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 escalate market growth.
According to Market Research Future (MRFR), the global fortified wine market is expected to reach USD 14 BN by 2024, registering 1.2% CAGR throughout the forecast period (2019 – 2024). Growing demand for new flavors and variations impact the market growth positively. There have been various new products introduced in the market recently. These innovations include tropical lines fortified fruit wines featuring Tangerine, Mango, Kiwi, Lemon, Seyval Blanc, passionfruit, pineapple grapes, and many others.
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Besides, fortified wines and dessert-style wines are some of the recent market trends boosting the market growth. These trends are proliferating due to 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, a 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.
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 incorporate strategic initiatives such as mergers & acquisitions, collaboration, expansion, and product/technology launch.
Continually changing consumer demands and preferences encourage industry players to develop fortified wine adding innovative fortifying ingredients with various types of spice & 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 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, 2020 – 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 on 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.
Global Fortified Wine Market 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.
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, heading with the next highest overall consumption of alcohol. Moreover, the high disposable income of demographics and increasing contributions from the US and Canada market drive the market growth. Also, a vast consumer base in the region due to the popularity of fortified wine among demographics boosts 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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