A bubbly champagne harvest is great news for France and for wine lovers worldwide

(QZ) - What was supposed to be a good year for champagne is turning out to be a great year. France’s agriculture ministry revealed Thursday (Aug. 8) that champagne production, which was supposed to increase by 11% this year, is actually slated to jump by a whopping 56% compared to 2012.

A bumper harvest doesn’t necessarily equate to a “good year”—if there’s more wine than willing wine buyers, prices can get pinched, and the quality of the harvest is often as important as the quantity—but this year’s surprisingly hefty harvest is great news for sellers and buyers alike. The champagne industry, which sells over $5 billion in sparkling wine every year, has seen global consumption grow steadily over the past decade, but it’s also suffered a slew of disappointing news as of late. A hailstorm two weeks back destroyed entire vineyards across an over 17,000 acre (6,900 hectare) area, last year’s harvest was cripplingly poor, and global champagne shipments declined 4.4% despite steady growth in demand.

France consumes roughly half of the champagne it produces, but it relies on the rest of the world to drive the industry’s growth; the UK, US and Germany consume over 60 million bottles annually, and have shown little fatigue. The US, for one, saw its consumption jump another 13% last year. Japan, Belgium, Italy, Australia and Switzerland all import over 5 million bottles apiece each year. And then there are the industry’s fast-growing markets, which, while still relatively small, are exploding.