Champagne Market to grow by USD 2.51 billion between 2024-2028
According to a research report “ Champagne Market” by Distribution Channel (Offline, Online) Price Range (Economy, Mid-range, Luxury) Geography (Europe, North America, APAC, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 2.51 billion at a CAGR of 6% during the forecast period. The millennial demographic, comprising individuals aged 18-34, represents a significant consumer base for the global champagne market. This segment's rising preference for diverse alcoholic beverages, including champagne, is fueling market expansion. Notably, North America exhibits a higher consumption rate of champagne among millennials compared to other regions. Authenticity is a key consideration for this demographic, leading to increased interest in champagne and other alcoholic beverages. Social media's growing influence, with platforms like Facebook and Twitter, is further driving exposure and engagement with champagne content among young consumers..
Browse market data tables, figures, and in-depth TOC on “Champagne Market” by Distribution Channel (Offline, Online) Price Range (Economy, Mid-range, Luxury) Geography (Europe, North America, APAC, South America, Middle East and Africa) Global Forecast to 2028.
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By Distribution Channel, the Offline segment is projected to dominate the market size in 2024.
In the global champagne market, economy champagnes hold a significant market share. Notable economy-priced options include Chandon Brut Sparkling at USD21, NV Langlois-Chateau Cremant de Loire at USD24, Segura Viudas Brut Reserva at USD10, and Schramsberg Mirabelle Brut at USD29. These affordably-priced champagnes cater to middle- and upper-middle-class consumers, experiencing high sales during celebratory occasions such as New Year's Eve. The increasing income levels of this demographic in developing countries is a primary growth driver for the economy champagne segment.
By Price Range, Economy segment is expected to hold the largest market size for the year 2024.
In the champagne market, hypermarkets and supermarkets serve as primary offline distribution channels, accounting for a significant market share. Major retailers, such as Tesco Plc (Tesco), Carrefour SA (Carrefour), and Target Brands (Target), offer a vast selection of champagne brands due to their dedicated sections. The expansion of organized retail has fueled the growth of champagne sales, making these channels crucial in the retail segment.
Europe is forecasted to hold the largest market size by region in 2024.
In the global champagne market landscape of 2023, Europe held a substantial market share, driven by major consumers Germany, Italy, and France. The region's significant grape production, particularly in France, underpins its status as a key market player. Amidst evolving alcohol consumption trends in developed nations like France and the UK, traditional champagne production in France accounts for approximately 80% of the worldwide supply. Responding to health-conscious consumers, manufacturers have introduced natural flavors such as fruity, sweet, and nutty to cater to the demand for reduced alcohol content. Champagne remains a staple in social gatherings, reflecting its enduring role as a lifestyle choice.
The Champagne Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Champagne market encompasses both off-trade and on-trade segments, with consumption occurring in various settings such as casual meetings and special occasions. UNWTO data indicates that European countries lead in Champagne consumption, while import-export potential continues to grow due to its prestige and association with luxury. Offline retail stores remain a significant distribution channel, but online retailing is gaining traction, particularly during the pandemic. Segmentation in the Champagne market includes differentiations based on sweetness levels, such as Demi-sec, Blanc de Noirs, Blanc de Blancs, Rosé champagne, and Brut champagne. Ruinart Champagne, a leading brand, innovates with vegan ingredients to cater to diverse consumer preferences. Product innovations and premiumization strategies are key trends in the market, with Ruinant's prestige cuvée being a prime example. Additionally, the expansion of bars and restaurants and airport retail spaces further boosts the market's growth.
Market Research Overview
The Champagne market is a significant player in the international beverage industry, with concerns surrounding safety, quality, and consumer prices being of utmost importance for elite consumers. House consumption and travel substitution have influenced the luxury consumption of this prestigious beverage during the economy recovery. Travel restrictions have impacted exporters, leading to an increased focus on advertising, branding, and product innovations. Segmentation of Champagne includes various types such as Prestige cuvée, Demi-sec, Blanc de noirs, Blanc de Blancs, Rosé champagne, and Brut champagne. UNWTO data indicates a potential for regional tourism in wine-producing areas, boosting import-export potential. Bars and restaurants, airport expansions, and online retailing are key on-trade and off-trade channels. Ruinart Champagne, with its rich history and royalties, sets the standard for this market. Vegan ingredients and sustainability are emerging taboo topics, driving cultural acceptance and consumption trends. Special occasions continue to be a significant market driver for Champagne.
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