Champagne Market Size, Share, Growth Analysis, By Price Point(Economy, Mid-Range, Luxury), By Distribution Channel(Supermarket, Specialty Stores, Online), By Product Outlook(Prestige Cuvée, Blanc De Noirs, Blanc De Blancs, Rosé Champagne), By Region - Industry Forecast 2024-2031

Champagne Market size was valued at USD 6.78 billion in 2019 and is poised to grow from USD 7.2 billion in 2023 to USD 12.37 billion by 2031, growing at a CAGR of 6.2% in the forecast period (2024-2031).

Champagne is a sparkling wine produced in France's Champagne region. This alcoholic beverage is made with specific grape varieties such as Pinot Noir, Pinot Meunier, Chardonnay, Pinot Blanc, and others, as well as specialized agricultural methods.

Champagne has been served at sporting events, anniversaries, celebrations, weddings, joyous occasions, and corporate gatherings for decades. The growing economic growth of developing countries could pose a considerable factor that is driving the growth of the global champagne market in other regions during the forecast period. To meet rising consumer demand for champagne, manufacturers have developed a variety of flavours to appeal to a wide range of palates.

There is no single wine category that has been more severely impacted by the COVID-19 pandemic than Champagne. Between April and August 2020, the industry's turnover fell by one-third, equating to approximately $2 billion in revenue. Approximately 100 million bottles of Champagne went unsold. Premium brands took a particularly hard hit. Champagne sales, on the other hand, are now on the rise.

The decline was unsurprising. Champagne is closely associated with happy occasions. There was little to celebrate amid a global pandemic. Even if there were, the worldwide lockdowns made it nearly impossible for large groups of people to congregate.

US Champagne Market is poised to grow at a sustainable CAGR for the next forecast year.