This study analyses the champagne market as seen from France: the appellation's production, its operators, its sales by channel and its exports. Other sparkling wines are treated as competitors. It starts from the benchmark measure, the shipments published by the Comité Champagne, namely 266,1 million bottles and 5,7 billion euros in 2025, and explains why volumes have been falling since 2022 while value holds up thanks to prices. It describes a shrinking French market, with 15,5 % of households buying champagne in 2024 against 28,2 % in 2013, competition from crémants and prosecco, the weight of large retailers and the rise of private labels. It then details supply: vines held mainly by growers, land, a yield set each summer, stocks to be financed. It presents the Champagne houses, growers and cooperatives, as well as the accounts of LVMH, Laurent-Perrier, Lanson-BCC and Maison Pommery & Associés. It also covers dependence on exports, US customs duties, harvests and climate, and then
