IMARC Group, a leading market research company, has recently released a report titled “Cognac Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global cognac market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Cognac Market?
The global cognac market size reached US$ 2.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 2.9 Billion by 2028, exhibiting a growth rate (CAGR) of 3.5% during 2023-2028.
What is Cognac?
Cognac is a type of brandy that is widely regarded as one of the finest and most prestigious spirits in the world. Cognac is prepared from grapes, primarily the Ugni Blanc variety, although other grape varieties, such as Folle Blanche and Colombard are also permitted. The grapes are harvested and then pressed to obtain juice, which is fermented to convert the sugars into alcohol. After fermentation, the resulting wine is distilled twice using traditional copper pot stills, a process known as double distillation. The distillate, known as eau-de-vie, is then aged in oak barrels for a minimum of two years. The aging process is crucial for the development of Cognac's unique flavors and aromas. During this time, the eau-de-vie interacts with the wood, gaining complexity and taking on characteristics such as vanilla, spice, and caramel notes.
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What are the Growth Prospects and Trends in the Cognac Industry?
The global market is majorly driven by the widespread consumption of cognac among the masses. Consumer preferences and trends play a significant role in driving the Cognac market. The demand for premium and luxury spirits has been increasing, driven by a growing interest in high-quality products and unique experiences. Moreover, effective branding and marketing strategies employed by Cognac producers play a vital role in driving consumer awareness and demand. Promotional activities, advertising campaigns, and collaborations with influential personalities or events help to position Cognac as a desirable and aspirational product. Furthermore, Cognac is often associated with prestige, luxury, and exclusivity. It is seen as a status symbol, particularly among affluent consumers. The desire to own and showcase premium spirits like Cognac contributes to its demand, as it represents sophistication, success, and refined taste.
Who are the Key Players Operating in the Cognac Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Camus Cognac
- Courvoisier S.A.S.
- KELT International
- LVMH Moët Hennessy Louis Vuitton
- Maison Delamain
- Maison Ferrand
- Meukow Co
- Pernod Ricard
- Remy Cointreau
- Thomas HINE Co. (EDV SAS).
What is Included in Market Segmentation?
The report has categorized the market based on grade type and distribution channel.
Breakup by Grade Type:
- VS (Very Special)
- VSOP (Very Special Old Pale)
- XO (Extra Old)
- Others
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Liquor Stores
- Online Stores
- Others
Regional Analysis:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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