According to a report available on Radiant Insights, Inc.; the global brandy market is projected to display significant growth by 2023. Factors such as rapid urbanization, growing disposable income, and changing consumer demographics can drive the market during the forecast period (2018 to 2023). Growing demand for alcoholic beverages among millennial population across the world is expected to support the market growth. Growing disposable income has encouraged folks to get involved themselves in night parties, hanging out at bars, pubs, and lounges. Additionally, use of social media to conduct innovative campaigns for branding of new products is also expected to provide growth avenues for the participants to get connected with consumers. Since consumers are always ready to pay more for premium and high-quality products.
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Increasing utilization in cooking food is also expected to increase product demand in the coming years. Brandy is extensively used for making making pan sauces for steak or other meat. It is also being used in some soups to provide intense soups particularly onion soup. In English Christmas cooking, brandy is a commonly used as in traditional foods including Christmas cake, pudding, and brandy butter. Brandy can be also used in flambé dishes. Many bars and restaurants are taking efforts to present several new recipes to provide better taste of brandy to the consumers. In addition, promotion of brandy as a medicine is also expected to boost the demand in the coming years.
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Worldwide brandy market can be segmented on the basis of product, end-use/application, and region. Geographically, the market can be divided into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. In North America, consumption of alcoholic beverages has observed in younger population and mostly preferred premium brands. Asia Pacific represents one of the attractive markets in terms of the revenue. The region is expected to show remarkable growth in the coming years due to rapid urbanization, growing middle-class population coupled with increasing disposable income. Improved distribution channels are also expected to support the market growth in this region. Countries such as China, India, and Philippines are considered as leading revenue contributors in this region. India and China are considered as most promising countries in the region. This can be due to presence of middle-class population and are well educated and many have overseas work experience or education backgrounds. Growing acceptance of western culture and progressive lifestyle along with concept of alcohol consumption can drive the product demand in these countries, thereby driving the regional growth. India is believed one of the leading consumers of alcohol, where whiskey stands on first position and brandy stands on second place. Brandy is extensively consumed in Indian military. In Europe, countries such as the UK, Germany, and Russia are likely to drive the regional growth.
Some of the leading companies operating in the brandy market include McDowell’s No.1, Old Admiral, Mansion House, Paul Masson, and Gran Matador. The participants in the market are likely to compete each other based on new product launches and pricing. They are also using innovative packaging solutions to gain maximum market shares. For instance, BERTOUX Brandy, based in California recently announced the news about launch of its brand in New York City, Los Angeles and San Francisco in fall 2018. The brandy is intended to be used in classic and modern cocktails such as Sidecar, and other innovative drinks.
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