Cognac, like other segments of the alcoholic beverage market has had a tumultuous few years. It may have to weather some more storms yet. Although Cognac benefitted from the post-pandemic lockdown jubilation, rising cost of living has hampered consumer willingness to continue to spend on the upscale spirit. The United States was the biggest
like cognac in 2022. Although
due to disruptions from the COVID-19 pandemic they have since rebounded.
The cognac market
France was, not surprisingly, the
leading exporter of grape derived spirits in 2022 with exports valued at 4.4 billion dollars, about four times more than the next largest exporter. Cognac constituted the bulk of
French spirits exports.
Hennessy is the
leading cognac brand among four major brands of cognac worldwide, having sold 7.9 million cases in 2022. The other three major brands that engage in the production of cognac are Courvoisier, Martell, and Rémy Martin. Hennessy is also
the most popular cognac brand in the United States where it accounts for over a quarter of the market. Although cognac and brandy experienced a considerable
rebound in retail sales in the U.S. following the end of pandemic lockdowns, 2022 saw a decline as consumers reigned in some of their spending in response to inflation.
U.S. consumption
As with retail sales,
U.S. consumption of brandy and cognac declined in 2022. Volume fell by seven percent to 15 million cases, erasing the gains made during the pandemic. Cognac has a reputation as a status symbol or an aspirational spirit and this is represented by its consumer base. When considering
the income of cognac drinkers, they were much more likely to come from households with income exceeding 75 thousands U.S. dollars. Consumers are less segregated by age, although Millennials constitute the largest segment of
the cognac drinking population.
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