The Global Champagne Market Continues To Grow Owing To the Increase of Disposable Income and High Standard Of Living in Individuals across the Globe and Innovative Brand Marketing By Manufacturers

 

Champagne Market

Champagne is a French sparkling wine. Champagne is used as a general term for all sparkling wines, but within the EU and some other countries, it's illegal to label any drink other than champagne if it was made in the Champagne region of France and belongs to the same appellation as the original. However, in the rest of the EU, it is perfectly acceptable to use the term "Cabernet” if the wine doesn't come from the same region as champagne. Champagne is made by combining grapes juice with sugar water which is boiled and then evaporated to give the clear, sparkling, and carbonated beverage. The type of grape determines the flavor of the finished champagne. Grapes used for champagne are usually based on the species of grapes used for producing wine itself, but this is of little consequence as all grape varieties have their special characteristics when making a great bottle of champagne.

Market Dynamics                                               

The main factors influencing the growth of the champagne market are rapid brand awareness, innovative marketing, developing economic conditions, and an increase in champagne consumption in developing nations. For instance, according to Comite Champagne (a trade association of Champagne manufacturers), in 2018, the global champagne market was generating a revenue of approximately US$ 5.6 billion annually. Additionally, the rapid increase of disposable income and the high standards of living are expected to propel the market growth.

However, the high cost of premium champagnes and the dedicated audience is the main restraining factors hindering the growth of the champagne market.

This market is distributed in five regions that include Asia-Pacific, North America, Europe, Africa, and the Middle East, and Latin America. Among these, Europe is estimated to hold a significant share of the champagne market owing to the rise in disposable income and high standard of living in the region. For instance, according to a report by National Statistics (U.K.), the gross average disposable income in the U.K. in 2018 was approximately US$ 32,502. Moreover, the presence of key players in the region is expected to propel the market growth in the region. The champagne market in the Asia Pacific is estimated to witness significant growth owing to the high demand for premium champagne coming from nations such as China, Japan, and Australia, among others.

Competitive Analysis

Key players operating in the Champagne market icnlude, Bollinger, Pernod Ricard SA, Champagne Cattier, Krug Champagne, Champagne Pol Roger, Champagne Lanson, Louis Roederer, Champagne Pommery, Piper-Heidsieck, Laurent-Perrier, Nicolas Feuillatte, and Moet & Chandon.

In February 2021, Jay-Z announced he is teaming up with Moët Hennessy Louis Vuitton (LVMH), to expand his luxury champagne brand. In April 2019, Moet & Chandon introduced its new collection of champagne called the Grand Vintage 2012.

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