Champagne Export Prices Drop 8% in U.S. After Decade-Long Surge and New 15% Tariff

French wine and spirits exports, especially Champagne, are facing new challenges in 2025 as the United States imposes a 15% surtax on imported wines and spirits. This measure, which began in August 2024, comes after a decade of strong price increases for Champagne on the global market. According to the latest report from French Customs and Indirect Taxes published at the end of September 2025, Champagne remains the most valuable French wine export, with its value rising from €2.4 billion in 2014 to €3.9 billion in 2024—a 62% increase driven almost entirely by higher prices.

The United States is a key market for French wines and spirits, accounting for about 25% of total exports in this sector. In 2024, France exported €16.5 billion worth of wines and spirits worldwide, with the U.S., China, Singapore, and the United Kingdom as primary destinations. Champagne is particularly exposed to the American market: 20% of its exports go to the U.S., followed by 13% to the U.K., 8% to Singapore, and just 1% to China and Hong Kong combined.

Over the past ten years, the average export price of Champagne has climbed from €19.80 per liter to €32.20 per liter—a jump of 62%. The increase accelerated between 2019 and 2023, with prices rising by a third during that period. However, early data from 2025 show a reversal: the average export price to the U.S. dropped from €25 per liter in late 2024 to €23 per liter in early 2025, an 8% decrease. This follows two years (2022-2023) when consumer prices for Champagne in the U.S. rose by about 40%, according to industry sources.

The American market represents about 14% of global Champagne sales by value over the last six years, with revenues totaling €4.54 billion since 2019. The U.S. is also a high-value destination: except for a spike in 2020, average bottle prices sent to America are about 40% higher than the global average. In some years, such as 2019, that gap reached over 50%. Despite this premium positioning, price increases have been more moderate in the U.S. (+16%) compared to the global average (+27%) over the past five years.

The recent American surtax coincides with other economic pressures. The euro has weakened against the dollar—one euro now equals just $0.85—making imports more expensive for American buyers and prompting precautionary stockpiling earlier this year. At the same time, local sparkling wine producers in California are seeing new opportunities as imported Champagne becomes less affordable for U.S. consumers.

Champagne shipments have fluctuated over the past decade, with four years of growth and six years of decline globally since 2014. The French domestic market has seen nine years of falling sales out of ten. Changing consumer habits—less alcohol consumption overall, more interest in sustainability, and a preference for lower prices—are affecting demand.

Industry leaders acknowledge that recent price hikes may have gone too far. Stock levels are now at record highs: as of this year, there are an estimated 1.285 billion bottles in storage—enough for nearly five years’ worth of shipments at current rates. To address this surplus, Champagne producers have reduced yields for the upcoming harvests: from 12,000 kg per hectare in 2023 down to just 9,000 kg per hectare in 2025.

While some markets like Japan and South Korea have shown long-term growth potential for Champagne exports, others such as Germany and Belgium are at their lowest levels in decades. Meanwhile, France’s share of global Champagne sales by value has dropped from over half in 2011 to just over a third today; volumes have fallen by a quarter since then.

Inflation has also played a role: between 2022 and 2024, consumer prices in France rose by about 12%, but Champagne prices increased by nearly 20%. As producers adapt production levels and pricing strategies to changing global conditions—and as American tariffs reshape trade flows—the future direction of Champagne exports remains uncertain amid shifting economic realities and evolving consumer preferences worldwide.