North America to be the Most Lucrative Market for Cognac During Forecast Period 2021-2031
The unprecedented COVID-19 pandemic has affected the global economy to a great extent. Considering the food industry, one of the most important sectors of the economy, a tremendous impact has been witnessed on the entire process from the field to the consumer. The restrictions in the movement of workers, closure of food production facilities, and changes in consumer demand have put excessive pressure on the food industry.
The report offers actionable and valuable market insights of Cognac. The latest report by Fact.MR provides details on the present scenario of the market across various regions along with the historic data and forecast of the market. The report also includes information on the sales and demand of Cognac Market across various industries and regions.
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The market study done by Fact.MR gives exclusive information about how the market will grow. The study identifies crucial trends that are determining the growth of Cognac market. This newly published report sheds light on vital dynamics, such as the drivers, restraints, and opportunities for key market players as well as emerging players associated with the production and supply. The latest report by Fact.MR provides detailed Market Analysis of Cognac
This newly published and insightful report sheds light on Market Insights of Cognac, key dynamics, their impact on the overall value chain from suppliers to end-users and Growth of Cognac Market.
Global Cognac Market: In-depth Analysis on Competitive Landscape
The report ends with a vital chapter focusing on the overall competition landscape of the global cognac market, wherein the key players operating in the global market space have been featured. This chapter underlines the up-to-date information about the key players active in production and distribution of cognac, which has been conveyed via a detailed dashboard view.
The market share analysis and detailed comparison of these market leaders offer immense scope for the readers to frame strategic steps and beat their market rivals.
Company profiles have been included in the report, which brings in key information such as regional presence, key focus areas, product portfolios along with a detailed SWOT analysis on every player via the company strategies identification as well as analysis.
The extensive intensity mapping of the companies operating in the global cognac market offers readers with decision-making intelligence, which not only helps them to decode the current market status, but also understand the challenges ahead and ways to tackle the same.
According to the report, consumer proclivity for premium liquor is estimated to bring in new profits pools for the market players to dive in. Premium alcohol varieties are well-known for their viscosity, texture, and flavor, which gives them an edge over the ordinary liquor grades. Consumers, especially millennials, are increasingly drawn to premium liquor and are more than ready to lose themselves into extravagant experiences. Budding appetite for premium liquor is likely to promise new opportunities for the cognac market players in 2019 and beyond, finds the Fact.MR research study.
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.
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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.
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.
Segmentation
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
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
Based on Region, the Global Cognac Market is segmented into:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- Middle East & Africa (MEA)
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Key Question answered in the survey of Cognac market report:
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- Growth of Cognac Market
- Market Analysis of Cognac
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- Key Drivers Impacting the Cognac market
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- Restraints Shaping Market Growth
- Market Survey of Cognac
More Valuable Insights on Cognac Market
Fact.MR, in its new report, offers an unbiased Market Analysis of Cognac, Sales and Demand of Cognac, analyzing forecast statistics through 2019 and beyond. The study reveals growth projections on the basis of various criteria.
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