The $6.2 million Melbourne Cup has become a very attractive prize for international horse racing identities.

It turns out the Melbourne Cup Carnival is a very attractive proposition for big international booze companies, too.

A major marquee sponsor at the Cup this year has been French champagne maker Mumm.

Michel Letter, the deputy managing director of Mumm Perrier-Jouet, explained the company's attraction to Australia amid the bustle of the Birdcage on Tuesday.

"The Australian market for Mumm is the second largest after France," the Frenchman told AAP.

He also said the Australian champagne market was No.8 in the world, and its love of bubbly was growing.

Quite a bit of the champagne in Australia - 10,000 bottles worth - is being drunk by the beautiful people in the exclusive Birdcage marquees during the Melbourne Cup Carnival.

While waiting for the big race, celebrity guests including US model Gigi Hadid and Ty Wood, son of Rolling Stone Ronnie Wood, were fuelled by fancy fizz and all manner of treats from leading Australian chefs.

Egg yolk carbonara with croutons and pecorino foam, fresh oysters, sashimi and bespoke gelato were among the snacks on offer.

International "caviar queen" Sara Morales even gave a lesson in how to eat caviar properly: "roll the roes" in your mouth is the trick, after cleansing the palate with, of course, champagne.

Australia's not getting too carried away, though - Cup-goers will munch their way through 60,000 party pies and sausage rolls during Cup week, with not a crouton to be seen.