Market Research Report
Brandy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025
|Published by||IMARC Services Private Limited||Product code||967656|
|Published||Content info||141 Pages
Delivery time: 2-3 business days
|Brandy Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025|
|Published: October 16, 2020||Content info: 141 Pages||
The global brandy market grew at a CAGR of around 6% during 2014-2019. Brandy is a spirit or distillate made from wine, fruit juices and mashes containing 35-60% alcohol content. It is aged in oak barrels for 3-20 years with additional caramel coloring and flavors. As it contains antibacterial, antioxidant, and polyphenolic compounds, its moderate consumption can provide multiple health benefits, such as increasing immunity, improving heart health, slowing aging, reducing cancer risk, and soothing cold and cough. It is widely consumed as a digestive and base spirit in cocktails and used in culinary arts to flavor soups, de-glaze pans, flambe desserts and dishes, and produce sauces, cakes, puddings and butter.
The increasing adoption of cocktail culture, in confluence with the rising trend of socializing at restaurants and bars, especially among young individuals, represents one of the significant factors impelling the global brandy market growth. Moreover, the growing popularity of premiumization in the food and beverage (F&B) industry, along with the escalating preference for gourmet cooking, acts as another major growth-inducing factor. Besides this, the rising demand for organic variants, expanding food tourism and culinary services are also contributing to the market growth. However, the market is currently experiencing negative growth due to the spread of the coronavirus disease (COVID-19), the imposition of lockdowns by governments of several countries and temporary closure of restaurants and bars. This has led to a decline in the on-premises consumption of brandy around the world. The market is expected to revive once these restrictions are relaxed. Looking forward, IMARC Group expects the global brandy market to continue its moderate growth during the next five years.
Figure 11 Global: Brandy (Cognac) Market Forecast: Sales Value (in Million US$), 2020-2025