New York, April 13, 2023 (GLOBE NEWSWIRE) -- The global champagne market size accounted for USD 7.2 billion in 2022 and the market is estimated to register a higher CAGR of 6.2%. It is expected to reach USD 12.9 billion in the forecast period of 2023-2032.
Champagne is commonly sparking and white wine which is made in the old province of Champagne, France. Champagne is made from varieties of grapes and flavors such as apple, citrus, and almond. Demand for champagne is increasing due to the increase in restaurants, bars, and hotels.
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Key Takeaway:
- By Product, the Blanc De Blancs segment generated the largest revenue share of 25% in 2022.
- By distribution channel, the Off-Trade segment was dominant in the market with the largest market share of 75% in 2022.
- In 2022, Europe dominated the market with the highest revenue share of 64%.
- Asia-Pacific will show lucrative growth from 2023-2032.
Individuals worldwide spend more on special occasions such as achievements and weddings. Champagne is becoming more popular worldwide due to its authentic flavors and tastes.
Factors affecting the growth of the champagne market
There are several factors that can affect the growth of the champagne market. Some of these factors include:
- Availability of different varieties of flavors: Champagne is made from natural raw materials, due to this they are available in different flavors such as citrus, almond, and apple which are popular among consumers.
- Increasing consumer preference: Consumers are nowadays more inclined towards celebrations and spend more on parties which is the main factor for the growth of the champagne market.
- Strong Growth in Distribution Channels: Off-trade distribution channels such as bars, pubs, and wine stores are easily accessible by consumers also varieties of flavors are available in bars, boosting the growth of the market.
- COVID-19: During the CoVID-19 pandemic there was a disruption in the supply chain of raw materials and manufacturing processes which had a negative impact on the growth of the global champagne market.
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Top Trends in Global Champagne Market
Manufacturers in the champagne market are now more inclined toward raw material procurement at competitive pricing. Raw material procurement involves engaging in long-term supply contracts with raw material suppliers. Companies in the champagne market are steadily moving toward consolidation through mergers & acquisitions, joint ventures, and collaborative partnerships. The young population is inclined towards trends of cocktail culture, which is responsible for high demand among the young generation. Significant demand in food tourism and luxury hotels is a key trend in the market.
Market Growth
Airlines such as Lufthansa and Emirates are started offering vintage wines like champagne for business-class travelers. The lifestyle of individuals worldwide changing and they are shifting towards a luxury lifestyle responsible for the high demand for champagne among luxury-class individuals. Due to rapid urbanization, the number of bars and restaurants is continuously increasing focusing on expanding research on wines and spirits. Popularity among vintage wines is increasing among consumers due to their authentic flavors are expected to have a positive impact on market growth.
Regional Analysis
The champagne market was dominated by Europe with the largest market share of 64% in 2022. Major key companies in Europe Such as Comite Champagne focus on product innovations attributed to market growth. Regions' growth is attributed to high product demand among consumers in the United Kingdom, Belgium, France, and Germany. Also in the UK, there is a large number of bars and pubs which are convenient to reach.
Asia Pacific region is likely to witness significant growth in the forecast period owing to rising population and high product consumption in emerging economies such as China, Japan, Hong Kong, and Australia. Growing trends toward luxury lifestyles among consumers in North America and increasing numbers of hotels and bars in the region are expected to grab significant market share in the global market.
Competitive Landscape
Several key players are now focusing on different marketing strategies such as spreading awareness about natural ingredients, which is boosting the target products' growth. Major key players in the global champagne market are Moët Hennessy USA, LANSON-BCC, Vranken - Pommery Monopole, Champagne Laurent-Perrier S.A.S., Pernod Ricard, Rémy Cointreau, Centre Vinicole Champagne, Nicolas Feuillatte, Martel, Louis Roederer, Taittinger, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 7.2 Billion |
| Market Size (2032) | USD 12.9 Billion |
| CAGR (from 2023 to 2032) | 6.2% |
| Europe Revenue Share | 64% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Manufacturers in champagne markets are using organic, natural, ad vegan ingredients for consumer satisfaction allowing to create growth in the champagne market. These days people are starting to spend more on casual drinking on birthdays, dinners, and office parties which is the main growth factor of the global champagne market. Also, the introduction of different types of flavors of champagne such as peach, strawberry, and blueberry is driving demand for champagne in the market. Strong growth of distribution channels in emerging economies also drives the market growth.
Market Restraints
Manufacturing of champagne requires raw materials such as varieties of grapes, and fluctuations in prices of raw materials are the major factor restraining market growth. Also, high consumption of champagne has negative health effects which are expected to hinder the growth of the market.
Market Opportunities
Airlines started serving champagnes for luxury and business class travelers which are expected to create growth opportunities in the market. Increasing numbers of hotels, restaurants, bars, and hectic & stressful lifestyles individuals are visiting bars which will result in high demand for champagne in the global market. Manufacturers in the champagne market are continuously working on adding new flavors to champagne. Individuals worldwide are spending more on special occasions which is anticipated to create lucrative growth opportunities in the global champagne market.
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Report Segmentation of the Champagne Market
Product Insight
Based on product, the Blanc De Blancs segment was dominant in the champagne market with the largest market share of 25% in 2022 and is expected to remain dominant in the market during the forecast period owing to popularity among consumers as it has good natural acidity and distinct taste. Blanc de Blancs champagne is entirely made from white grapes.
Distribution Channel Insight
Based on the distribution channel off-trade segment was dominant in the market with the largest market share of 75% in 2022 and is anticipated to hold market share during the forecast period owing to high market visibility shops as key buying sources among consumers worldwide. Wine shops are easy to reach for consumers and the price of bottles is less as compared to bars or restaurants which is driving the growth of this segment.
Recent Development of the Champagne Market
- In April 2022, Champagne Krug, which is an LVMH brand, introduced two new varieties of champagnes, “Grande Cuvees” and “The Bollinger Style” to celebrate of partnership.
- In February 2022, Champagne Louis Roederer launched its vintage version of champagnes, “Cristal”.
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Market Segmentation
By Product
- Prestige Cuvee
- Blanc De Noirs
- Blanc De Blancs
- Rose Champagne
- Brut Champagne
- Demi-Sec
By Distribution Channel
- On-Trade
- Off-Trade
- Online Retail Stores
- Offline Retail Stores
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Moët Hennessy USA
- LANSON-BCC
- Vranken - Pommery Monopole
- Champagne Laurent-Perrier S.A.S.
- Pernod Ricard
- Rémy Cointreau
- Centre Vinicole Champagne
- Nicolas Feuillatte
- Martel
- Louis Roederer
- Taittinger
- Other Key Players
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