LONDON--(BUSINESS WIRE)--The global cognac market is expected to post a CAGR of over 3% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the emerging online distribution platforms. Along with household items such as grocery and apparel, alcoholic beverages are occupying a good share of emerging online shopping portals. Online platforms are expected to become one of the key distribution channel for the sale of alcoholic beverages during the forecast period. Online platforms are convenient for consumers as they provide ease of shopping, save time and offer fast delivery. By offering products online, small retailers and vendors can enhance the visibility of their products and profitability. Online liquor shopping is quickly gaining momentum in the retail sector due to the fast delivery time. This trend is encouraging various cognac vendors to enter online retail formats and focus on the internet-savvy customer segment. This also helps vendors save on operating costs and overhead costs, which are higher in the physical store format.
As per Technavio, the preferred gifting option of cognac in certain countries will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global cognac market 2018-2022 research report also analyzes other important trends and market drivers that will affect market growth over 2018-2022.
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Global cognac market: Preferred gifting option of cognac
Over the years, cognac has been used as a gifting product in marry countries. Gift giving is a common phenomenon in countries such as China, the US, and the UK on occasions like Christmas, New Year, Thanksgiving, corporate events, and marriages. Manufacturers have released various cognac drinks specifically for the gifting purpose. Each year cognac vendors try to come up with new products with differentiated packaging and designs to attract consumers.
“Some other major aspects boosting the growth of the global cognac market are – innovative marketing strategies, rising popularity in China, new product launches, and growth in consumption of alcoholic beverages,” says a senior analyst at Technavio for research on alcoholic beverages.
Global cognac market: Segmentation analysis
This market research report segments the global cognac market by product (VS, VSOP, and XO) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of over 48%, followed by APAC and EMEA respectively. However, during the forecast period, the EMEA region is expected to register the highest incremental growth.
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Some of the key topics covered in the report include:
Market Landscape
- Market ecosystem
- Market characteristics
- Market segmentation analysis
Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
- Regional comparison
- Key leading countries
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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