Fortified Wine Market Growth & Trends
The global fortified wine market size is expected to reach USD 31.5 Billion by 2028, registering a CAGR of 12.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. Various health benefits and premiumization of wine products are the major driving factors of the market. Increasing demand for flavored wine products and various health benefits associated with the consumption of fortified wine will drive the industry's demand during the forecast period.
Fortified Wine Market Segmentation
Grand View Research has segmented the fortified wine market based on product, distribution channel, and region.
Based on the Product Insights, the market is segmented into Port wine, Vermouth, Sherry, Others.
- The vermouthsegment accounted for the largest market share of more than 65% in the global fortified wine market revenue in 2021 and is expected to expand at a CAGR of 12.4% from 2022 to 2028. The increasing use of vermouth wine as an antiseptic and medicinal drug to treat cold and viral diseases is expected to drive market growth. The rising demand for dessert wine from European countries like U.K., Germany, France, and Italy has projected market growth during the forecast period.
- The sherry segment is expected to expand with the fastest growth rate of 13.4% from 2022 to 2028. The increasing popularity of sherry wine among western consumers for a drink during dinner to keep the body warm has led to the upsurge of this segment. Various health benefits of sherry wine, such as maintaining cholesterol, and antioxidants, avoiding hypothermia, and many others, have projected the growth of this segment during the forecast period.
Based on the Distribution Channel Insights, the market is segmented into Pub, Bars & Restaurants, Internet Retailing, Liquor Stores , Supermarkets, Others.
- The liquor stores contributed a share of more than 35% in the global fortified wine market in 2021. The increasing number of liquor stores across the globe is driving the market. Various manufacturers are selling their products through offline channels, which is propelling the growth of the segment. In addition to this, easy access to diverse products through stores is likely to drive the segment growth. Liquor stores are expected to remain dominant in the forecast period due to improved distribution channel networks across the globe.
- The internet retailing segment of the fortified wine market is expected to register the fastest expansion, with a CAGR of 13.1% from 2022 to 2028. The rising adoption of the e-commerce sector among consumers, owing to the internet penetration rate, has witnessed lucrative growth in recent years. Several manufacturers are offering alcoholic products on their websites and on the e-commerce platforms, which, in turn, will drive the industry demand.
Fortified Wine Regional Outlook
- North America
- Europe
- Asia Pacific
- Central & South America
- Middle East and Africa (MEA)
Market Share Insights
- June 2021: & J. Gallo Winery has announced that the company will build a new production facility and distribution center with USD 423 billion investment to support its long-term innovation plans and future business growth. Such innovations are expected to boost the adoption rate of the product among consumers.
Key Companies Profile & Market Share Insights
The market is comprised of the presence of a large number of well-established players coupled with numerous domestic players, along with an existing strong distribution channel.
Some of the prominent players operating in the global fortified wine market include,
- E. & J. Gallo Winery
- Constellation Brands, Inc.
- Treasury Wine Estates
- Trinchero Family Estates
- Deutsch Family Wine & Spirits
- The Wine Group
- Liberty Wines Limited
- Precept Wine, LLC
- Michelle Wine Estate
- Backsberg
- Sogevinus Fine Wines SL (Kopke)
- Taylor's Port
- Albina & Hanna
Order a free sample PDF of the Fortified Wine Market Intelligence Study, published by Grand View Research.
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