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. This will continue to lift the market revenues to new heights through 2027, with the top five market players commanding for a significant share of it.
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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.
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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Based on Distribution Channel, the Global Cognac Market is segmented into:
- Direct and Institutional Sales
- Modern Trade
- Convenience Stores
- Online Retailers
- Modern Grocery Retail Stores
- Specialty Stores
- Liquor Stores
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.
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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.
Read More Trending and Similar Reports from Fact.MR – https://www.globenewswire.com/en/news-release/2020/03/02/1993388/0/en/Demand-for-Infant-Nutritional-Premix-on-a-Healthy-Upswing-Bone-Health-Enhancing-Premixes-in-Demand-Finds-a-New-Fact-MR-Study.html
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