IMARC Group's report titled "Brandy Market Report by Product Type (Grape Brandy, Cognac, Armagnac, Fruit Brandy, and Others), Price (Value, High-End Premium, Super Premium, Premium), Distribution Channel (Supermarkets and Hypermarkets, Exclusive Stores, On-Trade, and Others), and Region 2024-2032". The global brandy market size reached US$ 26.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 36.7 Billion by 2032, exhibiting a growth rate (CAGR) of 3.7% during 2024-2032.
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Factors Affecting the Growth of the Brandy Industry:
Rising Premiumization and Craft Trends:
The brandy market is experiencing a rise in demand for premium and craft brandies. Discerning consumers are seeking aged and artisanal brandies with unique flavors and character. This trend reflects a shift toward quality over quantity, as consumers appreciate the complexity and craftsmanship that goes into producing premium brandies. Distillers are responding by producing small-batch and artisanal brandies, often highlighting the terroir and aging process. In recent years, this premiumization trend has elevated the perception of brandy and has driven innovation within the industry. Thus, the market for premium brandies is witnessing significant growth driven by the rising number of consumers seeking distinctive and high-quality spirits.
Global Expansion and Export Opportunities:
The brandy market is also benefiting from the expanding opportunities in international markets. Brandies from renowned regions like Cognac in France and Armagnac from Gascony have gained global acclaim. Emerging markets, particularly in Asia, have shown a growing appetite for premium spirits, including brandy. This presents significant export potential for brandy producers, leading to increased production and market growth. The appeal of brandy as a sophisticated and versatile spirit has transcended borders, enabling producers to tap into a global consumer base. Furthermore, the rising international demand for quality brandies is propelling market growth and encouraging distillers to explore new markets and distribution channels.
Emerging Cocktail Culture and Mixology:
The brandy market is currently expanding due to the rise of cocktail culture and mixology. Brandies, with their rich and diverse flavor profiles, are highly regarded by bartenders and mixologists. They are utilized in classic cocktails like the Brandy Sour and Sidecar, as well as in innovative craft cocktails that showcase the spirit's versatility. The evolving cocktail culture has made brandy a sought-after choice in bars and restaurants, appealing to a wide range of consumers, including the younger and trend-conscious crowd. The creative use of brandy in cocktails drives sales and elevates the spirit's image, making it relevant in the modern beverage landscape. This trend extends the consumer base for brandy and is contributing significantly to market demand and growth.
Leading Companies Operating in the Global Brandy Industry:
- Courvoisier Cognac (Beam Suntory Inc.)
- Diageo Plc
- E. & J. Gallo Winery
- Emperador (Alliance Global Group, Inc.)
- F. Korbel & Bros.
- Martell
- Speciality Brands Ltd.
- Rémy Cointreau
- Thomas HINE & Co.(EDV SAS),
- Yantai Changyu Pioneer Wine Company Limited
Brandy Market Report Segmentation:
By Product Type:
- Grape Brandy
- Cognac
- Armagnac
- Fruit Brandy
- Others
Cognac represented the leading segment due to its esteemed reputation as a premium French brandy known for its intricate aging process, distinct terroir, and rich flavor profiles.
By Price:
- Value
- High-End Premium
- Super Premium
- Premium
Based on the price, the market has been divided into value, high-end premium, super premium, and premium.
By Distribution Channel:
- Supermarkets and Hypermarkets
- Exclusive Stores
- On-Trade
- Others
On-trade represented the largest segment as it includes bars, restaurants, and other establishments where brandy is commonly enjoyed, fostering a significant market presence in the hospitality sector.
Regional Insights:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
North America's dominance in the brandy market is attributed to its growing appreciation for premium spirits, including brandy, driven by a rising cocktail culture, craft distilleries, and consumer demand for high-quality spirits.
Global Brandy Market Trends:
The rising premiumization trend that shapes consumer preferences, coupled with an escalating demand for high-quality and craft brandies that offer unique flavors and artisanal craftsmanship, represents the primary factor driving market growth. Apart from this, the significant expansion of brandy's appeal across international markets, notably in regions like Asia, is opening new export opportunities for producers, thereby fueling market growth. Emerging markets are also displaying a heightened interest in premium spirits, expanding the global reach of brandy. Furthermore, the emergence of cocktail culture and mixology that elevates brandy's status in the beverage industry, as bartenders and mixologists incorporate it into classic and innovative cocktails, is contributing to market growth.
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