Champagne Market to Surpass 12.37 Billion by 2030 Drives Due to the Rising Trend of Socialization
SkyQuest projects that the champagne market will attain a value of USD 12.37 billion by 2030, with a CAGR of 6.2% over the forecast period (2023-2030). The market is experiencing growth, driven by several factors. One prominent factor is the rising socialization trend, particularly among the younger population. The desire for social interaction and the enjoyment of celebratory moments contribute to the increased consumption of champagne.
Westford, USA, June 22, 2023 (GLOBE NEWSWIRE) — According to SkyQuest, emerging markets are experiencing a growth in acceptance of alcohol consumption, contributing to the champagne market’s expansion. Various factors, including the increasing demand for small quantities of alcohol for special occasions, drive this acceptance. Consumers in these markets seek alcoholic beverages for celebratory moments and social gatherings.
Browse in-depth TOC on “Champagne Market.”
- Pages – 212
- Tables – 92
- Figures – 76
Champagne is a term used to describe sparkling wine from the Champagne region in France. This renowned alcoholic beverage is crafted through a precise winemaking process using specific grape varieties such as Pinot Noir, Pinot Meunier, Chardonnay, Pinot Blanc, and others.
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Prominent Players in Champagne Market
- Moët & Chandon
- Veuve Clicquot Ponsardin
- G.H. Mumm
- Nicolas Feuillatte
- Pol Roger
- Charles Heidsieck
- Palmer & Co.
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Off-Trade Channels Segment is Expected to Grow the Market Due to the Higher Visibility of Liquor Shops
The off-trade channels dominated the global market, holding a substantial share of over 85%. This can be attributed to the high market visibility of liquor shops, which serve as a primary purchasing source for consumers. Compared to buying champagne at a bar or restaurant, purchasing from a store offers the advantage of lower costs per bottle, making it a more financially attractive option for consumers.
The markets in Europe stand as the largest regional market, holding a significant share of over 65% of the global revenue. This dominance is expected to continue in the predictable future, driven by the strong acceptance of champagne among consumers in key European countries such as the U.K., France, Belgium, and Germany.
Supermarket/Hypermarket Segment is Expected to Dominate the Market Due to Changing Consumer Preferences
The market for champagne witnessed a significant presence in the supermarket/hypermarket category, playing a substantial role as a distribution channel. However, emerging demand for on-trade distribution channels is driven by changing consumer preferences, primarily influenced by increased disposable income. The rise in younger demographics and a shift in consumer preferences towards socializing in pubs and restaurants contribute to the growth of the on-trade distribution channel.
Regional markets in the Asia Pacific region are projected to experience rapid growth, with a CAGR of 6.6% from 2023 to 2025. This significant growth can be attributed to increasing product consumption in countries such as Australia, Japan, China, Hong Kong, and Taiwan. Several factors contribute to this upward trend, including evolving lifestyles, a surge in disposable income, the influence of pop culture, and the expanding availability of international champagne brands.
A comprehensive analysis of the major players in the champagne market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Champagne Market
- Laurent-Perrier, in 2022, unveiled the latest addition to their collection, the Grand Siècle Iteration No. 25. This limited-edition premium cuvée showcases a meticulous blend of three exceptional vintages, reflecting the brand’s commitment to delivering outstanding champagne experiences.
- Champagne Devaux, a prominent co-operative in the Côte des Bar region of southern Champagne, has made noteworthy strides in enhancing its environmental sustainability. In 2022, they highlighted their eco-friendly practices extending beyond vineyard farming.
Key Questions Answered in Champagne Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market’s future growth?
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