Global Champagne Market - 2022-2029

Global Champagne Market - 2022-2029

Market Overview

The global champagne market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of XX% during the forecast period (2022-2029).

Champagne is a sparkling wine produced in France's Champagne region. This alcoholic beverage is made with specific grape varieties such as Pinot Noir, Pinot Meunier, Chardonnay, Pinot Blanc, and specialized agricultural methods. For decades, champagne is being served at sporting events, anniversaries, celebrations, weddings, joyous occasions, and corporate gatherings. The increase in demand for high-end alcoholic beverages propels the global champagne market forward. The top 10% of the earning population accounts for most of the market's customers. As a result, people are more likely to value exquisite quality and exclusivity in items and are willing to pay a higher price, driving the champagne market's growth.

Market Dynamics:

Champagne demand is predicted to rise due to a growing nightlife culture

The rising socialization trend, especially among the young population, coupled with the increasing influence of cocktail culture, represents one of the key factors strengthening the growth of the market. Moreover, due to rapid urbanization and inflating income levels, there is a significant shift in consumer preferences towards premium champagne. In addition to this, the expanding food tourism and culinary services are positively influencing the adoption of champagne in luxury hotels for gourmet cooking across the globe. Increasing brand awareness, improving economic conditions, innovative branding, growth in the premium wine market, and increasing consumption in emerging economies are factors supporting the market growth of the Champagne. According to Comite Champagne (trade association of Champagne manufacturers), the global Champagne market was valued at US$ 5.6 billion in the year 2018, up by 0.3% from 2017.

Market Segmentation:

Economy segment accounted for the highest share in global champagne market.

In 2021, the economy category led the global market, accounting for more than half of all sales, and this dominance is likely to continue throughout the champagne market prediction period. Increased consumption of reasonably priced champagne on special occasions for festivities has boosted market growth in developing countries as the middle and upper middle classes' incomes have risen.

In 2021, the supermarket/hypermarket segment held a significant share of the global market, depending on distribution channel. However, as customer preferences change as a result of increased disposable income, demand for on-trade distribution channels is increasing. Furthermore, the rise of the on-trade distribution channel sector is aided by an increase in the number of younger people and a shift in consumer preferences. Online sales of alcoholic beverages, particularly champagne, are increasing at a quicker rate. The driving drivers of this market are on-demand delivery apps like Drizly. To meet the growing demand from consumers, major e-commerce shops have recently joined the sector.

Geographical Penetration:

Europe is the dominating region during the forecast period

Champagne, native to the region, has a large market share among other alcoholic beverages. As a result, the European region accounts for a considerable portion of global champagne consumption, with most champagne made in nations such as France, the United Kingdom, and Germany being exported to more than 150 countries worldwide. Furthermore, the increasing frequency of premiumization increases the product's value sales. Due to the increased focus on health-friendly beverages, champagne variants that use descriptors like no taste additives, gluten-free, low carb, vegan-friendly, sulfite-free, low calorie, sugar-free, low alcohol, light, lighter, organic, paleo-friendly, and so on have been gaining popularity among European consumers.

Due to significant demand from markets such as Japan, Australia, and China, Asia Pacific is the fastest-growing region in the Champagne industry. Japan was the third-largest export market for Champagne producers in 2020, according to Comite Champagne. Increasing income and a higher standard of living are driving growth in this region.

Competitive Landscape:

The champagne market is highly fragmented, with many regional players. To grow their market share, boost profitability, and stay competitive, participants in the champagne market used product launch and market expansion as essential developmental methods. The key players in the market include Laurent Perrier, Louis Vuitton SE, Taittinger, Pernod Ricard, LANSON-BCC, Thiénot Bordeaux-Champagnes, Piper-Heidsieck, Pommery, and Veuve Clicquot Ponsardin among others. Luxury wine and spirits leader Mot Hennessy established a strategic relationship with global wine technology innovator 'Coravin SparklingTM System' in October 2021, intending to revolutionize Champagne. The Coravin Sparkling System, as part of this cooperation, would be able to preserve the flavors and mouthfeel of the former's Champagne for up to two weeks, saving restaurants and bars money by essentially eliminating the danger of waste and making prestige Champagne more accessible to consumers.

COVID-19 Impact:

Negative impact on the global champagne market

The demand for alcoholic beverages has declined marginally during the COVID-19 pandemic. The global shutdown hampered the distribution of alcoholic beverages. Due to the lockdown, bars, restaurants, pubs, and breweries were forced to close, and client visits were severely restricted. The COVID-19 pandemic harmed the market examined due to multiple store closures, economic volatility, and rising unemployment rates worldwide, resulting in a drop in consumer spending power and a shift in consumer preferences away from alcoholic beverages like champagne.

Why Purchase the Report?

Understand the current market scenario and viability of global champagne market over the forecast period

Visualize the composition of the global champagne market terms of product, distribution channel, price point and region to identify major players, growth potential, and market strategies

Identify the key regulations prevailing in the market and understand their impact on the market over the forecast period

Understand the key business factors such as market competition, product pricing, new product developments, and patent filings pertaining in the market

What we offer?

PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study

Excel data sheet with valuable data points of the global champagne market – Regional and Country level segmentation

Product mapping in excel for the key products of all major market players

Market Share Analysis covering business revenues ($) and revenue share (%) of key market players

The global champagne market report would provide an access to approximately 61 market data tables, 55 figures and 180 pages

Target Audience:

Alcoholic Beverages Manufactures

Import and Export Companies

Industry Investors

Education & Research Institutes

Research Professionals