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Global Champagne Market Share, Analysis And Forecast To 2032
(MENAFN- Straits Research)
Champagne is an exclusive type of effervescent wine that can only be produced in the Champagne wine region of France, where it originated and continues to be produced. To be eligible for the Champagne appellation, a wine must undergo a secondary fermentation in the bottle, the grapes used must come exclusively from specific regions within the region, the grapes must be pressed using specific techniques, and the wine must undergo a secondary fermentation in the bottle to produce carbonation. Champagne is almost exclusively composed of these three grape varieties: Chardonnay, Pinot Noir, and Pinot Meunier.
However, tiny quantities of Pinot blanc, Pinot gris (known as Fromenteau in Champagne), Arbane, and Petit Measlier are also used to produce wine. Champagne was known throughout the 17th, 18th, and 19th centuries for being associated with aristocracy. Champagne was especially prevalent during this period. The prominent Champagne producers attempted to portray their products as associated with nobility and monarchy through advertising and packaging. This action was taken to boost sales. Consequently, Champagne's popularity among the expanding middle class grew steadily.
Market Dynamics
Increase in Demand for Premium Quality Luxury Products Drives the Global Market
As global living standards rise, it is anticipated that consumers' demand for superior-quality luxury goods will increase. These products are frequently associated with festivities and joyous occasions. In addition, product dependence increases significantly at weddings, parties, and social gatherings, which is expected to drive market growth over the next few years. Additionally, sales of opulent premium products such as champagne have increased substantially in most regions, predominantly due to increased consumption. Luxury brands have developed effective social media strategies to increase champagne sales to engage tech-savvy young consumers who seek greater value for money, increased personalization, and integrated digital access.
In addition, the internet has become an integral component of the purchasing habits of diverse segments of global consumers, which promotes the expansion of the global market. Moreover, a sizable population base in emerging nations such as India and China is expected to increase champagne demand in Asia-Pacific over the forecast period significantly.
Emerging Markets Creates Tremendous Opportunities
Developing nations such as China, India, and Brazil presented a lucrative expansion opportunity for the champagne industry during the projected period. This may result from a shift toward a more tolerant attitude toward consuming alcoholic beverages and an increase in the desirability of honouring significant events with champagne. It is anticipated that these factors will stimulate the expansion of the market in emerging nations.
In addition, increased social media trends, enhanced lives of millennials and Gen Z, and increased spending on luxury products are anticipated to create new opportunities for market participants to enter the market. These three factors are anticipated to create new market entry opportunities for market participants.
Regional Analysis
Europe is the most significant global champagne market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period. Europe dominates the market, as most champagne is produced and consumed in the region. France is the only producer of champagne and the leading consumer in the region, accounting for more than half of the market share. Within the European countries, the U.K., Germany, Italy, and Belgium are some of the largest consumers of champagne in the world.
Additionally, the demand in Europe has grown considerably in the last few years. Major player such as LVMH (Louis Vuitton Moët Hennessy) dominates the major market share by offering its champagne through different brands, including Moët & Chandon, Krug, Veuve Clicquot, Hennessy, among others.
North America is anticipated to exhibit a CAGR of 3.0% over the forecast period. The champagne market in North America is expected to grow significantly due to health benefits, premiumization of champagne products, innovation in Flavors, and more advanced distribution networks. Significant economic growth and a rise in acceptance of the consumption of alcohol are driving the market growth in Europe.
Moreover, the consumption of champagne at various social programs such as parties, gatherings, and events has increased considerably, which provides untapped opportunities for manufacturers. It has been observed that major key players from the region, such as Pernod Ricard, are growing their portfolio of American brands. In addition, players are collaborating with online retailers to sell their products to expand their customer base and seize the opportunity to cater to the requirements of a huge and diversified customer base.
Key Highlights
The global champagne market was valued at USD
7.2 billion in 2022. It is estimated to reach USD 12.37 billion by 2031, growing at a CAGR of 6.2% during the forecast period (2023–2031).
Based on price point, the global champagne market is bifurcated into economy, mid-range, and luxury. The economy segment dominates the global market and is projected to exhibit a CAGR of 3.3% over the forecast period.
Based on distribution channel, the global champagne market is segmented into supermarket/hypermarket, specialty stores, on-trade, and others. The supermarket/hypermarket segment dominates the global market and is predicted to exhibit a CAGR of 2.9% over the forecast period.
Europe is the most significant global champagne market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period.
Competitive Players
1.
Diageo plc
2.
La Marca USA
3.
Cook's Champagne Cellars
4.
F. Korbel and Bros.
5.
Champagne Taittinger CCVC
Market News
October 2022- Societe Jacques Bollinger SA introduced a new limited-edition champagne, "Special Cuvee, The Bollinger Style," to celebrate 40 years of partnership with 007. The limited-edition gift box features the silhouette of James Bond alongside his Aston Martin DB5.
April 2022- Champagne Krug, an LVMH brand, launched two new editions of champagnes, " Grande Cuvées," white and rose. Both champagnes were composed in 2014, which Krug describes as an Erratic year.
