champagne market

Rise in demand for premium quality luxury products and Increase in disposable income due to rapid urbanization augment the growth of the global champagne market

WILMINGTON, DELAWARE, UNITED STATES, May 2, 2024 /EINPresswire.com/ -- As per the report published by Allied Market Research, the global champagne industry garnered $5.96 billion in 2018, and is projected to garner $7.41 billion by 2026, witnessing a CAGR of 3.2% from 2019 to 2026. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.

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Increase in demand for premium quality luxury products and rise in disposable income due to rapid urbanization propel the growth of the global champagne market. However, implementation of stringent government policies toward advertisement and distribution and selective distribution of products impede the market growth. On the other hand, providing selected standardized premium products to retailers and other distributers and developing markets offer lucrative opportunities to the market players.

Rise in demand for premium quality luxury products and Increase in disposable income due to rapid urbanization augment the growth of the global champagne market. Based on price point, the economy segment held the lion’s share.

The key market players analyzed in the report involves

Centre Vinicole - Champagne Nicolas Feuillatte, Laurent Perrier, Pernod Ricard, LANSON-BCC, Thiénot Bordeaux-Champagnes, Piper-Heidsieck, Pommery, Veuve Clicquot Ponsardin, Louis Vuitton SE, and Taittinger.

COVID-19 Scenarios:

The global pandemic has caused the champagne industry to a standstill as the countries with major market players have been affected severely. On the other hand,the cancellation of maximum gatherings and social meet-ups and haltsof other supporting sectors have restrained the market growth. Moreover, the stringent rules and global lockdown have also urged other stakeholders in the champagne market to curtail down the production.

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The global champagne market is segmented on theprice point, distribution channel, and region. Based onprice point, the market is divided into economy, mid-range, and luxury. The economy segment accounted for around two-thirds of the total share of the global champagne market in 2019. In addition, the same segment is expected to portray the largest CAGR of 3.3% from 2019 to 2026.

Based on distribution channel, the market is segmented on the basis ofsupermarket/hypermarket, specialty stores, on trade, and others. The supermarket/hypermarket segment accounted for the largest market share with more than one-third of the total share in 2019, and is estimated to maintain its lead position throughout the forecast period. Contrarily, the on-trade segment is expected to register the fastest CAGR of 3.9% from 2019 to 2026.

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Based on region, Europe accounted for the highest share, holding nearly three-fourths of the total share in 2019, and is estimated to maintain its dominant share during the forecast period. On the other hand, the Asia-Pacific region is also anticipated to manifest the fastest CAGR of 4.7% from 2019 to 2026. The market also analyses regions including Europe, North America, and LAMEA.

David Correa
Allied Market Research
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