Table of Contents
Historical Data, Premium Insights, Market Dynamic, Analysis and Projection, By Product, Analysis and Projection, By Application, Analysis and Projection, By End-Use, Analysis and Projection, By Regional Analysis, Competitive Landscape, Company Profiles, Market Revenue, Sale & Price Analysis
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According to a research report published by Spherical Insights & Consulting, The Global Cognac Market Size is Estimated to Grow from USD 4.46 Billion in 2023 to USD 6.12 Billion by 2033, Growing at a CAGR of 3.21% during the forecast period 2023-2033.
Browse key industry insights spread across 215 pages with 110 Market data tables and figures & charts from the report on the Global Cognac Market Size, Share, and COVID-19 Impact Analysis, By Product Type (VS, XO, VSOP, and Others), By Grade (Ultra-Premium, Super Premium, and Premium), By Distribution Channel (On-Trade and Off-Trade), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033.
The industry that manufactures and markets cognac, a high-end alcoholic beverage from the cognac area of France, is known as the global cognac market. Cognac is a grape-based brandy that is protected by the French appellation d'origine contrôlée (AOC). Rising disposable incomes in developing nations are thought to be the cause of this growth, as they allow customers to spend more on high-end alcoholic beverages. The tendency of "experiential drinking" and the growing appeal of craft goods among millennials further support this growth. Additionally, well-known firms' creative marketing techniques and product diversification greatly draw in new customers, which propels market expansion. In addition, the increasing quality, heritage, and skill associated with cognac drive its appeal to discriminate consumers and propel market growth. Furthermore, as a sought-after collectible, cognac's growing demand makes it appealing to consumers who value rarity and distinctiveness, which propels market growth. As manufacturers experiment with novel aging techniques, mixes, and flavors to appeal to a broader spectrum of consumers, product creation becomes more inventive, propelling market expansion. Additionally, the introduction of very special (VS) or outstanding old pale (VSOP) cognacs, which are younger and more versatile for mixing cocktails, is driving market expansion. However, potential trade obstacles and high taxes are related to the cognac market.
The VSOP supplement segment accounted for the largest share of 42.06% in 2023 and is anticipated to grow at a significant CAGR during the forecast period.
Based on the product type, the global cognac market is categorized into VS, XO, VSOP, and others. Among these, the VSOP supplement segment accounted for the largest share of 42.06% in 2023 and is anticipated to grow at a significant CAGR during the forecast period. The V.S.O.P. (Very Superior Old Pale) grade of cognac has a more complex and complete flavor than the V.S. grade and requires at least four years of maturation. Additionally, the market is expanding because of consumers' increasing awareness and satisfaction of cognac and their desire to try different aging methods and flavor profiles.
The premium segment dominated the global cognac market share in 2023 and is estimated to grow at a CAGR of 1.19% throughout the projection period.
Based on the grade, the global cognac market is classified into ultra-premium, super-premium, and premium. Among these, the premium segment dominated the global cognac market share in 2023 and is estimated to grow at a CAGR of 1.19% throughout the projection period. Premium cognacs provide excellent quality at a reasonably affordable cost. Consumers who want a high-quality product but aren't necessarily prepared to pay a lot of money are drawn to this market. It is anticipated that the premium segment will develop consistently due to rising premiumization and customer awareness.
The off-trade segment held the largest share of 48.16% in 2023 and is estimated to grow at a CAGR of 2.78% throughout the projection period.
Based on the distribution channel, the global cognac market is divided into on-trade and off-trade. Among these, the off-trade segment held the largest share of 48.16% in 2023 and is estimated to grow at a CAGR of 2.78% throughout the projection period. Since it is widely available and can offer a large range of things. In addition, off-trade is growing in popularity because of its reasonable cost, ease of use, and capacity to evaluate different brands and varieties of cognac. Additionally, off-trade offers a great chance to promote new cognac brands and goods to a broad audience due to the large shelf space and frequent client visits.
North America is expected to hold the largest share of the global cognac market through the forecast period.
North America is expected to hold the largest share of the global cognac market through the forecast period. The strong purchasing power of consumers and the long-standing custom of consuming premium alcoholic beverages are responsible for this. Additionally, the growing popularity of luxury and premium spirits in popular culture, especially music and entertainment, is driving consumer interest in these products, which is propelling market expansion. Additionally, the region's well-established distribution channels which include extensive networks of supermarkets, liquor stores, and internet platforms help to fuel expansion by making Cognac easily accessible and widely available.
Asia Pacific is predicted to grow at the fastest CAGR of the global cognac market over the forecast period. The cognac market is fueled by rising disposable earnings and the regional middle class's growth. Additionally supporting the market expansion is the increasing preference for premium, well-known cognac categories such as XO (Extra Old). The industry is also growing as a result of liquor's increasing attractiveness as an indicator of wealth, which leads to its consumption in social and professional settings.
Company Profiling
Major key players in the global cognac market include Courvoisier S.A.S., Louis Royer, Zino Davidoff, E. Rémy Martin & Co., HENNESSY, Kelt Cognac, Cognac Meukow, Pernod Ricard, Thomas HINE & Co., MAISON FERRAND, and others.
Recent Developments
Key Target Audience
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the global cognac market based on the below-mentioned segments:
Global Cognac Market, By Product Type
Global Cognac Market, By Grade
Global Cognac Market, By Distribution Channel
Global Cognac Market, By Regional Analysis
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