Cognac & Brandy Market Size to Hit USD 18.17 Billion by 2029 | Rising Trend of Cocktail Culture to Push Industry Growth
Companies covered in Cognac & 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), and more players.
Pune, India, April 03, 2023 (GLOBE NEWSWIRE) -- The global cognac & brandy market size was valued at USD 11.67 billion in 2021 and USD 12.66 billion in 2022. The market is expected to reach USD 18.17 billion by 2029 with a CAGR of 5.30% during the forecast period. Rise in the adoption of cocktail culture along with socialization at bars and restaurants is expected to propel the market course. Preference for premium food and beverage is expected to facilitate market development for cognac & brandy. *Fortune Business Insights**™ *shares this information in its report titled “*Cognac & Brandy **Market, 2022-2029.*”
*COVID-19 Impact:*
*Decline in Demand for Spirits During Pandemic Led to Negative Market Growth *
With the outbreak of the COVID-19 pandemic, the sale of products and profits declined. According to the International Wines and Spirits Record, 2020, India and South Africa had partial or full lockdowns which affected the consumption of spirits, leading to a decline of 68%. Shortage of manpower in production units and difficulties in the procurement of raw materials created a number of hindrances for the brewing industries. Post-pandemic, the manufacturers are focusing on production and supply chains, which will help them in overcoming their losses and maintaining their brand position across the globe.
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*List of Key Players Profiled in the Report*
· 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)
*Report Scope & Segmentation:*
*Report Coverage* *Details*
Forecast Period 2022-2029
Forecast CAGR 5.30%
2029 Value Projection USD 18.17 Billion
Base Year 2021
Cognac & Brandy Market Size in 2021 USD 11.67 Billion
Historical Data 2018-2020
No. of Pages 200
Segments Covered By Type, By Distribution Channel, By Region
Cognac & Brandy Market Growth Drivers Rise in the Consumption of Alcohol to Propel Market Progress
*Segments*
*Super Premium Segment **to Dictate Due to High **Premiumization*
On the basis of type, the market is divided into value, premium, high-end premium, and super premium. The super premium segment is anticipated to have the largest part in the segment due to premiumization and usage of high-quality ingredients. Rising demand from millennials to try new premium drinks and a surge in the socialization further augment the growth momentum of the market.
*On-Trade Segment to Lead Due to Increasing Number of Outings *
Based on distribution channel, the market is categorized into on-trade and off-trade. On-trade channel is expected to have a major share due to frequent outings with friends and families and rising peer pressure to socialize. The off-trade segment is set to have the fastest growth rate due to the rising number of retail stores, supermarkets, and other online options and easy availability of products.
*Browse In-depth Summary of This Research Insight:*
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*Report Coverage*
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
*Drivers and Restraints*
*Rise in the Consumption of Alcohol to Propel Market Progress*
Rising consumption of alcohol on social norms during special events and other festivities is anticipated to drive the cognac & brandy market growth. Cognac & brandy are famous due to their complex flavor and subtle texture as they can be enjoyed in cocktails or on their own. The surge in popularity amongst the millennials is expected to set the market development. Various companies are aiming to increase their production capacity of superior quality drinks with a strong focus on ingredient innovation. The emergence of digitalization in the young population propels market development.
However, the rising trend for low or non-alcoholic beverages is expected to impede the market growth.
*Regional Insights*
*North America to Lead Market Share Due to Rise in Demand for Distilled Spirits*
North America is expected to lead the cognac & brandy market share due to rising demand for distilled spirits in the U.S. and Canada. Surge in demand for artisanal spirits and increasing number of craft distilleries in the region are expected to drive market growth. In September 2019, Copper & Kings American Brandy Co. launched its latest edition of “American Craft Apple Brandy”. The company extended its product portfolio by adding a new line of apple brandy, which is aged in Kentucky bourbon and new American white oak barrels.
Asia Pacific is set to have the second-largest region due to a shift from whiskey and vodka to brandy. Rising demand for locally produced brandies is expected to propel market development.
Europe is set to have steady growth due to rise in the number of food service chain outlets which offer a variety of spirits. The demand for spirits is also due to growth in the tourism industry.
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*Competitive Landscape*
*Special Product Launches by Key Players to Lead Market Course *
The key market players have been increasing their production of spirits. The market has Remy Martin, Pernod Richard, and Hennessey LVMH as giant players. Inventions and new product launch with the assistance of collaboration strategies attract a vast customer base, thus improving revenue. In January 2022, Radico Khaitan Limited launched a special limited edition Celebration Pack, for Morpheus-India’s first selling premium brandy. The limited edition will only be available across Delhi, Uttar Pradesh, Telangana, Pondicherry, and Karnataka.
*Detailed Table of Content:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· Emerging Trends
· *Key Insights*
· Overview on Parent/ Related Market
· Supply Chain and Regulatory Analysis
· Recent Industry Developments - Policies, Partnerships, New Product Launches, and Mergers & Acquisitions
· Market Analysis and Insights (in Relation with COVID-19)
· Impact of COVID-19 on the Market
· Supply Chain Challenges due to the Pandemic
· Potential Opportunities due to COVID-19
· *Global Cognac & Brandy Market Analysis, Insights and Forecast, 2018-2029*
· Key Findings / Summary
· Market Size Estimates and Forecast
· By Type
· Value
· Premium
· High-end Premium
· Super Premium
· By Distribution Channel
· On-Trade
· Off-Trade
· By Region
· North America
· Europe
· Asia Pacific
· South America
· Middle East & Africa
*Too Continued...*
*Key Industry Development*
*November 2022-* Louis XIII and Leela Palace Delhi announced their collaboration on a full-meal cognac pairing. The cognac is served in a bell-shaped crystal glass before which can be collectively enjoyed with the meal.
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