Cognac Market is Expected to Reach US$ 3.0 Billion by 2032 | Grow CAGR by 2.6% During 2024-2032

𝗖𝗼𝗴𝗻𝗮𝗰 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗶𝘇𝗲
𝗦𝘂𝗺𝗺𝗮𝗿𝘆:

• The global cognac market size reached US$ 2.4 Billion in 2023.
• The market is expected to reach US$ 3.0 Billion by 2032, exhibiting a growth rate (CAGR) of 2.6% during 2024-2032.
• North America leads the market, accounting for the largest cognac market share.
• VS (very special) accounts for the majority of the market share in the grade type segment due to its accessibility to a wide range of customers and its versatility in cocktails at an affordable price.
• Supermarkets and hypermarkets hold the largest share in the cognac industry.
• The growing trend of cocktail culture, where cognac is increasingly used as a base spirit in premium cocktails, along with the increase in consumption among younger consumers, is aiding the market growth.
• Furthermore, the rising popularity of e-commerce platforms allows consumers greater access to premium cognac brands, especially in regions where availability in physical stores may be limited.

𝗜𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗧𝗿𝗲𝗻𝗱𝘀 𝗮𝗻𝗱 𝗗𝗿𝗶𝘃𝗲𝗿𝘀:

𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗶𝗻𝗴 𝗴𝗹𝗼𝗯𝗮𝗹 𝗱𝗲𝗺𝗮𝗻𝗱 𝗳𝗼𝗿 𝗽𝗿𝗲𝗺𝗶𝘂𝗺 𝘀𝗽𝗶𝗿𝗶𝘁𝘀:

As disposable incomes rise, especially in developed regions such as North America and Europe, consumers are shifting toward higher-end alcoholic beverages, including cognac. Cognac is perceived as a status symbol known for its quality, craftsmanship, and heritage. This appeal has made it a popular choice among affluent consumers who are willing to pay a premium for luxury products. Moreover, the trend toward premiumization within the alcohol industry has driven brands to focus on offering exclusive and limited-edition cognac variants, further boosting demand. The shift away from mass-produced, low-cost spirits to premium options is evident in bars, restaurants, and retail outlets, where cognac is increasingly featured as a top-tier choice for consumers seeking refined drinking experiences, thus supporting the market growth.

𝗚𝗿𝗼𝘄𝗶𝗻𝗴 𝗰𝗼𝗻𝘀𝘂𝗺𝗲𝗿 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗶𝗻 𝗹𝘂𝘅𝘂𝗿𝘆 𝗮𝗻𝗱 𝗰𝗿𝗮𝗳𝘁 𝗯𝗲𝘃𝗲𝗿𝗮𝗴𝗲𝘀:

Cognac's long-standing reputation as a sophisticated, high-quality spirit makes it a preferred choice among connoisseurs who appreciate authenticity and tradition. With the global boom in craft beverages, consumers are seeking more artisanal and small-batch products, a trend that plays into the strengths of cognac producers. Cognac is crafted using traditional methods that have been perfected over centuries, making it a standout product in the premium spirits category. This growing appreciation for artisanal craftsmanship is attracting a younger, more adventurous demographic, especially in urban areas, who are drawn to the narrative of heritage, expertise, and exclusivity that cognac represents, thereby impelling the market demand.

𝗧𝗵𝗲 𝗲𝘅𝗽𝗮𝗻𝗱𝗶𝗻𝗴 𝗶𝗻𝗳𝗹𝘂𝗲𝗻𝗰𝗲 𝗼𝗳 𝗲𝗺𝗲𝗿𝗴𝗶𝗻𝗴 𝗺𝗮𝗿𝗸𝗲𝘁𝘀:

Countries like China, India, and Singapore have seen a surge in demand for premium cognac as their economies grow and the middle class expands. In China, cognac has become especially popular, often associated with social status and luxury, making it a staple at high-end events and gatherings. Rising disposable incomes and an increasing desire for luxury goods in these regions also fuel this trend. In addition to Asia, other regions like Africa and Latin America are also showing growing interest in cognac, as global travel and exposure to Western luxury goods increase the awareness and demand for premium spirits in these regions, contributing to the market expansion.

