Cognac And Brandy Market 2024

Cognac And Brandy Market

The Business Research Company recently released a comprehensive report on the Global Cognac And Brandy Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company’s, The cognac and brandy market size has grown strongly in recent years. It will grow from $14.17 billion in 2023 to $14.97 billion in 2024 at a compound annual growth rate (CAGR) of 5.6%. The growth in the historic period can be attributed to tradition and heritage, globalization of consumer palates, luxury and status symbol, cultural and social significance, rise of mixology.

The cognac and brandy market size is expected to see strong growth in the next few years. It will grow to $18.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%. The growth in the forecast period can be attributed to premiumization trend, emerging market growth, e-commerce and online retailing, rise of craft and artisanal production, cultural influences on flavor profiles. Major trends in the forecast period include innovations in packaging, flavor experimentation and infusions, interactive brand experiences, heritage and terroir focus, collaborations with mixologists and chefs.

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Market Drivers and Trends:

Rising demand for craft beverages is expected to propel the growth of the cognac and brandy market going forward. Craft beverages refer to tiny, traditionally manufactured, and independently created brews. Cognac and brandy are used in craft beverages to slow the signs of aging, regulate weight, and cure respiratory difficulties. Moderate consumption of brandy has been shown to help with sleep difficulties and improve sleep patterns. Brandy can also improve heart health and keep the heart working properly. For instance, in April 2021, according to the report by the Brewers Association, a US-based national organization that promotes and protects small brewers, the total number of active craft brewers in the US reached an all-time high of 8,764 in 2021, which included 1,854 microbreweries, 3,219 brewpubs, 3,471 taproom breweries, and 220 regional craft breweries. Therefore, the rising demand for craft beverages is driving the growth of the cognac and brandy market.

Product innovation is the key trend gaining popularity in the cognac and brandy market. Companies operating in the cognac and brandy market are adopting new technologies to sustain their position in the market. For instance, in November 2023, Tamworth Distilling, a New England-based distillery, has launched a unique limited-edition trout-flavored brandy called House of Tamworth Saison De Frai. The brandy is inspired by the Swift River, which flows past the distillery, and is made using smoked trout, maple syrup, and apple brandy. Tamworth Distilling’s trout-flavored brandy is part of an ongoing line of experimental spirits, which also includes roast-turkey-flavored whiskey. The House of Tamworth Saison De Frai is a one-of-a-kind expression with surprising flavors that reflect the distillery’s dedication to invention and creativity.

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Major Key Players of the Market:

Hennessy LVMH, Diageo Plc., Suntory Holdings Limited, Pernod Ricard SA, E & J Gallo Winery, Beam Suntory Inc., Campari Group, Remy Martin XO, United Spirits Limited, Emperador Distillers Inc., Martell and Company SA, Radico Khaitan Limited, Tilaknagar Industries Ltd., Miguel Torres SA, Korbel Winery, Copper and Kings, Courvoisier SAS, Louis Royer SAS, Asbach GmbH, Global Spirits, Camus Cognac, Naud Spirits & Distillery, Meukow Cognac, Thomas Hine & Co, Paul Masson, Christian Brothers, Branded Spirits Limited, Delamain Cognac, A. de Fussigny, J.P. Chenet

Cognac And Brandy Market 2024 Key Insights:

• The cognac and brandy market size is expected to see strong growth in the next few years. It will grow to $18.58 billion in 2028 at a compound annual growth rate (CAGR) of 5.6%.

• Craft Beverage Craze Fuels Growth In The Cognac And Brandy Market

• Redefines Brandy With Unqiue Limited Edition

• North America was the largest region in the cognac and brandy market in 2023

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