Fortified Wine Market Size, Share, Growth Statistics, Forecast 2032
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 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.
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.
Market Segmentation:
The global Fortified
Wine Market Overview 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 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.
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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