Cognac Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Global Cognac Market: Snapshot
The growing demand for alcoholic beverages world over is creating opportunities in the cognac market. Growing disposable incomes and increasing spending on luxurious alcoholic beverages is fuelling the cognac market.
The availability of a substantial product range of cognac that depends on the time taken for the aging of respective brandies is another key factor driving the cognac market. The fruitful flavors of cognac is another key factor it is preferred over other whiskeys.
The cognac market is divided into store-based retailing and online retailing in terms of distribution channel. The online retail channel witnessed significant share of the cognac market during COVID-19 due to the rapid emergence of online stores in this scenario.
The growing popularity of cognac as a conventional cocktail ingredient is stimulating the cognac market. The rising demand for VS cognac is also positively influencing the growth of cognac market. Furthermore, unlike several alcoholic beverages, cognac does not cause a headache. So much so, the enormous demand for cognac among consumers has exceeded the production capacity in some parts of the world which indicates to be favorable to the growth of cognac market.
The rising knowledge among consumers about the health benefits of cognac and elevated demand for authentic alcoholic beverages is creating opportunities in the cognac market. The emergence of dedicated workshops and discussion sessions for alcoholic beverages including cognac is creating interest of consumers for these products. For example, the Cognac Summit – an organization formed through the collaboration between Bureau National Inter Professional du Cognac and international bartenders has been successful in the revival for demand of cognac.
North America accounts for the leading share in the cognac market. The rapid growth in the cocktail segment is a key factor for prominence of the region in the cognac market. The vast popularity of online retail sales and consumers’ demographics are also favorable to the growth of cognac market in the region.
Global Cognac Market: Overview
The global cognac market has grown steadily over the years, owing to the enormous demand for alcoholic beverages across the globe. Cognac is one of the types of brandy, which is mainly produced by aging of white wines and also by the double distillation process of wines. The distinct varieties of cognac highly depends on the time taken by the respective brandies for aging. The growth of the global cognac market is majorly fueled by the increasing number of consumers globally, who are actively exploring more luxurious alcoholic beverages. However, cognac offers a wide range of more fruitful flavors as compared to other whiskeys. Such factor is also responsible for driving the global cognac market.
In terms of distribution channels, the global cognac market is bifurcated into online retailing and store-based retailing. Among these two, the online retailing segment showcases the highest share in the global cognac market on account of the rapid emergence of the online shopping portals across the globe. The report thoroughly explains the key drivers and recent trends in the global cognac market. Furthermore, it also describes the opportunities and headwinds in the market. Along with several other crucial factors related to the market, the report also provides a broad perspective about the competitive landscape of the market.
Global Cognac Market: Notable Developments
Some of the recent developments help in contouring the shape of the global cognac market in a big way include:
Some of the most prominent competitors operating in the competitive landscape of global cognac market include –
Global Cognac Market: Key Growth Drivers
A list of few factors responsible for accelerating the growth of the global cognac market in a broad way include:
Growing Popularity of Cognac as Conventional Cocktail Ingredient Fuels Market’s Growth
The global cognac market is recently witnessing a revival in the world. The growth of the global cognac market is majorly triggered by the rising popularity of cognac among consumers as a conventional cocktail ingredient. Moreover, unlike several other alcoholic beverages, cognac does not cause a headache. These advantages are also stimulating the growth of the global cognac market. Other microeconomic factors such as rising disposable income of consumers globally and the aspirational mindset, especially of the middle class population are booting the concept of premiumization, which in turn is also propelling expansion in the global cognac market. Besides this, rising knowledge of consumers about the health benefits of cognac and elevating demand for authentic and unique brands of alcoholic beverages are responsible for the staggering growth of the global cognac market.
Rising Trend of Consuming Cognac with Food and as Cocktail Mix Fillips Market
A recent trend in cognac consumption along with food and as a cocktail mix is gaining traction in the global cognac market. However, rising demand for VS cognac worldwide is also positively influencing the growth of the global cognac market. Enormous consumers’ demand for cognac has successfully outstripped its production capacity in some of the regions, which indicates the rapid growth of the global cognac market.
Global Cognac Market: Regional Outlook
With respect to geography, North America is dominating in the global cognac market as the region has seen rapid growth in the cocktail industry. Along with this, popularity of online distribution channels and rapidly changing consumers’ demographics are also encouraging the growth of the cognac market in this region.
The segmentation of global cognac market is based on:
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