Champagne-Market Report
Non-vintage champagnes are the preferred choice of consumers, due to their superior quality and reasonable price.
POTLAND, UNITED STATES, Oct. 6, 2022 /EINPresswire.com/ — According to a new report released by Allied Market Research, titled “Champagne Market by Price Point, and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2019-2026”, The global Champagne market size was valued at USD 5.8 Billion in 2018 and is projected to reach USD 7.4 Billion by 2026, growing at a CAGR of 3.2% during the forecast period. The market is expected to present an additional revenue opportunity of $1.6 billion from 2018 to 2026. Non-vintage Brut is the most popular champagne preferred by consumers, owing to its aroma, taste, quality and of its reasonable price.Champagne is an ideal choice of celebratory beverage for sporting events, weddings, corporate events, birthdays and Due to increasing disposable income, upper middle class consumers and of the middle income group have turned to drinking champagne as it is seen as a status symbol.
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The growth of the champagne market is propelled by the upsurge in demand for high quality luxury alcoholic beverages. Furthermore, the use of champagne as an ingredient in a wide range of cuisines is expected to drive the growth of the champagne market in the near future. Additionally, manufacturers are increasingly investing in R&D to come up with innovative champagne flavors to gain a competitive advantage over other players in the market.
The champagne market is segmented into price, distribution channel and region. By price, the market is categorized into economy, midrange, and luxury. The economy category of champagne in terms of price was the most preferred choice of champagne by consumers, due to the combination of quality and reasonable prices. The economy segment accounted for more than half of the market share in the global champagne market in 2018, and the trend is expected to be followed in the near future. However, the luxury segment is expected to grow at a significant rate in the near future, owing to the increase in consumers’ aspiration towards experiential luxury.
Based on distribution channel, the market is categorized into supermarket/hypermarket, specialty stores, retail and others. The supermarket/hypermarket segment led the market in terms of market share and is expected to grow at a significant growth rate over the forecast period owing to the expansion of organized retail in developing countries. The on-trade segment is expected to grow at the highest rate during the Champagne market forecast period. This is attributed to the upsurge in the number of luxury hotels, bars and restaurants and the increase in the number of consumers seeking an attractive ambience and exclusivity.
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By Region, the Champagne industry is analyzed in North America (United States, Canada, and Mexico), Europe (Germany, France, United Kingdom, Italy, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, Australia, South Korea, and rest of Asia-Pacific) and LAMEA (Middle East, Latin America and Africa). Europe has dominated the global champagne market, due to the high per capita consumption of champagne in the majority of countries in Europe, including France, Germany, Italy and the United Kingdom. France accounted for around half of the world’s champagne consumption in 2018. This is attributed to the fact that champagne is produced in the Champagne region of France, and is shipped to other parts of the country and exported around the world. Additionally, European consumers are attracted to new flavors of champagnes, which has further propelled the growth of the market. However, Asia-Pacific is expected to experience the highest CAGR, owing to the increase in the average spending of the middle and upper middle income population on luxury goods due to the increase in disposable income in the region.
Main results of the study
By price level, the economy segment is expected to grow the fastest, registering a significant CAGR of 3.3% during the forecast period and is expected to reach $5.0 billion by 2026.
In 2018, by distribution channel, the supermarket/hypermarket segment held the highest share, accounting for one-third of the global champagne market share.
In 2018, France was the largest market in the Europe region and accounted for around half of the global champagne market.
The main players profiled in this report are Laurent Perrier, Center Vinicole – Champagne Nicolas Feuillatte, Louis Vuitton SE, Taittinger, Pernod Ricard, LANSON-BCC, Thiénot Bordeaux-Champagnes, Piper-Heidsieck, Pommery and Veuve Clicquot Ponsardin.
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