What are the Trends Shaping Demand of Cognac Market

Fact.MR, in its latest research, reveals that ~ 210,890 thousand bottles of cognac were sold in 2018 and the sales are likely to grow by ~5% YOY in 2019. According to the report, cognac is successfully outgrowing the phase of being an occasional drink and is being savored more often, on account of its artful convergence of subtlety and authenticity.

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According to the report, consumer proclivity for premium liquor is estimated to bring in new profits pools for the market players to dive in. Premium alcohol varieties are well-known for their viscosity, texture, and flavor, which gives them an edge over the ordinary liquor grades. Consumers, especially millennials, are increasingly drawn to premium liquor and are more than ready to lose themselves into extravagant experiences. Budding appetite for premium liquor is likely to promise new opportunities for the cognac market players in 2019 and beyond, finds the Fact.MR research study.

The study finds that VS (very special) grades accounted for over ½ of the overall cognac sales in 2018, and the category is estimated to see exorbitant demand through 2027. VSOP (Very Superior Old Pale) remains the second most popular cognac grade among consumers, however, the XO (Extra Old) grade is likely to upend the scenario and witness exponential demand by the end of 2027.

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Segmentation

Segmentation of the global cognac market has been provided in the form of a taxonomy table in the report.

Based on Grade, the Global Cognac Market is segmented into:
• VS (Very Special)
• VSOP (Very Special Old Pale)
• XO (Extra Old)

Based on Buyers Type, the Global Cognac Market is segmented into:
• Household & Residential Buyers
• Institutional Buyers
• Restaurants & Pubs

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Market Players Experiment with Innovations to Vitalize Product Positioning

The report finds that restaurants & pubs will clearly stand out with significant demand for cognac varieties, followed by the household & residential buyers and the institutional buyers. Restaurants and pubs remain continuously focused on devising effective strategies that would boost their overall footfall, and redesigning of their menus by adding premium brandies is one of them. In addition, restaurants and pubs are also drawing upon the trend of ‘brandy-infused cocktails’ and cognac continues to be the most-preferred choice among all other types of brandy.

To lift their sales performance to newer heights, several cognac brands are focusing on bespoke innovations while mastering the art of consumer engagement. For instance, Martell has been working on upgradation of its product pipeline with the release of ‘Blue Swift’, a VSOP expression matured in French oak casks and finished in Kentucky Bourbon barrels.

Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2019/06/10/1866374/0/en/Starter-Feed-Sales-Surge-as-Players-Focus-on-Advances-in-Formulations-as-Key-Winning-Imperative-Finds-Fact-MR.html

The goliath in the global cognac space, Hennessy, introduced its very first marketing campaign “Hennessy & Meal” to remodel its business pillars post an industry wide slump in Asia. This campaign was aimed at strategically collaborating with over 150 local restaurants spread across China to serve cognac along with meal options. However, the emerging market players are placing their bets on the millennial categories by launching innovative and unique blends, which would not only help them thrive but also gain long-term profits in the turbulent market space.

This study pinpoints the untapped corners in the global cognac market and finds that the market would grow at a value CAGR of ~ 6.5% during the assessment period.

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This release was published on openPR.