Fri, 27 May 2022

Global sales of cognac booming trade body

RT.com
19 Jan 2022, 00:13 GMT+10

Sales of the brandy, produced in the Cognac region of France, exceeded pre-pandemic levels last year

Demand for premium alcoholic drinks has been growing, with sales of cognac soaring 30.9% in value and 16.2% in volume in 2021, the National Interprofessional Bureau of Cognac (BNIC) said on Monday.

According to the report, some 223.2 million bottles have been shipped "for a turnover of €3.6 billion ($4 billion), up 1.6% compared to 2019, the last year before the health crisis."

"This growth reflects a real recovery of cognac, as well as new consumption habits," the industry group said in a statement, noting sales had also risen compared with 2019, before the pandemic struck.

The BNIC's president, Christophe Veral, added that "cognac remains marked by a very strong dynamic ... The demand has never been so important on our markets as this year."

The report shows that the United States, the largest export market, bought 115 million bottles last year, up by 11% when compared with 2020. Sales in China, Cognac's second-biggest market, shot up 56%, with 34 million bottles shipped. European sales have also risen by 8% to 37.1 million bottles.

READ MORE: European country bans booze to tackle Omicron

Cognac sales are growing in "new markets," particularly in South Africa and Nigeria, the industry group said.

In France, Cognac also recorded strong growth, driven by "the development of mixology," which attracts "new customers in search of authentic products."

According to the BNIC, the 2021 harvest - at 867,312 hectoliters - was within the 10-year average and should support further growth for the sector.

For more stories on economy & finance visit RT's business section

(RT.com)

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