Global Fortified Wine Market Scope:
Fortified wine is type of wine that is prepared with the mixture of additional alcohol, which is typically some form of distilled spirit like brandy. The process is taken forward to ameliorate the wine flavor and increase the alcohol composition in the wine, ranging from 17 to 20%. These wines are available in three distinctive forms namely medium, dry and sweet. These wines are aged within wood casks. This, in turn, further improves the organoleptic properties of the wine and makes it much more appealing in taste. The global Fortified Wine Market Insights is expected to garner a compound annual growth of 2.30% during the forecast period.
Fortified Wine Market Size was valued at USD 13.2 billion in 2022. The Fortified Wine market industry is projected to grow from USD 13.50 Billion in 2023 to USD 16.19 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 2.30% during the forecast period (2023 - 2032).
The market is driven primarily by the increasing population of alcohol consumers that ranges between the age group of 19 to 25. The developing economic conditions and high disposable income boast major influence over the growth of the market. The market is also driven by increasing demand for premium alcohol types. The availability of numerous product categories and types in fortified wines aids in the growth of the global market. Add to this, increasing focus upon research and development activities has brought-forward innovations in the industry through varying flavor types or packaging. This too is fueling the market growth of the global fortified wine market.
Market Segmentation:
The global fortified wine market segmentation is based in terms of taste, wine type, and distribution channel.
By taste, the market includes dry, sweet, and medium tastes. Herein, the market is dominated by the dry wine segment. Consumers are preferring dry tasting fortified wines due to the increasing inclination and popularity of consuming authentic flavored wine varieties. Additionally, the consumption of sweet wine is seeing increasing popularity across various noteworthy regions.
By type, the market includes sherry, port wine, vermount, and others. The sherry segment holds a dominant portion of the market and is expected to cement its position in the forthcoming years with added growth and expansion.
By distribution channel, the market for fortified wines divides into store-based and non-store based distributional channel. Sales of fortified wines is found to be dominant in the store based channels via the specialty retailers as it provides a one-stop shopping experience to the consumers.
Regional Analysis:
The global Fortified Wine Market Outlook is regionally segmented into the following key regions: Asia Pacific, Europe, North America, and Rest of the World (RoW).
Europe dominates the global fortified wine market with the highest share portion compared to other mentioned regions. The developing economy in Europe has sprung a change in consumer lifestyle and this is expected to be a major driver of the region in the forthcoming years. The region is expected to attain increasing growth and surpass its revenue pool by the end of the forecast period.
It is also reported that the changing preferences of consumers concerning alcoholic beverages will aid in stimulating a positive demand for the fortified wine market across various regions in the coming years. The major importers of fortified wines across the globe are the UK, the US, Germany, Canada, and China. Due to the higher demand of alcoholic beverages that comprises of distinctive and refreshing flavors, the import and export rate of fortified wine across developing regions is expected to rise at a notable pace.
Competitive Landscape:
The global fortified wines market comprises of a vast pool of key players that are bringing-in different ideas and innovation to develop new varieties and flavor additions of the product. This is strategically aiding the players to not only gain an upper hand in the market but also to edge past their competitors. Some of major market players reported by MRFR are Davide Campari-Milano S.p.A. (Italy), E & J Gallo Winery (U.S.), Gancia (Italy) Bacardi Limited (U.K.), The Wine Group (U.S.), Anchor Brewing Company (U.S.), Atsby Vermouth (U.S.), and others.
Industry News:
April 3rd, 2019, Constellation Brands Inc. announced in a release one of the biggest acquisitions in the wine industry of America’s history. The deal counting up to $1.7 billion is slated to sell more 30 low-priced wines and spirit brands alongside notable brand tie-ups with Mark West and Ravenswood.
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