Cognac Market: Potential Effect On Upcoming Future Growth, Competitive Analysis And Forecast 2021-2031
Cognac Market – Introduction
- Cognac is a type of high quality brandy that is distilled in the Cognac district of France. It contains 40 percent alcohol by volume and has a rich flavor, combining varying essences of fruits, nuts, honey, vanilla, caramel, and other spices. The cognac market is expected to grow at a fast pace with the increasing demand among consumers for premium alcoholic drinks.
Key Drivers of the Cognac Market
- The growing popularity among consumers and especially millennial for premium alcoholic drinks is the key driver of the cognac market.
- Cognac has some distinctive properties which help in the growth of the market. For instance, it has unique fruitful flavors unlike most of the other alcoholic drinks and also does not cause headache.
- Cognac being a premium drink is much better in quality than cheaper liquor because it has natural ingredients and is prepared by using a more careful distilling and aging process.
Factors Restraining the Global Cognac Market
- The COVID-19 pandemic caused market disturbances because of the threat of the virus and government regulations which affected the production, demand, and supply chain of cognac and hampered the growth of the market.
- Health conscious consumers do not buy brandy as its overconsumption can cause health problems such as increase in blood pressure and calories, and heart and muscle damage, which reduces the demand for cognac and affects its market growth.
- Cognac being a premium drink is considerably expensive, thus reducing its demand among consumers with average income and also it faces high threat from substitutes which are cheaper.
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North America to Hold Leading Share of the Global Cognac Market
- In terms of geography, the global cognac market can be divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America
- Country and sub-region level analysis of North America features the U.S., Canada, and Rest of North America. Analysis and forecast of the cognac market in Europe includes markets across the U.K., Germany, France, and Rest of Europe. Similarly, Asia Pacific includes India, China, Japan, and Rest of Asia Pacific. Middle East & Africa includes the market analysis and forecast of GCC, South Africa, and Rest of Middle East & Africa. The cognac market in South America is segmented into Brazil and Rest of South America.
- North America dominated the global cognac market in 2020 attributed to the growing demand for premium alcohol drinks among consumers in the region. Growth in population and rise in disposable income of consumers has been driving the cognac market in North America, particularly in the US and Canada.
- The cognac market in North America is projected to expand at a rapid pace, followed by Asia Pacific, and Europe during the forecast period
Key Players Operating in the Cognac Market
The global cognac market is highly competitive, owing to the presence of several global and regional players. Major players are adopting various strategies such as regional expansion and product portfolio expansion to consolidate their position in the market. A few key players operating in the global cognac market are:
- Pernod Ricard
- Novovino Wine Company
- Branded Spirits USA
- Hennessy Company
- Maison Ferrand
- Kelt International
- Rémy Cointreau Group
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