Sales of sparkling wines are expected to reach USD$84.6 billion by the end of the forecast period 2021-2031, registering a robust seven per cent compound annual growth rate (CAGR), according to a recently published market intelligence report by Fact.MR.
Furthermore, the market is anticipated to be valued at USD$43b by the end of the year. Demand is being spurred by an increase in disposable incomes, permitting purchases of premium alcoholic beverages.
From 2016 to 2020, prospects appeared quite modest as the industry registered a CAGR of 3%.
Prospects further dwindled during the COVID-19 outbreak, as the first wave prevented purchases due to the imposition of stringent lockdowns.
However, as the infection curve flattened, certain restrictions were lifted which permitted online delivery of sparkling wines.
Manufacturers are likely to discover highly lucrative growth prospects across the developing world. For instance, the Indian Council for Research on International Economic Relations (ICRIER) estimates the market to be worth USD$52.5b.
Hence, various sparkling wine providers such as Fratelli, Chandon Brut Rose and Sula Brut are making their debuts in the market.
A senior research analysist noted that, with the COVID-19 outbreak, e-commerce sales of sparkling wine set new records due to the surge in residential consumption of wine.
They also highlighted the emerging trend of consuming Champagne and wine at casual occasions could garner future demand.
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