Cognac & Brandy Market to Hit USD 18.83 Billion by 2030 Owing to Rising Disposable Incomes and Resurgence of Cocktail Culture | By SNS Insider
As per SNS Insider’s research, the cognac & brandy market’s growth is driven by a combination of factors, including changing consumer preferences, globalization, and cultural significance
Pune, Sept. 22, 2023 (GLOBE NEWSWIRE) — The SNS Insider report indicates that “The Cognac & Brandy Market reached USD 12.5 billion in 2022, with a projected growth to USD 18.83 billion by 2030, representing a compound annual growth rate (CAGR) of 5.26% during the forecast period from 2023 to 2030.”
Cognac and brandy, both renowned for their rich flavors and long histories, are two distinct spirits that captivate connoisseurs and enthusiasts alike. While they share common origins and production methods, they each possess unique characteristics that make them stand apart. Cognac is made from specifically designated grapes, predominantly Ugni Blanc, Folle Blanche, and Colombard, all of which contribute to its distinctive flavor profile. The grapes are harvested, fermented, and then double-distilled in copper pot stills. What truly sets Cognac apart is its aging process.
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The global cognac & brandy market has been experiencing steady growth in recent years, driven by a combination of factors. As the global economy continues to grow, more consumers have disposable income to spend on premium alcoholic beverages like cognac and brandy. This has led to an expanding customer base for these products, particularly in emerging markets. Cognac and brandy producers have successfully targeted younger consumers, especially millennial’s, by re-branding and repositioning these traditional spirits as trendy and sophisticated choices. Innovative marketing strategies and cocktail culture have made these spirits more appealing to younger generations. Emerging markets, particularly in Asia and Africa, are witnessing a burgeoning middle class with a growing taste for luxury products. Cognac and brandy, often associated with prestige and status, are benefiting from this trend.
Cognac & Brandy Market Overview & Scope:
|Market Size in 2022||USD 12.5 billion|
|Market Size by 2030||USD 18.83 billion|
|CAGR||CAGR of 5.26% From 2023-2030|
|Key Segments||By Type (High-end Premium, Value, Premium, and Super Premium)
By Application (Cognac, Spanish Brandy, Armagnac, Pisco)
|Key Market Players||Remy Martin, Meukow Cognac, Naud Spirits & Distillery, Suntory, Emperador Distillers Inc, Hennessy LVMH, Pernod Ricard, Suntory, Radico Khaitan Ltd., Thomas Hine & Co., Maison Ferrand and other players|
|20% free customization scope (equivalent to 50 analyst working hours)||If you need specific information as per your business requirement, which is not currently within the scope of the report, we will provide it to you as a part of customization.|
|Pricing & Purchase Options||Avail customized purchase options to meet your exact research needs. Explore purchase options.|
Key Takeaway from Cognac & Brandy Market Study
- The Cognac Segment’s to dominate the market is driven by its rich heritage, commitment to quality, global appeal, versatility, and effective branding. These factors ensure its continued reign as a leader in the world of spirits. . As economies grow and consumers seek premium experiences, Cognac remains the epitome of opulence.
- The Super Premium Segment of the market represents the pinnacle of luxury and sophistication. As consumer tastes evolve and the desire for exclusivity grows, this segment is poised to dominate, offering a unique and unparalleled experience to those who seek the finest in spirits.
- Usher, the renowned R&B artist, and Rémy Martin, the prestigious cognac producer, have come together to create a truly unique and exclusive experience for connoisseurs of both luxury spirits and digital art.
- The resurgence of Cognac continues to gain momentum as Sazerac, a prominent spirits company, unveils plans for a significant expansion in the Cognac market. This exciting development underscores the enduring appeal of this luxurious and storied spirit.
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Market Dynamics Analysis
The cognac & brandy market dynamics are influenced by a complex interplay of drivers, restraints, challenges, and threats. One of the key drivers propelling the market’s growth is the increasing global demand for premium and aged spirits, driven by the evolving consumer preferences towards sophisticated and premium alcoholic beverages. Moreover, the growing appreciation for craft and artisan spirits has contributed to the expansion of this market. However, several restraints and challenges pose potential threats to the market’s growth. One significant restraint is the high production cost associated with aging spirits, as they require storage for extended periods. This can limit the entry of small-scale producers into the market. Furthermore, stringent regulations and taxation policies in some regions can impede the market’s growth by increasing the overall cost of production and limiting distribution. Moreover, the market faces threats from changing consumer preferences and health-conscious trends that prioritize lower-alcohol or alcohol-free options. This shift in consumer behavior could impact the traditional market negatively.
Key Regional Developments
In the United States, the bourbon and whiskey boom has indirectly impacted the market. American brandy producers are gaining recognition for their quality and craftsmanship. The development of the craft distillery scene across the U.S. has contributed to a resurgence in interest in American brandy. The Asian market, especially China, has seen significant growth in demand for cognac and brandy. Cognac, in particular, is considered a prestigious gift and status symbol. The rise of the middle class and changing lifestyle preferences in Asia have fueled this growth, and regional players are also entering the cognac & brandy market.
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Impact of Recession
The cognac & brandy market has not been immune to the effects of the ongoing recession. Decreased consumer spending, shifts in preferences, and supply chain disruptions have presented challenges for producers. However, adaptability, innovation, and a focus on affordability are key strategies that can help the industry navigate these challenging times and emerge stronger in the long run. Marketing strategies have had to evolve to meet the changing consumer landscape. Brands are investing in digital marketing, social media campaigns, and virtual tastings to engage with their audience in a socially distanced world.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 Impact of Ukraine- Russia War
4.2 Impact of Ongoing Recession
4.3.1 Impact on Major Economies
184.108.40.206 United Kingdom
220.127.116.11 South Korea
18.104.22.168 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Cognac & Brandy Market Segmentation, By Type
8.1 High-end Premium
8.2 Value, Premium
8.3 Super Premium
9. Cognac & Brandy Market Segmentation, By Application
9.2 Spanish Brandy
10. Regional Analysis
10.2 North America
10.3.1 Eastern Europe
10.3.1.5 Rest of Eastern Europe
10.3.2 Western Europe
10.3.2.9 Rest of Western Europe
10.4.4 South Korea
10.4.8 Rest of Asia-Pacific
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.3 Saudi Arabia
10.5.1.5 Rest of Middle East
10.5.2.2 South Africa
10.5.2.3 Rest of Africa
10.6. Latin America
10.6.4 Rest of Latin America
11 Company Profile
11.1 Remy Martin
11.1.1 Company Overview
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Naud Spirts & Distillery
11.3 Meukow Cognac
11.5 Emperador Distillers Inc
11.6 Hennessy LVMH
11.7 Pernod Ricard
11.8 Radico Khaitan Ltd.
11.9 Maison Ferrand
11. 10 Thomas Hine & Co.
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
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