Cognac Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global Cognac Market size was valued at USD 3.76 Billion in 2021 and is projected to reach USD 4.95 Billion by 2030, and is growing at a CAGR of 3.73% during the forecast period 2022 to 2030.
Cognac Market Overview:
Globally, growing acceptance of premium alcoholic beverages among millennials is expected to expand the scope of the market over the coming years. A major factor affecting the growing popularity of craft products is the exclusivity of production. In a similar way to Champagne, the production of Cognac is strictly limited to the Cognac it is produced in. Therefore, the grapes to make Cognac all come from the same region, and these products are influenced by the soil of that region. Over the past few years, alcohol consumption at certain events and occasions in North America and Europe has become a social norm. Most employees prefer to have a drink with friends and colleagues after get off work on a Friday night. Likewise, students on campus have also drawn attention for a strong drinking culture.
Cognac market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Cognac market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
The global Cognac market is the professional and accurate study of various business perspectives such as major key players, key geographies, divers, restraints, opportunities, and challenges. This global research report has been aggregated on the basis of various market segments and sub-segments associated with the global market.
Industry News and Key Developments
- Sazerac Company, Inc. announced the launch of their Seignette VS cognac in the United Kingdom under the brand name Hi-Spirits in October 2020, with the goal of engaging a new generation of cognac consumers with a fresh flavour and aesthetic appeal. In addition, the spirit's adaptability to use in mixed beverages and cocktails will be discussed.
- Hennessy launched its 2019 Very Special Limited Edition Release in June 2019, with the VSOP Privil ge campaign designed by Argentine Spanish contemporary artist Felipe Pantone.
- Unibev Ltd., a spirit start-up, announced the launch of the spirit brand L'Affaire Napoleon brandy in Telangana, India, in September 2018. The company intends to expand its spirit brand by introducing new products.
Top Key Players include in the Cognac Market are
Pernod Ricard, Jas Hennessy, Novovino Wine, Branded Spirits, Beam Suntory, PIERRE LECAT SAS, Meukow Cognac, RÃ©my Cointreau, and others.
The Cognac market research report is categorized based on type, applications and region.
On the Basis of Type:
- XO(Extra Old)
- VS(Very Special)
- VSPO(Very Superior Pale Old)
On the Basis of Application:
- Convenience Stores
- Discount Stores
On the Basis of Region:
Geographically, the global Cognac market has been analyzed in various regions such as North America, Latin America, Middle East, Asia-Pacific, Africa, Europe, and India. The global Cognac region is dominating this market in the upcoming future.
North America dominated the market and accounted for more than 35.0% of the global revenue in 2019. This is attributed to various strategies implemented by the industry in the region. For example, in December 2019, Courvoisier entered into a partnership with New York City-based designer Public School. Likewise, in February 2020, Hennessy entered into partnerships with the NBA, Women's National Basketball Association (WNBA) and USA Basketball. The brand has become an Official Spiritual Partner and is better able to reach and engage with a wider audience of basketball fans around important NBA moments.
Revenue in Asia Pacific is projected to grow at the fastest CAGR of 4.0% from 2020 to 2027. Brand owners in the region have been considering moving away from traditional labels and starting with age statements. Labeling improvements are expected to aid in the understanding and stability of Cognac market, which will further contribute to higher sales. Courvoisier has already dabbled in this area with the 12 and 21 collections.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Cognac Market report scope
CAGR of 3.73% during the forecast period.
XO(Extra Old), VS(Very Special), VSPO(Very Superior Pale Old)
Hypermarkets/Supermarkets, Convenience Stores, Discount Stores
Pernod Ricard, Jas Hennessy, Novovino Wine, Branded Spirits, Beam Suntory, PIERRE LECAT SAS, Meukow Cognac, RÃ©my Cointreau
Regions and Countries Covered
2017 to 2022
2023 to 2030
The major key questions addressed through this innovative research report:
What are the major challenges in front of the global Cognac market?
Who are the key vendors of the global Cognac market?
What are the leading key industries of the global Cognac market?
Which factors are responsible for driving the global Cognac market?
What are the key outcomes of SWOT and Porter’s five analysis?
What are the major key strategies for enhancing global opportunities?
What are the different effective sales patterns?
What will be the global market size in the forecast period?
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