The global cognac market size is expected to reach USD 4.85 billion by 2028 according to a new study by Polaris Market Research. The report “Cognac Market Share, Size, Trends, Industry Analysis Report, By Grade (Very Special, Very Special and Old Pale, Extra Old, Others); By Distribution Channel (On-Trade, Off-Trade); By Region; Segment Forecast, 2021 – 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors contributing to the market growth are the increasing inclination towards alcohol compared to tobacco or smoking. Growing numbers of foodservice chains are refurbishing their menus, including novel brandy-based cocktails, which act as a catalyzing factor for market growth in the forecasting years. Cognac picks as the prior selection for the preparation of brandy-based cocktails because it offers various flavors and experiments for operating their food services that also positively influence the demand of the cognac globally.
Based on grade, the very special segment is the leading segment in the global market due to the persistent demand among the end-users that will enhance the growth of the segment. Whereas, the special and old pale segment is likely to increase with the most productive rate in the overall market in the upcoming years.
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The foremost strategic development is taken by the existing market players the accelerating the development of the market in the forthcoming period. For instance, In July 2021, the Campari Group UK proclaimed that the company is rebranding its Cognac brand Bisquit as its original name Bisquit & Dubouche. Similarly, In March 2021, Camus revealed the 2016 vintage bottling created from the Colombard grapes. This return was named the Return to Saint-Aulaye. The main aim of this collaboration of Camus and Saint-Aulaye village is to in Dordogne rejoice the ‘rich’ terroir of the village.
Moreover, the major factor stimulating the market demand for cognac is the emerging popularity and acceptance of the craft spirit worldwide. In addition, the increasing disposable income, coupled with the increasing consumption of premium alcoholic drinks among millennials, is expected to expand the market scope in the next few years. For instance, in the United States, the population of millennials accounts for around 73 million people. Similarly, according to the Bureau of Labor Statistics (BLA), the average income of millennials is approximately USD 56,099 prior to taxes and expenditure nearly USD 47,112. Therefore, this increased disposable income and millennial population act as the major driver for the market growth in the forecasting period.
Market participants such as Bacardi, Beam Suntory, Branded Spirits, Courvoisier S.A.S., Davidoff of Geneva USA Online, Inc., E. Remy Martin & Co., Hennessy, Kelt International, Louis Royer SAS, Maison Ferrand, Mewkow, Novovino Wine Pernod Ricard, Thomas Hine & Co. are some of the significant players operating in the global market.
Polaris Market Research has segmented the cognac market report on the basis of grade, distribution channel, and region:
Cognac, Grade Outlook (Revenue – USD Million, 2016 – 2028)
- Very Special
- Very Special and Old Pale
- Extra Old
Cognac, Distribution Channel Outlook (Revenue – USD Million, 2016 – 2028)
Cognac, Regional Outlook (Revenue – USD Million, 2016 – 2028)
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa