The UK brandy and cognac market saw a consistent decline from 2013 to 2023, with the market value decreasing from 175.9 million Euros in 2013 to 132.35 million Euros by 2023. Significant year-on-year declines were observed between 2018 and 2020, particularly in 2020 with a drop of 15.67%. However, 2021 showed a temporary rebound with an 18.75% increase. Nevertheless, following years saw a continuing slight decline until 2023.
Looking ahead, the market is forecasted to continue its downward trajectory with a CAGR of -1.24% from 2024 to 2028, predicting a total decline of 6.05% by 2028.
- Potential factors to monitor include consumer shifts toward premium spirits or alternative beverages.
- Market responses to evolving consumer preferences and innovations in product offerings will be crucial in impacting future trends.
- Economic conditions and regulatory changes impacting import duties and tariffs could also influence market dynamics.
