According to Fact.MR’s research, 210,890 thousand bottles of cognac were sold in 2018, with sales of Cognac expected to increase by 5% YOY in 2019. According to the survey, due to its skillful convergence of subtlety and authenticity, cognac has effectively outgrown its phase of being an infrequent drink and is now being relished more frequently. Through 2027, this will continue to propel market revenues to new heights.
Consumer preference for premium liquor, according to the survey, is expected to open up new profit streams for industry players to tap into. Premium alcohol variations are distinguished by their viscosity, texture, and flavour, which distinguishes them from common liquor grades.
Market Players Experiment with Innovations to Vitalize Product Positioning
According to the survey, restaurants and bars would have the highest demand for cognac variations, followed by household & residential consumers and institutional purchasers. Restaurants and pubs are always finding effective strategies to increase total traffic, and one of them is reworking their menus to include premium brandies. In addition, restaurants and pubs are capitalising on the trend of ‘brandy-infused cocktails,’ with cognac remaining the most popular brandy among all others.
Several cognac brands are focused on customised developments while mastering the art of consumer engagement to boost their sales performance to newer heights.
Cognac Market- The Finest Premium Spirit Continues to Stand Tall
During the assessment period, the worldwide cognac market is expected to rise at a value CAGR of 6.5 percent. For ages, Cognac has been regarded as one of the finest grape-based spirits in the world. Cognac’s qualities of intensity, warmth, and finesse remain unequalled, bolstering its reputation as a “symbol of the elite.” Cognac was named after the French town of Cognac, and it began to evolve over time, adjusting to modern preferences and appealing to younger demographics.
Cognac, like champagne, is still protected by law and must meet stringent production standards.