The global cognac market size was valued at USD 4 billion in 2020 and is expected to grow at USD 5.26 billion by 2027 at a compound annual growth rate (CAGR) of 4% from 2021 to 2027. Increasing acceptance for premium alcoholic drinks among the millennials on a global level is expected to expand the market scope in the next few years. A major factor influencing the growing popularity of the craft product is its exclusivity of production. In a fashion similar to champagne, cognac’s production is strictly limited to its production region Cognac. As a result, the grapes for manufacturing cognac all come from the same area and such products are influenced by the soil of the region. Over the past few years, the consumption of alcoholic drinking has become a social norm during specific events and occasions in North America and Europe. Most employees after work during Friday evenings prefer enjoying a drink with friends and colleagues. Similarly, students on campus are being noticed following a strong drinking culture.
Additionally, alcoholic drinks are considered to be an excellent anxiolytic, and thus a major part of the generation X and Y can be seen enjoying a sip or two as a stress buster. Cognac is generally enjoyed either neat as a single vintage or in blends. The taste and flavour of cognac are dependent on the cellar master’s understanding of Eau-de-vie’s maturity. It generally has a complex flavour and hints of vine flowers, toasted bread, vanilla, cinnamon, dried apricots, candied fruits, chocolate, leather, port, toffee, and spices. Thus, even though it is a type of brandy, its exclusivity lies in its flavour sensation. To decide the taste of cognac, cognac wheel is used, which includes spring, summer, autumn, and winter as the major categories.
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The Top Key Players include:
PIERRE LECAT SAS
Global Cognac Market Key Segments:
On the Basis of Type:
XO (Extra Old)
VS (Very Special)
VSPO (Very Superior Pale Old)
On the Basis of Application:
On the Basis of Region:
- North America
- Latin America
- Middle East and Africa (MEA)
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The Cognac market in APAC is expected to hold a major market share during the forecast period as countries in APAC such as China, Japan, India, and South Korea have some of the largest manufacturing facilities wherein automation of manufacturing processes has been taken as the highest priority. Also, strong competition among consumer electronics companies in APAC is likely to boost the adoption of machine vision systems in the region. The growing awareness about and demand for high-quality and zero-defect products has fuelled the need for Cognac in inspection-related applications in the manufacturing fields.
However, the outbreak of COVID-19 has significantly affected the manufacturing sector of APAC. As the neighbouring countries are linked to one another through trade relations and supply chain the entire region is affected with the outbreak of COVID-19 which will have a significant impact on the said market in this region for the forecast period.
TABLE OF CONTENTS
Chapter 1. Executive Summary
Chapter 2. Research Methodology
Chapter 3. Market Outlook
Chapter 4. COVID-19 Impact on Cognac Market
Chapter 5. Global Cognac Market Overview, By Application, 2015 – 2027(USD Million)
Chapter 6. Global Cognac Market Overview, By Distribution Channel, 2015 – 2027(USD Million)
Chapter 7. Global Cognac Market Overview, By Geography, 2015 – 2027(USD Million)
Chapter 8. North America Cognac Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 9. Europe Cognac Market Overview, By Countries, 2015 – 2027(USD Million)
Chapter 10. Asia Pacific Cognac Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 11. Middle East & Africa Cognac Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 12. South America Cognac Market Overview, By Countries, 2015 – 2027 (USD Million)
Chapter 13. Competitive Landscape
Chapter 14. Key Vendor Analysis
Chapter 15. Cognac Market Cost Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
Chapter 19. Future Outlook of the Market
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