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Written by James » Updated on: August 21st, 2024
IMARC Group has recently released a new research study titled “Cognac Market Report by Grade Type (VS (Very Special), VSOP (Very Special Old Pale), XO (Extra Old), and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Liquor Stores, Online Stores, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global cognac market size reached US$ 2.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2024-2032. The market is driven by a surge in demand for premium spirits across the globe, rising influence of evolving cultural trends, innovative product developments, the sudden shift towards e-commerce and digital marketing, and the growing emphasis on sustainability and ethical production.
Global Cognac Market Trends:
The increasing focus on sustainability and eco-friendly practices within the industry, prompting cognac producers to adopt greener production methods, such as reducing carbon footprints, utilizing organic grapes, and implementing sustainable packaging solutions, is favoring the market growth. Moreover, the growing influence of digital platforms, encouraging brands to leverage social media, virtual tastings, and online marketing campaigns to reach and engage a wider audience, is fueling the market growth. Additionally, the development of non-alcoholic and low-alcohol variants, as health and wellness trends gain momentum, is positively impacting the market growth.
Factors Affecting the Growth of the Cognac Industry:
Growing Consumer Demand and Changing Preferences: The ongoing shift in consumer preferences towards premium and luxury alcoholic beverages is one of the major factors bolstering the market growth. in line with this, the increasing adoption of cognac, owing to its rich history, complex flavors, and association with sophistication, is acting as a growth-inducing factor. Furthermore, the rise of cocktail culture and mixology that increase the popularity of cognac as bartenders and mixologists experiment with cognac in cocktails to create innovative drinks is fueling the market growth. Along with this, the growing trend of gifting premium spirits such as cognac, owing to its prestige and timeless appeal, is contributing to the market growth.
Increasing Market Expansion of Cognac: The expansion of the cognac market across the globe, owing to the increasing disposable incomes and the growing middle class, is creating a positive outlook for the market. Besides this, the rise of Western lifestyle influences and the increasing popularity of Western cuisine and beverages are contributing to the market growth. Moreover, the increasing strategic marketing and distribution efforts by cognac producers are fueling the market growth. Along with this, the growing investment by brands in market research, targeted advertising, and building strong distribution networks to promote their products is providing a thrust to the market growth. Additionally, the increasing focus on collaborations with local influencers, celebrities, and premium hospitality venues to penetrate and establish a strong presence in emerging markets is favoring the market growth.
Rising Innovation and Brand Heritage: The continuous focus on innovation by cognac producers to meet changing consumer demands and stay competitive is fostering the market growth. This includes product development, packaging, marketing strategies, and consumer engagement. Moreover, the introduction of limited-edition releases, special blends, and collaborations with renowned artists or designers that capture consumer interest and generate excitement around cognac brands is contributing to the market growth. Along with this, the growing focus on maintaining and highlighting the rich heritage and tradition of cognac production is acting as a growth-inducing factor. Moreover, the heightened commitment to quality and the use of traditional production methods that emphasize differentiating cognac from other spirits is anticipated to drive the market growth.
Cognac Market Report Segmentation:
By Grade Type:
VS (Very Special) cognac is the largest market segment by grade type due to its affordability and versatility, making it a popular choice for both new cognac consumers and for use in mixed drinks and cocktails.
By Distribution Channel:
Supermarkets and hypermarkets dominate as the largest distribution channel for cognac due to their wide accessibility, diverse product range, and the convenience they offer to a broad consumer base.
Regional Insights:
North America is the largest market for cognac, largely attributed to the region's strong consumer preference for premium spirits, growing cocktail culture, and the presence of a large, affluent consumer base that appreciates luxury and high-quality alcoholic beverages.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Key Highlights of the Report:
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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IMARC Group
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