Fortified Wine Market to Reach USD 38.23 Billion by 2030 due to Increasing Popularity of Wine as a Social Drink among Consumers Globally | Published by SNS Insider
Based on SNS Insider analysis, the increasing popularity of online wine retail platforms, making it easier for consumers to purchase a variety of fortified wines
Pune, March 31, 2023 (GLOBE NEWSWIRE) — As per SNS Insider’s report, the Fortified Wine Market was assessed at USD 15.11 billion in 2022, and it is anticipated to attain USD 38.23 billion by 2030, displaying a Compound Annual Growth Rate (CAGR) of 12.3% during the forecast period of 2023-2030.
Fortified wine is a type of wine that has been infused with distilled spirits, typically brandy, during the wine-making process. Fortified wines have a unique flavor profile, with rich, complex flavors and aromas that are often described as nutty, spicy, or caramel-like. They are also known for their ability to age well, with many fortified wines improving in flavor and complexity over time.
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Fortified Wine Market Report Scope
|Market Size in 2022||US$ 15.11 Billion|
|CAGR From 2023-2030||12.3%|
|Key Segments||• by Product type (Port wine, Sherry, Vermouth, Others)
• by Distribution Channel (Pub, Bars & Restaurants, Liquor Stores, Internet Retailing, Supermarkets, Others)
|Regional Analysis||North America
The Middle East & Africa
The fortified wine market is experiencing a significant surge in demand, fueled by rising consumption and increasing demand for alcoholic beverages at various special events. The consumption of fortified wines is viewed as a form of social recognition and acceptance, which is contributing to the growth of the industry. Moreover, the consumption of fortified wines is associated with various health benefits. These include the potential to reduce the risk of heart disease, lower cholesterol levels, and improve overall cardiovascular health. As a result, more and more consumers are turning to fortified wines as a healthier alternative to other alcoholic beverages.
Impact of Recession
While a recession may lead to a temporary decrease in demand for fortified wines, the impact on the market is likely to be less severe than in other luxury goods markets. Producers and sellers in the fortified wine market may need to adjust their strategies to cater to more budget-conscious consumers, but the market is expected to remain relatively stable.
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Key Regional Development
The fortified wine market is experiencing substantial growth globally, with Europe dominating. The consumption of wine is a cherished tradition in many European countries, including Germany, France, Italy, Spain, and Portugal. The high demand for fortified wine in these nations is a significant driver of the market’s growth in the region. Europe’s wine industry has a long history of producing high-quality fortified wines, with a rich culture and tradition associated with it. This has resulted in the region’s dominance in the global market. As the market continues to expand, it is expected that Europe will maintain its leadership position.
Key Takeaway from Fortified Wine Market Study
- The bars and restaurants segment is expected to contribute significantly to the growth of the market. The demand for fortified wines is projected to increase as more people dine out and seek out new experiences. This trend is not limited to high-end establishments, but also extends to casual dining and neighborhood bars.
- The fortified wine industry is likely to experience significant growth in the coming years, with the port wine segment leading the charge. Fortified wines, which are wines that have had spirits added to them, are known for their robust and distinctive flavors, making them a popular choice among wine enthusiasts.
Recent Developments Related to Fortified Wine Market
- King William Fortified Wine is set to hit the market as a new rival to the infamous Buckfast, a fortified wine popular in Scotland and Northern Ireland. The new wine is expected to compete with Buckfast’s long-standing dominance in the market, and attract a new customer base of wine enthusiasts.
- E&J Gallo, the world-renowned winery, has recently announced that it is selling off two of its fortified wine brands. The decision comes as part of the company’s ongoing efforts to streamline its portfolio and focus on its core products.
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Table Of Contents
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
5. Value Chain Analysis
6. Porter’s 5 Forces Model
7. PEST Analysis
8. Fortified Wine Market Segmentation, By Product Type
9. Fortified Wine Market Segmentation, By Distribution Channel
10. Regional Analysis
11. Company Profiles
12. Competitive Landscape
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