Champagne Market size is set to grow by USD 2.51 bn from 2024-2028, growing demand for champagne from millennials to boost the market growth, Technavio

NEW YORK, May 17, 2024 /PRNewswire/ -- The global champagne market  size is estimated to grow by USD 2.51 bn from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  6%  during the forecast period. 

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Key Market Trends Fueling Growth

The global champagne market experiences growth due to the convenience and expansive choices offered by online shopping. Consumers compare prices on various champagne types, such as Blanc de Noirs and Demi-sec, and benefit from operational efficiencies and customized offerings. Key trends include the expansion of on-trade and off-trade channels, cultural acceptance, and the increasing popularity of Prestige cuvée. The industry adapts to evolving retail landscapes, enabling vendors to target new segments and retain customers, regardless of geographical boundaries. Additionally, product innovations, such as vegan ingredients, and regional tourism contribute to market growth. Key champagne categories include Brut, Rosé, and Blanc de Blancs, with UNWTO data indicating potential for segmentation and import-export opportunities. 

Market Challenges

• The champagne market faces increasing competition from various sparkling wines, particularly prosecco, due to champagne's high prices. Inflation and supply shortages contribute to these prices. Consumers seek cheaper alternatives, such as liquor spirits, for special occasions and celebrations. Blanc de noirs, Demi-sec, and Prestige cuvée are champagne varieties, while On-trade and Off-trade refer to sales channels. Cultural acceptance and taboo influence consumption. Grape varieties and processes shape branding and advertising. Royalties, wine cellars, and wine tasting shows impact exporters. Travel restrictions, economy recovery, and luxury consumption affect market potential. Premiumization, regional tourism, and UNWTO data influence segmentation. Brut and Rosé champagnes, Blanc de Blancs, and product innovations continue to shape the market landscape.

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Segment Overview 

This champagne market report extensively covers market segmentation by

1. Distribution Channel
• 1.1 Offline
• 1.2 Online
2. Price Range
• 2.1 Economy
• 2.2 Mid-range
• 2.3 Luxury
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Offline-  The champagne market undergoes segmentation through distribution channels, including on-trade and off-trade. Off-trade channels, such as supermarkets and hypermarkets, offer a vast selection of champagne products, including Blanc de noirs, Demi-sec, and Prestige cuvée. Cultural acceptance and consumer preferences shape champagne consumption, with taboo surrounding its association with luxury and special occasions. Grape varieties and production processes contribute to branding and advertising, generating royalties for exporters. Wine cellars and wine tasting shows showcase the quality of champagne, attracting elite consumers. On-trade channels, including bars and restaurants, cater to casual meetings and travel substitution. Champagne's international appeal and import-export potential fuel premiumization and regional tourism. The UNWTO reports an increase in global travel, driving airport expansions and online retailing. Economy recovery and luxury consumption further boost sales. Safety concerns and international boundaries impact consumer prices, while product innovations, such as vegan ingredients, cater to diverse consumer needs. Ruinart Champagne and other brands capitalize on these trends, expanding their reach and influence.

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Research Analysis

The Champagne market encompasses special occasions and product innovations, with a focus on vegan ingredients to cater to diverse consumer preferences. Ruinart Champagne, known for its elegance and sophistication, is a popular choice for such events. Online retailing has significantly expanded the market's reach, allowing consumers from airport expansions and beyond to purchase these premium beverages. European consumption remains high, with a trend towards premiumization driving growth. UNWTO data indicates a segmented market, with Brut, Rosé, Blanc de Blancs, Blanc de noirs, Demi-sec, Prestige cuvée, and other varieties catering to different consumer tastes. The on-trade and off-trade sectors continue to dominate sales, with casual meetings and consumption driving demand in bars and restaurants. Import-export potential remains strong, making the Champagne market an attractive proposition for businesses.

Market Research Overview

The Champagne market is a significant sector within the global beverage industry, renowned for its unique production process and distinctive taste. This market caters to consumers seeking luxury and celebration. The production of Champagne involves secondary fermentation in the bottle, resulting in its characteristic bubbles. Various regions worldwide produce Champagne, with France being the most famous. Consumers appreciate Champagne for its versatility, as it pairs well with various foods and occasions. The market offers a range of Champagne types, including Brut, Extra Dry, Sec, Demi-Sec, and Doux, catering to diverse preferences. Champagne is also used in cocktails and cooking, expanding its application beyond traditional consumption. The market continues to innovate, with new product launches and packaging designs appealing to modern consumers.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Distribution Channel
• Offline
• Online
• Price Range
• Economy
• Mid-range
• Luxury
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

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Website: www.technavio.com/

SOURCE Technavio