Fortified Wine Market to Grow at a Steady CAGR until 2025
Ongoing trend of fortification of wine with marijuana or
distilled spirit to drive global fortified wine market
According to TechSci Research report, “Global
Fortified
Wine Market
By Type (Port,
Sherry, Marsala, Madeira, Commandaria, Vermouth, Others), By
Distribution Channel (On-Trade, Off-Trade
(Supermarkets/Hypermarkets, Liquor Stores), By Style (Dry, Sweet, Medium
Dry, Medium Sweet), By Region, Forecast & Opportunities, 2025”, the
global market for fortified wine is expected to grow at a steady rate in the
forecast period. The trending craze for alcohol and premiumization are the
major factors driving the market across the globe. Fortified wines are the
wines which are fortified with additional alcohol or distilled spirits in order
to increase the alcohol content up to 16-17 percent. Many health benefits also
come along with the fortified wines, for instance, brandy is used to cure sore
throats which is also a kind of fortified wine. Additionally, legalization of
marijuana in the US has led to the launch of many marijuana infused fortified
wines. Moreover, premiumization has fueled the demand for new flavors and
varieties of fortified wines, which has eventually led to the growth of the
market. However, the rise in the imposed taxes on the consumption of alcohol
due to the strict government rules and regulations along with the inexpensive
surrogates are few factors that are likely to restrain the market.
The global fortified wine market is segmented
into type, distribution channel, style and region. Based on type, the market is
segmented into port, sherry, marsala, madeira, commandaria, vermouth and others.
On the basis of distribution channel, the market is bifurcated into on-trade
and off-trade. Off trade segment comprising of supermarket, hypermarkets and liquor
stores is expected to hold the largest share as it is highly convenient for the
consumer to buy the desired fortified wine via stores directly rather than
ordering it online and waiting for it. On the basis of style, the market can be
divided into dry, sweet, medium dry and medium sweet out of which, dry
fortified wine is likely to hold the largest share on the back of its low sugar
levels due to which, it can be consumed by every person, be it a diabetic or a
non-diabetic person.
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In
terms of regional analysis, Europe held the largest market share in fortified
wine and the trend is likely to continue in the coming years as well. This is
due to the presence of pre-existing wine manufacturing industries and the
innovations made by them in the aspect of new flavours and varieties. Asia-Pacific
region is expected to undergo the fastest growth in the market due to the
influence of western culture and high hospitality and developing tourism industry
in countries like India, Thailand, Singapore, etc.
Some of the leading players
in global fortified wine market include Liberty Wines Limited, Backsberg, Sogevinus
Fine Wines SL (Kopke), Taylor's Port, Albina & Hanna, Contratto, BACARDÍ, E.
& J. Gallo Winery, Gruppo Campari, The Wine Group, Davide Campari-Milano
S.p.A., Atsby Vermouth, Anchor Brewing Company, Gancia and Vinbros and Company,
etc. In order to expand their market share, companies adopt various strategies
like new product launches and many more to attract more customers. The robustly
varying preferences of the customers have led the wine manufacturers to launch
new and exotic wines into the market.
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“Global fortified wine market is anticipated to
witness a steady growth during the next five years as the major companies are
now concentrating on launching new and extraordinary flavors or fortified wines
to cater to the burgeoning demand of the customers. Additionally, the market is
expected to witness a robust growth in US too as after the legalization of marijuana,
marijuana infused wines are being introduced in the country,” said Mr. Karan
Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Global Fortified Wine Market By Type (Port, Sherry, Marsala, Madeira, Commandaria,
Vermouth, Others), By Distribution Channel (On-Trade, Off-Trade (Supermarkets/Hypermarkets, Liquor Stores),
By Style (Dry, Sweet, Medium Dry, Medium Sweet), By Region, Forecast &
Opportunities, 2025”, has evaluated the future growth potential of global fortified
wine market and provided statistics & information on market size, shares, structure
and future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in global fortified wine market.
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