Cognac is a type of brandy which is produced by double distillation of white wines and by aging. It is a high-end product and depending on the time period taken by the brandy for aging, different varieties are available. The cognac market is projected to grow in regions where consumers are exploring more luxury alcoholic beverages. Consumer demand for more delicate, flavored and refined brandy is expected to fuel the growth of the cognac market in the forecast period. As compared to its competitor whiskey, cognac offers a more fruitful flavor, which is a unique driver, fuelling the growth of the cognac market.
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Cognac Market: Segmentation
The cognac market can be segmented on the basis of type and distribution channel.
On the basis of type the cognac market is segmented as XO (extra old), VS (Very special), VSPO (Very Superior Pale Old) and others. The segmentation is based on the aging period taken by the cognac after distillation. The others segment for the cognac market includes cognac which requires a larger time span for its aging or are sometimes available as blends of different cognac.
On the basis of the distribution channel, the cognac market can be segmented on the basis of store-based retailing and online retail. The store-based retailing can be further segmented into modern grocery retail and traditional grocery retail. The modern grocery retail can be segmented as hypermarkets/supermarkets, convenience stores, and discount stores. The traditional grocery retailing can be further segmented as specialty stores, liquor stores, and others.
Cognac Market: Drivers, Restraints, and Trends
The cognac market is currently experiencing a revival in the world. After declining sales in the past decade, the cognac market is suddenly witnessing growth in some regions of the world. Cognac is popular amongst consumers as a traditional cocktail ingredient. It is also known that unlike other alcoholic beverages, cognac does not promote a headache. These are distinguishing factors of cognac and likely to boost the growth of the cognac market. The VS cognac makes up the highest share in the cognac market. The trend observed with cognac is that nowadays it is consumed with food or as a cocktail mix. The Cognac Summit, an organization which was formed as a result of collaboration between Bureau National Inter professionel du Cognac (BNIC) and international bartenders, is a macroeconomic factor which has contributed to the revival of the cognac market. Many other macroeconomic factors like the ban on drinking and gift-giving have also influenced the ups and downs of the cognac market. Recently, many key players had announced that the consumer demand for cognac has outstripped their production capacities, which is a clear indicator of the growth of cognac market. The U.S. and Chinese markets are the largest contributors to the growth of the cognac market. Growth in personal consumption of alcoholic beverages in regions like China is also expected to boost the growth of the overall cognac market.
Cognac Market: Regional Outlook
In North America, the trend in the cocktail industry and the usage of cognac as a cocktail ingredient is a major factor in fuelling the growth cognac market, as the U.S. is a very potential market for cognac. In Asia Pacific, China is the biggest market for cognac as the imports and exports of cognac were greatly affected by China’s macroeconomic conditions. Apart from China, India and Japan are also expected to contribute to the growth of the cognac market. In Europe, cognac is mostly consumed as a high-end product and the cognac market is expected to have a very slow growth or remain almost static in the forecast period. In the Middle East and Africa, the cognac market is expected to grow steadily despite declining economies.
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Cognac Market: Key Players
- Pernod Ricard SA
- Jas Hennessy & Co.
- Novovino Wine Company
- Branded Spirits USA
- Beam Suntory, Inc.
- PIERRE LECAT SAS
- Meukow Cognac
- Rémy Cointreau