Alcoholic Drinks 2026, the Brand Finance study, shows a market in selection: consumption slows, yet some brands gain value. Champagne strengthens its position, led by Moët & Chandon and Veuve Clicquot, while four of six still wine brands decline. Aperol, Martini and Campari benefit from recognizable consumption occasions, offering Italian wineries a lesson in building identity.
The global market for alcoholic beverages is going through a phase of selection: consumption is slowing, but some brands continue to gain value. This emerges from Alcoholic Drinks 2026, the Brand Finance study that analyzes the main international beer, spirits and wine brands. In the wine sector the picture is particularly significant: Champagne strengthens its positioning, while several still wine brands lose ground. A gap that invites reflection on the valorization strategies adopted by companies.wine brands
Champagne, value grows even in a difficult market
The ten most valuable Champagne and wine brands together reach 8.2 billion dollars. Moët & Chandon remains in the lead, with an estimated value of 2.32 billion, up 12% on 2025. Veuve Clicquot rises from fourth to second place, thanks to growth of 39%, which brings its value to 1.43 billion. Dom Pérignon also advances, with a 21% increase to 300 million dollars.
The three brands with the highest growth are therefore all Champagne producers. A dynamic that fits into a context of difficulty for the category, but highlights the ability of the most recognizable brands to defend their positioning. As Henry Farr, global head of alcoholic beverages at Brand Finance, observes, consumers drink less wine, but are still willing to spend on brands associated with meaningful occasions. Commercial strength, in this case, depends not only on the product, but also on its link with celebrations, gifts and special moments.
Still wine, four brands out of six lose value
The ranking tells a different story for still wine. Penfolds records the sharpest decline, with a 32% drop to 776 million dollars, falling from third to fourth place. Changyu slips back 22% to 641 million, Beringer loses 16% and settles at 448 million, while Yellow Tail falls 14% to 482 million.
Barefoot moves against the trend, growing 2% to reach 1.26 billion dollars, taking third place overall. The Californian brand is also the strongest in the Champagne & Wine ranking: its Brand Strength Index (BSI) is 85.1 out of 100, with an AAA rating. The index considers elements such as awareness, reputation and consumer loyalty.
Carlo Rossi also grows, with an 8% increase to 313 million dollars. It is the only other still wine brand in the top ten to record an increase in value. The contraction does not concern only individual brands. According to the International Organisation of Vine and Wine (OIV), in 2025 world consumption fell by almost 3%, to 208 million hectolitres.In this scenario, the ability to stand out and maintain a relationship with the public becomes even more important.
Aperol, Martini and Campari: the strength of the consumption occasion
While still wine faces difficulties, Italian aperitif brands show a significant ability to create value. In the world ranking of spirits, Aperol reaches a value of 1.1 billion dollars, Martini stands at 707 million and Campari at 499 million. Together they exceed 2.3 billion.
Aperol is the world’s leading brand in the aperitif subcategory. Martini advances from 41st to 40th place in the overall spirits ranking, while Campari moves from 50th to 46th. Martini also features among the ten strongest spirits brands, with a BSI of 85.1.
The overall picture of the sector remains challenging: the fifty most valuable spirits brands are worth 161 billion dollars, almost 4% less than in 2025. Yet, in the first half of 2026 Campari Group recorded organic growth of 3.3% for Aperol and 2.3% for Campari.
The difference also lies in the ability to cover an immediately recognizable consumption occasion. Spritz and aperitivo have become experiences that are easy to communicate and replicate in international markets. Not only a drink is sold: a ritual, a context and a way of being together are proposed.
Territory is not enough
These results do not show that Champagne is destined to grow forever or that still wine must necessarily lose value. They show, rather, how important it is to build a recognizable offer at a time when consumers are reducing consumption and being more selective in their purchases.
For Italian wineries the challenge is to enhance territory, grape variety and denomination without turning them into a narrative that talks only about itself. It is necessary to explain why to choose a wine, on which occasion to drink it and what experience it can offer, maintaining coherence between quality, price, distribution and communication.
Not all companies need to chase luxury: for some it will be more effective to cover an accessible segment, for others to strengthen premium positioning or develop the link with restaurants and wine tourism. The point is to identify a precise direction and sustain it over time.
Territory is an asset, but it is not automatically a brand strategy. In a market that consumes, the priority is to turn productive peculiarities into an identity that is understandable abroad, able to stand out and justify its value. The question for Italian wine today is not only how much to produce and sell, but which place to win in consumers’ lives.
Key points:
- Champagne gains value: Moët & Chandon reaches 2.32 billion dollars, while Veuve Clicquot climbs to second place.
- Four of six still wine brands lose value, led by Penfolds with a 32% decline.
- Aperol, Martini and Campari together exceed 2.3 billion dollars thanks to a recognizable aperitif ritual.
- Consumers drink less wine yet spend on brands tied to celebrations, gifts and special moments.
- Italian wineries need a precise direction that turns territory into a recognizable identity.
