Newark, May 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 12.7 billion in 2022 cognac and brandy market will reach USD 21.2 billion by 2032. Cognac and brandy are both white grape juice-based distilled beverages. The global popularity of premium alcoholic liquors, as well as the millennial demand for craft beverages, are likely to expand the market's reach in the coming years. Furthermore, as a result of rising cocktail culture, increasing sociability at bars and restaurants, and increased demand for premiumization in food and beverage, both spirits are seeing significant expansion, which propels the market even further.
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Key Insight of the Cognac and Brandy Market
North America is anticipated to expand at the highest CAGR of 5.9% over the projection period.
North America is expected to grow at the highest CAGR of 5.9% over the forecast period. The North America cognac and brandy market is being fuelled. Factors like the large populations of the US and Canada, as well as the expanding demand for distilled spirits, boost sales of these spirits. According to the Distilled Spirits Council of the United States (DISCUS), brandy and cognac have been sold in about 16.5 million 9-liter cases across all U.S. markets in 2021.
In the cognac and brandy market, high-end segment is expected to dominate the market with the CAGR of 7.6% over the projected period.
With a CAGR of 7.6% during the projected period, the high-end category is expected to dominate the global market. In recent years, the global food and beverage industry has experienced a surge in demand for more "super quality" goods. Premiumization entails a higher emphasis on flavor, the use of high-quality ingredients, and more appealing packaging, all of which enables a variety of producers to develop premium spirits. The segment's steady growth may be assigned to growing millennial demand for new premium beverages, rising earnings, and an increase in sociability, all of which contribute to the market's pace. According to the British publication "The Guardian," high-end spirits sales are expected to climb by 20% in 2022.
In the cognac and brandy market, the cognac brandy segment is expected to register a CAGR of 8.5% over the projected period.
The cognac brandy category is estimated to increase at a CAGR of 8.5% over the projection period. In the alcoholic beverage sector, there has been a tendency toward premiumization, with customers growing increasingly interested in high-end, artisanal goods. Cognac and brandy are frequently regarded as luxury items that have been matured for many years and are manufactured with high-grade ingredients, making them appealing to consumers ready to pay a premium for quality. Furthermore, Cognac brandy is frequently associated with older, more mature consumers who value the depth and complexity of these spirits. As the population ages, older customers may have a greater need for certain sorts of alcohol.
In the cognac and brandy market, the on-trade segment held the largest market share of 58% in 2022.
In 2022, on-trade continued to have a market share of 62%. Regular get together with friends and family, as well as increasing peer pressure to mingle, all contribute to growth. Customers are becoming increasingly reliant on "on-premise" consumption locations to satisfy their food and beverage demands, which is driving market expansion in restaurants, bars, and hotels.
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Report Scope of Cognac and Brandy Market
| Report Coverage | Details |
| Market Size In 2032 | 21.2 Billion |
| CAGR | 5.4% from 2023 to 2032 |
| Largest Market | North American |
| Base Year | 2022 |
| Forecast Data | 2023 to 2032 |
| Companies Covered | Remy Martin (France),Hennessy LVMH (France),Pernod Ricard (France),Radico Khaitan Ltd. (India),Naud Spirts & Distillery (France),Emperador Distillers Inc (Philippines),Suntory (Japan),Meukow Cognac (France),Thomas Hine & Co. (France),Maison Ferrand (France) |
Market Dynamics
Driver
Cognac and brandy manufacturers are continually developing and experimenting with new tastes, mixes, and packaging to appeal to younger consumers. Flavored brandies and cognacs, as well as advanced packaging meant to stand out on store shelves, are examples of this. Furthermore, there is emerging evidence that moderate cognac and brandy drinking might have health advantages, including as lowering the risk of heart disease and stroke. As a result, health-conscious customers are becoming more interested in these spirits.
Opportunity
Cognac and brandy go well with a range of dishes and may be used in cocktails. Producers may capitalize on this trend by emphasizing the adaptability of their goods and collaborating with restaurants and bars to develop innovative drinks and food combinations including cognac and brandy. Furthermore, the emergence of e-commerce and online sales provides a chance for cognac and brandy makers to contact new clients and increase distribution channels. Because purchasing goods online is becoming more popular, manufacturers may utilize it to reach a larger audience and enhance sales.
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Some of the major players operating in the cognac and brandy market are:
• Remy Martin (France)
• Hennessy LVMH (France)
• Pernod Ricard (France)
• Radico Khaitan Ltd. (India)
• Naud Spirts & Distillery (France)
• Emperador Distillers Inc (Philippines)
• Suntory (Japan)
• Meukow Cognac (France)
• Thomas Hine & Co. (France)
• Maison Ferrand (France)
Key Segments cover in the market:
By Type
• Value
• Premium
• High-end Premium
• Super Premium
By Application
• Cognac
• Armagnac
• Spanish Brandy
• Pisco
By Distribution Channel
• On-trade
• Off-trade
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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