Millennials' are driving the Champagne Market into a USD 2.51 billion sector | Forecast for 2024 and 2028
Millennials are a significant demographic group in the world's population. In recent years, Champagne market growth is mostly being driven by Millennials' rising demand. Millennials are becoming more and more conscious about the authenticity of champagne and other alcoholic beverages. The rising impact of social media and the growing demographic of multicultural customers are the key drivers of this interest in alcoholic beverages, specially Champagne.
The rise in popularity of social media platforms such as Facebook and Twitter has brought about a new environment in which information related to alcohol is exposed to and influences young people.
Technavio’s Market Analyst Forecasted ~ “According to projections, the champagne market will grow at a compound annual growth rate (CAGR) of 6% between 2023 and 2028, followed by USD 2.51 billion revenue growth.”
Snapshot of Champagne Market Analysis
When it comes to the core companies of the Champagne Market, are also always adapting and working to reach out to more members of the current consumer generation. Brands like Champagne Taittinger CCVC, Champagne Veuve A.Devaux, Constellation Brands Inc., De Castellane, E. and J. Gallo Winery, F. Korbel and Bros, Joseph Perrier, Krug Champagne, LANSON BCC, LVMH Moet Hennessy Louis Vuitton SE, are some of the prominent names in the market sphere.
Over the course of the projection period, the worldwide champagne market is expected to develop at a favorable rate, mostly due to the demand for different kinds of champagne from Millennials.
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