𝗥𝗲𝗾𝘂𝗲𝘀𝘁 𝗳𝗼𝗿 𝗮 𝘀𝗮𝗺𝗽𝗹𝗲 𝗰𝗼𝗽𝘆 𝗼𝗳 𝘁𝗵𝗶𝘀 𝗿𝗲𝗽𝗼𝗿𝘁:
https://www.imarcgroup.com/cognac-market/requestsample

𝗖𝗼𝗴𝗻𝗮𝗰 𝗠𝗮𝗿𝗸𝗲𝘁 𝗥𝗲𝗽𝗼𝗿𝘁 𝗦𝗲𝗴𝗺𝗲𝗻𝘁𝗮𝘁𝗶𝗼𝗻:

𝗕𝗿𝗲𝗮𝗸𝘂𝗽 𝗕𝘆 𝗚𝗿𝗮𝗱𝗲 𝗧𝘆𝗽𝗲:

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

VS (Very Special) accounts for the majority of shares due to its affordability and versatility in cocktails, making it accessible to a broad range of consumers.

𝗕𝗿𝗲𝗮𝗸𝘂𝗽 𝗕𝘆 𝗗𝗶𝘀𝘁𝗿𝗶𝗯𝘂𝘁𝗶𝗼𝗻 𝗖𝗵𝗮𝗻𝗻𝗲𝗹:

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

Supermarkets and hypermarkets dominate the market growth as they offer wide accessibility and variety, making them a convenient option for consumers purchasing cognac.

𝗕𝗿𝗲𝗮𝗸𝘂𝗽 𝗕𝘆 𝗥𝗲𝗴𝗶𝗼𝗻:

• North America (United States, Canada)
• Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa

North America holds the leading position due to its strong demand for premium spirits and the growing cocktail culture that heavily incorporates cognac.

𝗧𝗼𝗽 𝗖𝗼𝗴𝗻𝗮𝗰 𝗠𝗮𝗿𝗸𝗲𝘁 𝗟𝗲𝗮𝗱𝗲𝗿𝘀:

The cognac market research report outlines a detailed analysis of the competitive landscape, offering in-depth profiles of major companies.

𝗦𝗼𝗺𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗸𝗲𝘆 𝗽𝗹𝗮𝘆𝗲𝗿𝘀 𝗶𝗻 𝘁𝗵𝗲 𝗺𝗮𝗿𝗸𝗲𝘁 𝗮𝗿𝗲:

• 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)

𝗕𝗿𝗼𝘄𝘀𝗲 𝗳𝘂𝗹𝗹 𝗿𝗲𝗽𝗼𝗿𝘁 𝘄𝗶𝘁𝗵 𝗧𝗢𝗖 & 𝗟𝗶𝘀𝘁 𝗼𝗳 𝗙𝗶𝗴𝘂𝗿𝗲𝘀
: https://www.imarcgroup.com/request?type=report&id=3809&flag=C

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

𝗔𝗯𝗼𝘂𝘁 𝗨𝘀:

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

𝗖𝗼𝗻𝘁𝗮𝗰𝘁 𝘂𝘀:
𝗜𝗠𝗔𝗥𝗖 𝗚𝗿𝗼𝘂𝗽
134 N 4th St. Brooklyn, NY 11249, USA
𝗘𝗺𝗮𝗶𝗹: sales@imarcgroup.com
𝗧𝗲𝗹 𝗡𝗼:(D) +91 120 433 0800
𝗨𝗻𝗶𝘁𝗲𝗱 𝗦𝘁𝗮𝘁𝗲𝘀: +1-631-791-1145

This release was published on openPR.