Cognac Market Poised to Reach US$ 10.2 Billion by 2032: Spirited Growth in Premium Spirits

In the upcoming years, the cognac market is anticipated to expand due to millennials' widespread consumption of luxury alcoholic beverages. One of the main reasons why handmade products are becoming more and more popular is their exclusivity in the cognac producing process. Like cham

The cognac market is predicted to reach US$ 5.5 billion in 2022 and increase at a compound annual growth rate (CAGR) of 6.4% from 2022 to 2032. By 2032, the value of the world's cognac market is projected to reach US$10.2 billion.

In the upcoming years, the cognac market is anticipated to expand due to millennials' widespread consumption of luxury alcoholic beverages. One of the main reasons why handmade products are becoming more and more popular is their exclusivity in the cognac producing process. Like champagne, cognac production is strictly restricted to the territory in which it is produced. Because of this, the grapes used to manufacture cognac are all from the same area, and the soil in that area has an impact on these products.

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The global market for cognac has witnessed a remarkable surge in value, reaching record highs as demand continues to soar among affluent consumers worldwide. Renowned for its rich history, exquisite flavor profiles, and association with luxury, cognac has cemented its status as a symbol of sophistication and refinement.

In recent years, the cognac market has experienced robust growth driven by several key factors. One significant contributor to this expansion is the increasing affluence of consumers in emerging economies, particularly in regions such as Asia-Pacific and Latin America. As disposable incomes rise and lifestyles evolve, there has been a growing appetite for premium spirits, with cognac emerging as a favored choice among discerning drinkers.

Recent Development:

To attract a new generation of cognac drinkers with a novel flavor and eye-catching appearance, Sameracc Company, Inc. announced the October 2020 introduction of their Seignette VS cognac in the United Kingdom under the brand name Hi-Spirits. We will also talk about how versatile the spirit is for making cocktails and mixed drinks.

In June 2019, Hennessy unveiled its 2019 Very Special Limited Edition Release, with a campaign created by modern Spanish artist Felipe Pantone, an Argentinean.

In September 2018, Telangana, India saw the introduction of the spirit brand L'Affaire Napoleon brandy by Unibev Ltd., a start-up company focused on spirits. The corporation plans to launch additional goods in an effort to grow its spirit brand.

Moreover, shifting consumer preferences and evolving drinking habits have played a pivotal role in driving the demand for cognac. The rise of cocktail culture and the growing popularity of mixology have opened up new avenues for cognac consumption, with bartenders and enthusiasts exploring innovative ways to incorporate this versatile spirit into cocktails and beverages.

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  • Jas Hennessy Co.
  • The Rémy Cointreau Group
  • Courvoisier
  • Martell
  • Otard (Chateau de Cognac)

 

Furthermore, the allure of cognac as a status symbol and a mark of sophistication has resonated with consumers across demographics. Whether enjoyed neat, on the rocks, or as part of a cocktail, cognac offers a sensory experience that transcends mere indulgence, appealing to those who seek authenticity, craftsmanship, and tradition in their drinking choices.

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The COVID-19 pandemic, while presenting challenges to the hospitality industry, has also spurred demand for premium spirits such as cognac as consumers sought solace and indulgence amidst uncertainty. The at-home consumption trend gained momentum during lockdowns, leading to increased sales of spirits for home entertaining and relaxation.

Looking ahead, the future of the cognac market appears promising, with continued growth expected as manufacturers innovate and expand their product offerings to cater to evolving consumer preferences. Additionally, the rise of e-commerce and digital marketing platforms has provided brands with new opportunities to reach consumers directly and engage with them on a personalized level.

Key Segments of cognac market:

  • By Grade:
    • VS (Very Special)
    • VSOP (Very Special Old Pale)
    • XO (Extra Old)
  • By Buyers Type:
    • Household Residential Buyers
    • Institutional Buyers
    • Restaurants Pubs
  • By Distribution Channel:
    • Direct and Institutional Sales
    • Modern Trade
    • Convenience Stores
    • Online Retailers
    • Modern Grocery Retail Stores
    • Specialty Stores
    • Liquor Stores
  • By Region:
    • North America
    • Latin America
    • Europe
    • East Asia
    • South Asia Oceania
    • Middle East Africa (MEA)

In conclusion, the cognac market's record-high value underscores its enduring appeal and relevance in today's dynamic beverage landscape. With a growing affluent consumer base, shifting consumption patterns, and ongoing innovation, cognac is well-positioned to maintain its status as a coveted luxury spirit for years to come.

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Lokesh C

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