IMARC Group has recently released a new research study titled “Cognac Market Report by Grade Type (VS (Very Special), VSOP (Very Special Old Pale), XO (Extra Old), and Others), Distribution Channel (Supermarkets and Hypermarkets, Convenience Stores, Liquor Stores, Online Stores, and Others), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.

How big is the global cognac market?

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. The market is driven by a surge in demand for premium spirits across the globe, rising influence of evolving cultural trends, innovative product developments, the sudden shift towards e-commerce and digital marketing, and the growing emphasis on sustainability and ethical production.

Global Cognac Market Trends:

The growth of the cognac market is also driven by innovative marketing strategies, including collaborations with fashion and lifestyle brands, as well as the rise of e-commerce platforms, making cognac more accessible to a global audience and attracting younger consumers through digital engagement and modern packaging. In addition to this, the increasing trend of cocktail culture, where cognac is being featured as a key ingredient, along with the heightened focus on sustainable and organic production methods is creating a positive outlook for market expansion.

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Factors Affecting the Growth of the Cognac Industry:

• The increasing demand for premium and luxury spirits:

The rising demand for premium and luxury spirits significantly drives the cognac market. Cognac, being a high-quality, sophisticated spirit, appeals to consumers who seek exclusive and refined drinking experiences. This demand is bolstered by the global trend towards premiumization, where consumers are willing to spend more on superior products that offer enhanced quality, heritage, and craftsmanship. The allure of cognac lies in its intricate production process, which includes double distillation in copper pot stills and aging in French oak barrels, contributing to its rich flavor profile and complex aromas. This meticulous production process positions cognac as a premium product, attracting discerning consumers and connoisseurs who value authenticity and heritage.

• The expanding middle-class population:

The expanding middle-class population, particularly in developing regions, is a crucial driver of the cognac market. As disposable incomes rise and lifestyles improve, middle-class consumers are increasingly adopting Western consumption patterns, including the preference for premium alcoholic beverages. Cognac, often associated with luxury and sophistication, becomes a symbol of status and success among these consumers. In countries like China and India, where the middle class is rapidly growing, there is a notable shift towards high-end spirits. This demographic change creates a broader consumer base for cognac, driving market growth. Additionally, marketing strategies targeting this burgeoning middle class, such as brand collaborations, influencer endorsements, and digital marketing campaigns, further enhance cognac’s appeal and accessibility.

• The growing appreciation of cognac in emerging markets:

The growing appreciation of cognac in emerging markets significantly contributes to the market’s expansion. Traditionally, cognac has been popular in Western countries, particularly in France, the United States, and the United Kingdom. However, in recent years, there has been a notable increase in cognac consumption in emerging markets, driven by factors such as urbanization, globalization, and cultural exchanges. In Asia, particularly China, cognac has gained immense popularity, often being perceived as a symbol of prestige and sophistication. This is reflected in the rising import volumes and the proliferation of high-end bars and restaurants serving cognac. The efforts of major cognac producers to establish a presence in these markets through strategic partnerships, local production, and tailored marketing initiatives have also been instrumental in driving this appreciation.

Cognac Market Report Segmentation:

By Grade Type:

• VS (Very Special)
• VSOP (Very Special Old Pale)
• XO (Extra Old)
• Others

VS (Very Special) cognac is the largest market segment by grade type due to its affordability and versatility, making it a popular choice for both new cognac consumers and for use in mixed drinks and cocktails.

By Distribution Channel:

• Supermarkets and Hypermarkets
• Convenience Stores
• Liquor Stores
• Online Stores
• Others

Supermarkets and hypermarkets dominate as the largest distribution channel for cognac due to their wide accessibility, diverse product range, and the convenience they offer to a broad consumer base.

Regional Insights:

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa

North America is the largest market for cognac, largely attributed to the region's strong consumer preference for premium spirits, growing cocktail culture, and the presence of a large, affluent consumer base that appreciates luxury and high-quality alcoholic beverages.

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Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

• 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)

Key Highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• 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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