Cognac Industry: The Necessity of Future!
Author : Sheryl Martins | Published On : 07 Jul 2021
The global cognac market size is expected to reach USD 5.09 billion by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 3.5% over the forecast period. The growing popularity of the product is attributed to the increasing demand for premium brandy among the consumers at the global level. The unique taste and flavor of the product have led to some ardent factions of the product. Cognac generally does not have an age stated on the bottle. Over the past few years, it has evolved as an international spirit sold across the U.S., China, Singapore, and Russia.
Product launches have played a vital role in creating a wide penetration of the product. In May 2020, Douglas Laing launched a new product, Cognac Finished Lowland Malt Scotch Whisky. The product has a natural golden color, which belongs to the Epicurean Wood Series and is packaged with ABV content of 48%. The product is a move towards exhibiting the significant effect of the cask on whiskey. The company claimed that these spirits are composed of tropical style notes with fiery ginger, lychee, coconut, and sandalwood.
North America dominated the market and accounted for over 35.0% share of the global revenue in 2019. The strong foothold of the region is attributed to the strong consumption of high-end alcoholic drinks among the students and working-class people in countries, including the U.S. and Canada.
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Cognac Market Report Highlights
- The V.S. cognac grade segment accounted for more than 50.0% share of the global volume in 2019. The segment growth is propelled by the constant demand for new products among customers
- By distribution channel, on-trade is expected to register the fastest CAGR of 6.4% from 2020 to 2027 in terms of volume. Rising spending on providing attractive offers to the customers while ordering alcoholic drinks in bars and restaurants is expected to remain a favorable factor for the segment growth
- Asia Pacific is expected to register the fastest CAGR of 4.0% from 2020 to 2027 in terms of revenue. This growth is attributed to increasing demand for cognac in Far-East countries, including China, Japan, South Korea, Singapore, and Vietnam
- Off-trade distribution channel led the market and accounted for more than 55.0% share of the global volume in 2019. Consumers prefer buying drinks from various liquor stores, as these come at a cheaper price than most other on-trade distribution channels.
Cognac Market Segmentation
Grand View Research has segmented the global cognac market on the basis of grade, distribution channel, and region:
Cognac Grade Outlook (Volume, Million Bottles; Revenue, USD Million, 2016 - 2027)
Cognac Distribution Channel Outlook (Volume, Million Bottles; Revenue, USD Million, 2016 - 2027)