Is Champagne the Dark Horse of Fine Wine in 2025?

As we cross the halfway point of 2025, the Champagne market continues to reveal a tale of two trajectories. Domestic demand in France showing signs of fatigue while exports, especially outside of Europe, are providing some much-needed optimism.

A Slow Start, But Cause for Optimism

The latest shipment data up to June 2025 reports 105.4 million bottles of Champagne dispatched globally, a minor year-on-year decline of 1.25% compared to the same period in 2024. But as always, the devil is in the detail. France, historically the bedrock of consumption, has seen shipments drop 5.2% to 41 million bottles. However, international demand particularly outside Europe is painting a brighter picture.

Exports outside Europe, namely to the United States, United Kingdom, and Japan, grew 3.8%, reaching 46 million bottles. Meanwhile, intra-European shipments dipped slightly by 3.4% to 18.5 million bottles. For investors, this signals a potential geographic rebalancing with global Champagne appetite pivoting towards dynamic non-European markets.

Big Brands Rebound

Following a challenging period for some of the region’s biggest names, green shoots of recovery are emerging, particularly in the US. Moët Hennessy’s flagships, Veuve Clicquot and Moët & Chandon, have rebounded impressively.

According to NielsenIQ, Veuve Clicquot’s volume grew 6.9% in the US during the first half of 2025, with sales value up 5.7%. Moët & Chandon showed even stronger performance, volume increased 9.1%, while value rose 7.6%. These figures follow a lacklustre 2024, when both brands experienced notable declines. The turnaround is encouraging and reaffirms the enduring global appeal of prestige Champagne labels, especially in more resilient markets like North America.

UK Sees Sparkling Performance

June was a standout month for the UK. Volumes surged by 8.9% across all Champagne shipments, although average values dipped slightly by 1.2%. Despite the modest price correction, demand held strong, a reflection of the UK’s continued role as a key player in the global fine wine ecosystem.

Interestingly, the top 15 global markets recorded a combined volume increase of 10.9% and value growth of 11.3% in June alone. This resurgence in international demand offers a compelling reminder that fine wine, particularly Champagne, remains a global asset class, one that often reacts differently to regional economic headwinds.

Harvest Decisions Ahead

The Champagne Comité (CIVC) is expected to make a crucial decision later this month on the permitted yield for the upcoming 2025 harvest. This will be informed largely by current shipment levels and market balance.

There’s tension in the air. Growers, who are paid by the kilo, naturally prefer a higher yield while Champagne houses are wary of oversupply amid sluggish domestic consumption. Stocks in Champagne cellars remain historically high, with reserves equating to more than five years of supply. This oversupply situation may tip the scale toward a more conservative yield cap.

To provide context, the 2024 harvest was set at 10,000 kg/ha, a reduction of 1,400 kg/ha from 2023. With total shipments last year down 9.3% from 2023, voices within the region are already calling for further reductions. A figure as low as 8,000 kg/ha is being floated, translating to around 230 million bottles.

What This Means for Investors

For those already invested in Champagne or considering exposure, this moment represents a fascinating pivot point. Supply-side constraints, rebounding demand from non-European markets, and brand resilience are shaping a landscape filled with opportunity.

As Champagne producers tighten production and global demand recalibrates, scarcity could bolster long-term value, particularly for cuvées from established maisons and those tied to standout vintages. For collectors and investors alike, the current climate offers strategic openings to acquire high-potential assets before the broader market catches on.

At Moncharm Wine Traders, we continue to monitor these dynamics closely. Our role is to provide clarity in complexity and help our clients position themselves in ways that maximise both enjoyment and returns.

Looking to diversify your portfolio with Champagne or other standout wine regions? Get in touch today to explore bespoke fine wine investment opportunities tailored to your goals.