Exploring the sparkling wine market in Ukraine

Abstract

The sparkling wine market is a dynamic segment of the global wine industry which is developing at a significant pace. Producers are diversifying their offerings to satisfy the needs of a wide range of consumers. Sparkling wine is the favourite for post-pandemic consumption across all categories. In 2022, the sparkling wine market reached a valuation of USD 54.9 billion and is projected to grow at a Compound Annual Growth Rate (CAGR) of 4.7% from 2023 to 2032. Different types of sparkling wines were gaining popularity, including champagne, prosecco, cava and others, thanks to which participants in the wine distribution chain can expand the assortment of their portfolios according to demand and supply, taking into account the factors that affect the development of the market. Sparkling wines have gained a significant popularity on a global scale over the past two decades. Currently, the global output is approximately 2.5 billion bottles, accounting for nearly 8% of the total wine production worldwide, which reaches 35 billion bottles. The Ukrainian market accounts for nearly 2% of the volume of the Eastern European sparkling wine market, so it developed at a significant pace in Ukraine, even without taking into account the negative factors of influence, such as the war, that became a challenge for all types of Ukrainian businesses, and the most significant drop in the wine market was in the sparkling wine segment, but as early as 2023, stabilization and confident growth in sales volumes had taken place. The purpose of the article is to determine the specifics of the development of the sparkling wine market in Ukraine and the world, the factors influencing this development as well as the analysis of the dynamics of key indicators of the sparkling wine market in Ukraine, including sales volumes from major players (producers and wholesalers), the dynamics of imports. External and internal factors affecting the sparkling wine market are given. During this study, fundamental scientific metho­dologies were used, including analysis, synthesis, comparison, selection, generalization, and systematic organization of information. In the dynamic sparkling wine market, the study of its system opens up wide research opportu­nities, taking into account the change in consumer preferences, technological progress.