A newly released report foresees a remarkable surge in the global Cognac market’s value, nearly doubling over the span leading up to 2032.
The findings of this study highlight that the present-day worldwide market for the esteemed French brandy stands at an assessed worth of US$5.5 billion as of 2022. However, as per the projections, this figure is expected to experience substantial growth, reaching an approximate value of US$10.2 billion by the year 2032.
The impetus driving this anticipated expansion, projected at a robust rate of 6.4%, is poised to come from the growing attraction of the spirit among millennial consumers – individuals born between the years roughly spanning 1981 to 1996. This same demographic segment has been a driving force behind the surge in Provence rosé sales.
Efforts have been made by the Bureau National Interprofessionnel du Cognac (BNIC) to dispel the sometimes perceived ‘stuffy’ reputation associated with Cognac. These initiatives aim to showcase the spirit’s versatility and potential in mixology, contributing to its appeal among a broader range of consumers.