Segmentation
By Price Point
Economy
Mid-Range
Luxury
By Distribution Channel
Supermarket/Hypermarket
Specialty Stores
On-trade
Others
By Regions
North America
Europe
Asia-Pacific
LAMEA
However, tiny quantities of Pinot blanc, Pinot gris (known as Fromenteau in Champagne), Arbane, and Petit Measlier are also used to produce wine. Champagne was known throughout the 17th, 18th, and 19th centuries for being associated with aristocracy. Champagne was especially prevalent during this period. The prominent Champagne producers attempted to portray their products as associated with nobility and monarchy through advertising and packaging. This action was taken to boost sales. Consequently, Champagne's popularity among the expanding middle class grew steadily.
Market Dynamics
Increase in Demand for Premium Quality Luxury Products Drives the Global Market
As global living standards rise, it is anticipated that consumers' demand for superior-quality luxury goods will increase. These products are frequently associated with festivities and joyous occasions. In addition, product dependence increases significantly at weddings, parties, and social gatherings, which is expected to drive market growth over the next few years. Additionally, sales of opulent premium products such as champagne have increased substantially in most regions, predominantly due to increased consumption. Luxury brands have developed effective social media strategies to increase champagne sales to engage tech-savvy young consumers who seek greater value for money, increased personalization, and integrated digital access.
In addition, the internet has become an integral component of the purchasing habits of diverse segments of global consumers, which promotes the expansion of the global market. Moreover, a sizable population base in emerging nations such as India and China is expected to increase champagne demand in Asia-Pacific over the forecast period significantly.
Emerging Markets Creates Tremendous Opportunities
Developing nations such as China, India, and Brazil presented a lucrative expansion opportunity for the champagne industry during the projected period. This may result from a shift toward a more tolerant attitude toward consuming alcoholic beverages and an increase in the desirability of honouring significant events with champagne. It is anticipated that these factors will stimulate the expansion of the market in emerging nations.
In addition, increased social media trends, enhanced lives of millennials and Gen Z, and increased spending on luxury products are anticipated to create new opportunities for market participants to enter the market. These three factors are anticipated to create new market entry opportunities for market participants.
Regional Analysis
Europe is the most significant global champagne market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period. Europe dominates the market, as most champagne is produced and consumed in the region. France is the only producer of champagne and the leading consumer in the region, accounting for more than half of the market share. Within the European countries, the U.K., Germany, Italy, and Belgium are some of the largest consumers of champagne in the world.
Additionally, the demand in Europe has grown considerably in the last few years. Major player such as LVMH (Louis Vuitton Moët Hennessy) dominates the major market share by offering its champagne through different brands, including Moët & Chandon, Krug, Veuve Clicquot, Hennessy, among others.
North America is anticipated to exhibit a CAGR of 3.0% over the forecast period. The champagne market in North America is expected to grow significantly due to health benefits, premiumization of champagne products, innovation in Flavors, and more advanced distribution networks. Significant economic growth and a rise in acceptance of the consumption of alcohol are driving the market growth in Europe.
Moreover, the consumption of champagne at various social programs such as parties, gatherings, and events has increased considerably, which provides untapped opportunities for manufacturers. It has been observed that major key players from the region, such as Pernod Ricard, are growing their portfolio of American brands. In addition, players are collaborating with online retailers to sell their products to expand their customer base and seize the opportunity to cater to the requirements of a huge and diversified customer base.
Key Highlights
The global champagne market was valued at USD
7.2 billion in 2022. It is estimated to reach USD 12.37 billion by 2031, growing at a CAGR of 6.2% during the forecast period (2023–2031).
Based on price point, the global champagne market is bifurcated into economy, mid-range, and luxury. The economy segment dominates the global market and is projected to exhibit a CAGR of 3.3% over the forecast period.
Based on distribution channel, the global champagne market is segmented into supermarket/hypermarket, specialty stores, on-trade, and others. The supermarket/hypermarket segment dominates the global market and is predicted to exhibit a CAGR of 2.9% over the forecast period.
Europe is the most significant global champagne market shareholder and is estimated to exhibit a CAGR of 2.9% over the forecast period.
Competitive Players
1.
Diageo plc
2.
La Marca USA
3.
Cook's Champagne Cellars
4.
F. Korbel and Bros.
5.
Champagne Taittinger CCVC
Market News
October 2022- Societe Jacques Bollinger SA introduced a new limited-edition champagne, "Special Cuvee, The Bollinger Style," to celebrate 40 years of partnership with 007. The limited-edition gift box features the silhouette of James Bond alongside his Aston Martin DB5.
April 2022- Champagne Krug, an LVMH brand, launched two new editions of champagnes, " Grande Cuvées," white and rose. Both champagnes were composed in 2014, which Krug describes as an Erratic year.
Segmentation
By Price Point
Economy
Mid-Range
Luxury
By Distribution Channel
Supermarket/Hypermarket
Specialty Stores
On-trade
Others
By Regions
North America
Europe
Asia-Pacific
LAMEA
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