By 2021, France will continue to dwarf other major champagne drinking markets with 102.2 million litres in volume sales, more than quadruple the UK and US, which are projected to reach 22.6 million and 20.2 million litres, respectively.
Although sales of Prosecco have been reported to out-sparkle Champagne recently, Euromonitor predicts that global sales of Champagne will grow at an estimated rate of 7% in real USD value terms this year with continued strong demand for the sparkling wine in the US market.
The uptick in Champagne sales contrasts with the years of softened sales seen in recent years, growing at 1% and 2% between 2013 and 2017.
'Experiential luxury' keeps Champagne afloat
Consumer interest in luxury goods has shifted from ownership (such as timepieces, jewelry, and leather goods) to luxury experiences and lifestyle accelerating the sales of fine wines/champagne and spirits, which are outpacing all other luxury categories in terms of growth in 2017, according to Euromonitor.
“A renewed focus on the drinking ritual and the ceremony around the serve, a re-discovery of half-forgotten and rather theatrical champagne protocols like the ‘art of sabrage’ that is once more gaining traction,” Euromonitor senior alcoholic drinks analyst, Spiros Malandrakis, said.
“Occasion, prestige and exclusivity will also remain the category’s key attributes but adding a bit of playfulness, experimentation and innovation to the mix will be vital for retaining its relevance.”
Regional diversification will also be crucial to Champagne’s future growth, as producers must look beyond more developed Western markets such as Europe and the US, Euromonitor said.