Market Research Future (MRFR) has published a cooked research report on the “Global Cognac and Brandy Market” that contains information from 2018 to 2032. The cognac and brandy market is estimated to register a CAGR of 5.70% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global cognac and brandy market— Remy Martin, Hennessy LVMH, Pernod Ricard, Radico Khaitan Ltd., Naud Spirts & Distillery, Emperador Distillers Inc, Suntory, Meukow, Cognac, Thomas Hine & Co., and Maison Ferrand
The global cognac and brandy market is accounted to register a CAGR of 5.70% during the forecast period and is estimated to reach USD 19.9 Billion by 2032.
The market for cognac and brandy is steadily expanding due to the increased demand for high-end and luxurious alcoholic beverages. Increased disposable incomes, shifting customer preferences, and the impression of cognac and brandy as high-end, refined spirits all have an impact on the market.
The global cognac and brandy market has been segmented based type and distribution channel.
On the basis of type, the market is segmented into value, premium, high-end premium, and super premium. In 2022, the premium segment accounted for the highest revenue share. Strong demand for these high-end alcoholic beverages indicates adult consumers' sustained preference for premium distilled spirits products across most categories.
Based on distribution channel, the global cognac and brandy market has been segmented into on-trade and off-trade. In 2022, the worldwide cognac and brandy market was led by the on-trade category. This is related to the growth of multiple establishments that cater to on-premise consumption, such as bars, restaurants, hotels, and nightclubs.
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The global cognac and brandy market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Cognac and Brandy market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cognac and Brandy market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cognac and Brandy market comprises of Middle East, Africa, and Latin America.
The North America cognac and brandy market dominated this market in 2022 (45.80%). As reported by the Distilled Spirits Council of the US (DISCUS), distilled spirits sales in the US climbed by 5.45% in 2021 to reach USD 29.5 billion. This is a result of rising distilled spirits consumption in developed countries like the US and Canada.
Moreover, in 2022, a sizable portion of the cognac and brandy market was in Europe. This is due to brandy's rising popularity in desserts and beverages. The demand is also related to rising youth disposable income, consumption of premium and artisan spirits, and both.
Additionally, from 2023 to 2032, the Asia Pacific cognac & brandy market is anticipated to increase significantly. This is due to the rapid urbanisation and rising customer taste for premium spirits. Between 2022 and 2027, cognac exports to China rose by 5.5% in value and 8.2% in volume, according to Bureau National Professional du Cognac (BNIC).
Furthermore, the rest of the world's cognac and brandy market is divided into the Middle East, Africa, and Latin America. Due to rising consumer acclaim for fine spirits and upscale alcoholic beverages, the cognac and brandy business in Latin America is expanding. The market is being driven by elements including increasing disposable incomes, changing taste preferences, and the impact of global trends. A large variety of aged and premium products are being offered by major manufacturers, who also highlight their craftsmanship and legacy
Key Findings of the Study