Fortified Wine Market Outlook
The global fortified wine market is growing continually. The market growth attributes to the spurting rise in the global average consumption of alcohol per capita per year. Besides, factors such as the surging demand for fortified wine in several social and public events are the primary driving force behind the market growth. Also, changing consumption patterns influence the growth of the market. Moreover, the introduction of new and innovative changes in fortified wine escalates market growth.
According to Market Research Future (MRFR), the global fortified wine market is expected to garner a revenue of USD 15 billion by 2024 with a CAGR of approximately 2.30% during the forecast period, 2021–2027. Wine is being recognized as one of the major preferences of global consumers when it comes to the target audience attending social events and parties. As per a study that has been put forward by the European Association of Wine Economists and the Chaire Vins et Spiritueux de INSEECU that the wine consumption frequency is increasing at a significant rate in the global market premises. The promotions for the consumption of wine began in May 2020, amid the pandemic.
Besides, fortified wines and dessert-style wines are some of the recent market trends boosting the market growth. These trends are proliferating due to a rising consumer base who wants more of a punch while still being super fruit-forward and easy to drink or a cocktail in a bottle. On the other hand, the high price of fortified wine is a significant factor expected to hamper the growth of the market. Nevertheless, changing lifestyles and improving per-capita disposable income would support market growth throughout the review period, increasing the absorption of alcoholic beverages.
Fortified Wine Market –Segments
The report is segmented into three dynamics.
By Type: Port, Sherry, Vermouth, and others.
By Distribution Channel: Store-Based (Supermarkets & Hypermarkets, Specialty Stores, others) and Non-Store-Based.
By Regions: Europe, Americas, Asia Pacific, and the Rest-of-the-World.
Global Fortified Wine Market – Regional Analysis
Europe dominates the global fortified wine market, accounting for the highest per capita consumption of pure alcohol worldwide. The largest market share attributes to the presence of many notable players and a large consumer base of alcoholic beverages. Besides, the high consumption of wine in the region and rising per capita incomes drive the market growth.
Additionally, the relaxation in alcoholic beverages production regulations in the region positively impacts the growth of the market. The major country-level markets contributing to the regional market growth are France, Italy, Portugal, and Spain. The European fortified wine market is expected to retain its dominance throughout the forecast period.
North America stands second in the global fortified wine market by types heading with the next highest overall consumption of alcohol. Moreover, the high disposable income of demographics and increasing contributions from the US and Canadian markets drive the market growth. Also, a vast consumer base in the region due to the popularity of fortified wine among demographics boosts the market growth. The North American fortified wine market is expected to create a larger revenue pocket during the assessment period.
The fortified wines market in the Asia Pacific region is an emerging market globally. Factors such as improving economic conditions and changing lifestyles foster the growth of the regional market, predominantly. Besides, the increasing consumption of alcoholic beverages in the region increases the market size. China being the major consumption center, contributes to the regional market growth majorly, followed by India. The APAC fortified wine market is projected to grow at an impressive CAGR during the estimated period.
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Fortified Wine Market – Competitive Analysis
Highly competitive, the fortified wine market appears fragmented due to the presence of several well-established players. To gain a substantially larger share in the market, players in corporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launches.
Continually changing consumer demands and preferences encourage industry players to develop fortified wine adding innovative fortifying ingredients with various types of spices & flavors. To expand their global footprints and product portfolio, industry players make substantial investments. Players compete based on variety, quality, price, reputation, and distribution.
Players leading the global fortified wine market demand include Davide Campari-Milano S.p.A(Italy), Bacardi Limited (UK), The Wine Group (US), Anchor Brewing Company (US), E&J Gallo Winery (US), Atsby Vermouth (US), Imbue (US), Gancia (Italy), Symington Family Estates (Portugal), McWilliam’s Wines Group Ltd (Australia), Sogrape Vinhos, S.A. (Portugal), Bodegas Lustau (Spain), and González Byass (Spain), and others.
Industry/ Innovation/ Related News
July 02, 202 ---- Sommelier Awarded Wine Merchant & Producer Awards - 2020. Each year as part of the competition, Sommelier Wine Awards (SWA) honor merchants and producers that picked up a significant idea. Sogevinus Fine Wines was awarded the Fortified Producer of The Year Award. The judges talked high about the freshness and vibrancy of these wines. This is the second time in the thirteen-year long history of the competition that this title has been awarded.
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