Champagne in 2026: the commercial implication of declining yields and a 20-year shipment low

Champagne shipped 326 million bottles in 2022. By 2025, that figure had dropped to 266 million. The category lost 60 million bottles of annual volume in three years – a decline of 18% from peak – while simultaneously dealing with overstock in its major export markets, a domestic French market in structural retreat, and a house-level financial crisis that became visible when Maison Pommery’s €754 million net debt against €293 million in revenue ended exclusive talks with Henkell Freixenet without agreement.

And yet the first half of 2026 is showing early signs of something different. Champagne shipments reached 107.1 million bottles in H1 2026, up 1.2%, driven by exports. LVMH’s Wines & Spirits division – which includes Moët & Chandon, Dom Pérignon, Veuve Clicquot, Krug, and Ruinart – reported organic revenue growth of 5% and profit from recurring operations up 11% in H1 2026, with champagne specifically named as showing “encouraging signs, in particular for prestige cuvées.” The category is beginning to stabilise. The question for commercial teams is understanding which parts of champagne are actually recovering, which are still under pressure, and what the 2026 harvest yield decision tells you about where the industry thinks it is going.