Cyprus: Champagne Market 2024

Champagne Market Size in Cyprus

In 2021, the Cypriot champagne market increased by 51% to $X for the first time since 2018, thus ending a two-year declining trend. In general, the total consumption indicated a strong expansion from 2012 to 2021: its value increased at an average annual rate of +6.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Champagne Exports

Exports from Cyprus

Champagne exports from Cyprus skyrocketed to X tons in 2021, picking up by 41% on the previous year. Overall, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2013 with an increase of 20,370% against the previous year. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2021, the exports remained at a lower figure.

In value terms, champagne exports skyrocketed to $X in 2021. Over the period under review, exports continue to indicate significant growth. The pace of growth was the most pronounced in 2013 when exports increased by 9,370% against the previous year. Over the period under review, the exports attained the maximum at $X in 2019; however, from 2020 to 2021, the exports failed to regain momentum.

Exports by Country

Algeria (X tons) was the main destination for champagne exports from Cyprus, accounting for a 87% share of total exports. Moreover, champagne exports to Algeria exceeded the volume sent to the second major destination, Tunisia (X kg), tenfold.

From 2012 to 2021, the average annual growth rate of volume to Algeria totaled +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (-38.7% per year) and British Virgin Islands (0.0% per year).

In value terms, Algeria ($X) remains the key foreign market for champagne exports from Cyprus, comprising 88% of total exports. The second position in the ranking was taken by Tunisia ($X), with a 9% share of total exports.

From 2012 to 2021, the average annual growth rate of value to Algeria amounted to +1.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: Tunisia (-37.3% per year) and British Virgin Islands (0.0% per year).

Export Prices by Country

In 2021, the average champagne export price amounted to $X per ton, which is down by -5.5% against the previous year. Overall, the export price showed a noticeable setback. The growth pace was the most rapid in 2020 when the average export price increased by 6.5%. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, amid the top suppliers, the country with the highest price was Algeria ($X per ton), while the average price for exports to British Virgin Islands ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Tunisia (+2.2%).

Champagne Imports

Imports into Cyprus

In 2021, the amount of champagne imported into Cyprus surged to X tons, growing by 34% on the year before. Over the period under review, total imports indicated a prominent increase from 2012 to 2021: its volume increased at an average annual rate of +7.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2017 when imports increased by 54% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the immediate term.

In value terms, champagne imports surged to $X in 2021. In general, total imports indicated a prominent expansion from 2012 to 2021: its value increased at an average annual rate of +7.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

France (X tons), Italy (X tons) and the Netherlands (X tons) were the main suppliers of champagne imports to Cyprus, together comprising 88% of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Italy (with a CAGR of +35.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X) constituted the largest supplier of champagne to Cyprus, comprising 55% of total imports. The second position in the ranking was held by Italy ($X), with a 16% share of total imports. It was followed by Belgium, with an 11% share.

From 2012 to 2021, the average annual rate of growth in terms of value from France stood at +3.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (+52.5% per year) and Belgium (+8.6% per year).

Import Prices by Country

In 2021, the average champagne import price amounted to $X per ton, picking up by 18% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 30%. Over the period under review, average import prices attained the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Italy ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+12.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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