PORTLAND, Ore., Nov. 23, 2020 /PRNewswire/ -- Allied Market Research published a report titled, "Champagne Market by Price Point (Economy, Mid-range, and Luxury) and Distribution Channel (Supermarket/Hypermarket, Specialty Stores, On Trade, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global champagne industry was estimated at $5.96 billion in 2019, and is expected to hit $7.4 billion by 2026, registering a CAGR of 3.2% from 2019 to 2026.
Drivers, restraints, and opportunities-
Increase in demand for premium quality luxury products and rise in disposable income due to rapid urbanization fuel the growth of the global champagne market. On the other hand, implementation of stringent government policies toward advertisement and distribution and selective distribution of products impede the growth to some extent. Nevertheless, increase in the drift of vending standardized premium products among retailers and other distributors are expected to create numerous opportunities for the key players in the industry.
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- The outbreak of the pandemic brought forth a lot of restrictions and the global champagne market had its reasonable part of hurdles in terms of growth.
- Also, there have been huge shifts in the consumption pattern from bars and taverns to the living room.
- Simultaneously, closing of supermarkets created huge disruptions in distribution of the products.
- Nevertheless, government bodies across the world are coming up with several relaxations and the market is expected to retrieve its position soon.
The economy segment to maintain the lion's share by 2026-
Based on price point, the economy segment contributed to around two-thirds of the global champagne market share in 2019, and is expected to lead the trail by the end of 2026. The same segment is anticipated to grow at the fastest CAGR of 3.3% throughout the forecast period. This is due to to rise in disbursements by bars, hotels, lounges, and airline services to keep champagne with various flavor variants on their menu. The report also analyzes segments including luxury and mid-range.
The supermarket/hypermarket segment to dominate during the forecast period-
Based on distribution channel, the supermarket/hypermarket segment accounted for nearly two-fifths of the global champagne market revenue in 2019, and is projected to rule the roost till 2026. This is attributed to rise in availability of huge varieties of products at supermarkets. Moreover, these stores serve as one-stop destination for low-priced products, thereby offering increased convenience to consumers. At the same time, the on trade segment would grow at the fastest CAGR of 3.9% during the forecast period, owing to increase in bars and lounge culture.
Europe, followed by North America, to dominate in terms of revenue-
Based on region, Europe, followed by North America, garnered the highest share in 2019, generating nearly three-fourths of the global champagne market. This is because majority of champagne is produced and consumed in the region. The Asia-pacific region would register the fastest CAGR of 4.7% by 2026, owing to increase in consumer income in the province. Also, premium pricing of products has provided untapped opportunities for the market participants.
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Frontrunners in the industry-
- Centre Vinicole - Champagne Nicolas Feuillatte
- Louis Vuitton SE
- Veuve Clicquot Ponsardin Taittinger
- Pernod Ricard
- Laurent Perrier
- Thiénot Bordeaux-Champagnes
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