The China market accounts for nearly 36% of the Asian brandy market size. The market registered a compound annual growth rate (CAGR) of 4.8% during 2017-22 and 8% growth over 2021. According to GlobalData’s deep-dive analysis report, China brandy market databook, cognac accounted for a notable share of 54% among various brandy segments in the market in 2022, followed by fruit brandy. The report also provides in-depth analysis and market forecast to 2027. Buy the report here.
According to GlobalData’s company and brand analysis, Pernod Ricard Group, LVMH Moet Hennessy – Louis Vuitton and Remy Cointreau held significant shares in the China brandy market in 2022. Concurrently, Martell, Hennessy and Rémy Martin led in terms of brand market share. Pernod Ricard Group had the leading market share by volume in 2022. Companies operating in the China brandy market continue to use innovation to target gaps in product offering. Continuous tracking of market size and company performance is important to help competitors capture and maximize profits.
GlobalData’s channel analysis reveals that on trade were the key channel of purchase for brandy, along with hypermarkets & supermarkets. Also, food & drinks specialists recorded a notable growth during the COVID-19 pandemic, as consumers were forced to stay at home due to restricted movement opportunities.
On trade constituted the highest market share by volume in 2022. Consumers preferred this channel for its product assortment and competitive pricing. Hypermarkets & supermarkets was the next preferred channel in the China market.
Among the top Asian markets, the Philippines accounted for the highest volume share in 2022, followed by India, Singapore, Hong Kong, Malaysia, China, and Japan.
With a growing number of consumers seeking to experiment with novel products, manufacturers and brands need to constantly innovate their flavours and formulations to remain relevant and competitive. Additionally, the popularity of e-commerce has made it easier for shoppers to compare product features and offerings across different brands.
To further understand and explore GlobalData’s insight into the brandy category and market forecast to 2027, buy the report here.