The global cognac market size reached US$ 2.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2024-2032.
Market Size in 2023
|US$ 2.4 Billion
Market Forecast in 2032
|US$ 3.0 Billion
|Market Growth Rate 2024-2032
Cognac is a premium alcoholic beverage manufactured by blending grapes and double distillation of white wines in the Cognac region of France. It has a delicate, acidic and fruity flavor and is produced using trebbiano, folle blanche and colombard grapes, which are pressed immediately after harvesting using pneumatic presses to ensure low-pressure extraction of high-quality must. Cognac obtains its distinctive dark caramel color resulting from the aging in oak barrels and through added coloring agent. It is a rich source of essential antioxidants and moderate consumption of cognac can aid in asthma management, stress reduction, diabetes prevention and improving cardiovascular and bone health.
The global cognac market is primarily being driven by a substantial increase in the consumption of alcoholic beverages. Furthermore, the rising demand for premium and super-premium cognacs and brandies by consumers, especially millennials, is providing a thrust to the market growth. Bars, luxury hotels and fine-dine restaurants are also experimenting with a variety of alcoholic beverages to offer unique dining experiences to their customers. Additionally, the introduction of cognac in innovative flavors, such as apple, honey, oakwood, sandalwood, orange zest, cinnamon and caramel, is acting as another growth-inducing factor. Product manufacturers are also emphasizing on using natural and organic ingredients that are free from harmful fertilizers, pesticides and inorganic chemicals to cater to the requirements of the health-conscious consumers. Other factors, including the rising preference for premium craft alcohol, along with the proliferating online retail channels, which offer easy product availability with a wide range of options, are anticipated to drive the market further.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the global cognac market report, along with forecasts at the global, regional and country levels from 2024-2032. Our 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)
Breakup by Distribution Channel:
- Supermarkets and Hypermarkets
- Convenience Stores
- Liquor Stores
- Online Stores
Breakup by Region:
- North America
- South Korea
- United Kingdom
- Latin America
- Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being Camus Cognac, Courvoisier S.A.S., KELT International, LVMH Moët Hennessy Louis Vuitton, Maison Delamain, Maison Ferrand, Meukow Co, Pernod Ricard, Remy Cointreau and Thomas HINE & Co. (EDV SAS).
|Base Year of the Analysis
||Grade Type, Distribution Channel, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Camus Cognac, Courvoisier S.A.S., KELT International, LVMH Moët Hennessy Louis Vuitton, Maison Delamain, Maison Ferrand, Meukow Co, Pernod Ricard, Remy Cointreau and Thomas HINE & Co. (EDV SAS)
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Key Questions Answered in This Report:
- How has the global cognac market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the global cognac market?
- What are the key regional markets?
- What is the breakup of the market based on the grade type?
- What is the breakup of the market based on the distribution channel?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the global cognac market and who are the key players?
- What is the degree of competition in the industry?