According to a report available on Grand View Research Inc., the global Champagne Market is poised to rise to a valuation of USD 7.2 billion by 2025 and is anticipated to witness a CAGR of 4.0% over the forecast period. Rising alcohol consumption across the globe due to increasing buying power is anticipated to continue as a major driving factor in the years to come.
Increasing expenditure by hotels, bars, airlines, and lounges to keep varied flavors of champagne on their menu is expected to be a major trend in the market. Other factors propelling the market growth include increasing brand consciousness, shifting consumer lifestyles, and evolving use of champagne in numerous cuisines and cocktails.
The champagne market has recently started growing at a substantial rate in the developing economies. Bars and lounges focus on providing variety of alcoholic drinks that can be consumed by the customers in a social environment, thus propelling the market growth. Another factor that is propelling the development of the market is the accessibility of numerous flavors of champagnes, which result in rising customer base. The introduction of novel flavors such as fruity, nutty, and candy are leading to increasing number of people to try and consume newer champagnes.
On the other hand, high price of champagne and less accessibility of flavored champagnes in small bottles are the foremost factors anticipated to hinder the development of the market. Introduction of new flavors and development of cost-effective champagnes can lead to high revenue opportunities for the manufacturing companies in the market.
Press Release: Champagne Market Size Worth $7.2 Billion By 2025
Wide use of champagne as a celebration drink at weddings, corporate events and social gatherings in most emerging countries, comprising France, U.S., Germany, U.K. is a major trend in the market. Adoption of the drink at social gatherings is gradually making its way to a number of Asian economies, such as South Korea, Japan, and China as well.
Europe is the leading regional market and accounted for more than 65.0% of the overall revenue share in 2018. The region is anticipated to maintain its dominance in the near future as a result of high product approval among consumers in France, U.K., Germany, and Belgium. Moreover, online delivery of alcohol has been legalized in various countries, comprising Germany and U.K., making the product more available and convenient to shop for.
Trade associations, such as the Comité Champagne, have been making efforts to support the interests and financial development and monitoring of winegrowers along with houses that purchase and market the wine. As part of the efforts, the Comité introduced an app for both iOS and Android users, along with a website called Champagne Campus. The organization also strives to create appropriate brand awareness among people.
Some of the key players effective in the champagne market are LANSON-BCC, LVMH Moët Hennessy - Louis Vuitton SE, Centre Vinicole - Champagne Nicolas Feuillatte, Pernod Ricard, Pommery, Piper-Heidsieck, Thiénot Bordeaux-Champagnes, Veuve Clicquot Ponsardin, Taittinger, and Laurent Perrier.