.
Despite its relatively small market share of 5% within the spirits category, rum, led by Captain Morgan, commands a significant 72% share. However, challenges such as low category awareness remain.
To address these challenges, the industry is prioritizing innovation and responsible marketing practices. Bars and restaurants are playing a key role by offering creative rum-based cocktails, expanding the drink’s appeal.
With Kenya’s youthful population and increasing urbanization, the future looks promising for the rum market. As disposable incomes rise, there is ample opportunity for growth, presenting both established brands and newcomers with exciting prospects.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
6th May, 2024
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