Global Champagne Market: An Overview
The global champagne market is home to world’s best sparkling wines. It is expected to register healthy growth, thanks to an increasing emphasis on celebrating shared success, increased importance of defining individual milestones, and the timeless and fleeting realization of the impermanence of life.
Champagne is just a sparkling wine to many. However, it is almost sacrosanct during celebrations in many cultures. According to EU laws, the champagne market players cannot label their products as champagne unless the wine comes from the Champagne region of France. Additionally, EU also requires champagne to be produced under the strictly laid out rules of appellation. These rules dictate practices required for carbonation, sourcing of grapes, specific vineyard practices, and additionally region specific unique pressing methods.
Champagne market players focus on branding their products in line with royalties. Association of champagnes with royalty and nobilities has led to the mass popularity of the beverage with the growing middle class. Traditions of prestigious wine cellars have further fuelled the imagination of the mass appeal of the champagne market.
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Global Champagne Market: Notable Developments
- According to recent news reports, global warming is threatening the prospects of the champagne market. Earlier, harvest for grapes used to start during August. However, recent changes in temperatures are pushing it towards mid-to-late September. Furthermore, increasing temperatures and difficulty in maturation is resulting in lower acidity for grapes. Lower acidity can result in reduced freshness for wines.
Global Champagne Market: Key Trends
Emerging Markets Present an Enormous Opportunity
Recently, emerging markets are emerging as a key opportunity in the champagne market. Growing acceptance of alcohol consumption and growing demand for small quantities for special occasions are expected to drive growth in emerging markets. Growing acceptance of alcohol on non-religious grounds is growing hand-in-hand with increasing night life and peer-approval driven culture. Additionally, growing influx of social media is also taking lifestyle to much younger kids and establishing information sharing and peer connections among young people with limited experience to alcoholic beverages.
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Re-Branding and New Flavors to Promote Growth for the Champagne Market
In matured markets of Europe and North America, many people are trying to move away from alcohol-drinking traditions. In these markets, low-alcohol content, new flavors like fruity, candy, and nutty, and social gatherings are expected to drive robust growth for the champagne market. On the other hand, emerging markets in largely traditional societies such as India and China social harmony and social acceptance is extremely important. Consumption of alcohol revolves around prestige, social acceptance, and the experimentation journey of young people.
Global Champagne Market: Regional Outlook
The global champagne market is divided into main regions including North America, Europe, Asia Pacific, Latin America, Middle East & Africa. The global champagne market is likely to gross the highest revenue in North America, thanks to conventional importance of alcohol in ceremonies. Additionally, the global champagne market is expected to register the highest CAGR in Asia Pacific, thanks to a growing demand, rising disposable income, and growing support for wineries in the region.
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Global Champagne Market: Competitive Dynamics
The global champagne market depicts a competitive and fragmented landscape, thanks to a large number of small and large players. Additionally, the market houses various segments which provide various products and services to aid growth. Some key players in the global champagne market are Rémy Cointreau, Martel, Champagne Laurent-Perrier S.A.S., Moët Hennessy USA, Taittinger, and Vranken - Pommery Monopole.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
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