Fortified Wine Market Report Scope & Overview:

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The Fortified Wine Market Size was valued at USD 16.97 billion in 2023 and is expected to reach USD 48.22 billion by 2032 and grow at a CAGR of 12.30% over the forecast period 2024-2032.

Wine's specialised market, which comprises sparkling wine, fortified wine, and other varieties, is expanding on a global scale. Different vintages and grapes are combined to make fortified wine. To increase its flavour and power, it is distilled with alcoholic beverages like brandy. It is frequently referred to as "Dessert Wine" due to its high sweetness level and propensity to be taken after meals. The production of these two primary product varieties, dry wine and sweet wine, depends on the amount of brandy added over the course of production. Wine has taken less time to distil with brandy the more affordable the wine. Due to its nutritional qualities, fortified wine is also commonly drunk.

MARKET DYNAMICS

DRIVERS

• Growth of Production

• Innovation Flavors Are Introduced

RESTRAINTS

• The introduction of the pandemic has negatively impacted sales

OPPORTUNITIES

• In these areas, the young population is expanding and their diets now include wine.

• Increasing trends are anticipated.

CHALLENGES

• For an extended period of time, the chain of eateries was inoperable.

IMPACT OF COVID-19

Among the numerous demographic groups present in the major market regions, wine has been found to be one of the most palatable drinks. The increase in demand is being driven by a variety of market factors, including consumer preferences, product suitability, and product variety, among others. However, the industry has been growing steadily but slowly ever since the coronavirus epidemic was identified by the WHO as a global pandemic and a cause of fatalities. The projected era saw both a temporary and permanent lockdown implemented, and only domestic use of wine was allowed. Due to the implementation of lockdown, the manufacture and production of goods were also halted. Production and manufacturing slowed down throughout the unlock time. In Spain and other parts of Europe, the supply chain mechanism has been severely disrupted and the demand has been severely constrained.

During the projection period, the major players in the fortified wine market will concentrate on product variation and will promote goods that are affordable and within the range of consumer spending. During the period of expanding market activities, this is one of the key aspects that will contribute to rising demand and promise better possibilities.

MARKET ESTIMATION

By Product type

Market expansion is anticipated to be fueled by the growing usage of vermouth wine as an antiseptic and medication to treat colds and viral illnesses. Market expansion is anticipated during the forecast period due to the increased demand for dessert wine from European nations like the U.K., Germany, France, and Italy. The sherry market is anticipated to increase at the fastest rate. This market has grown as a result of sherry wine's rising acceptance as a warming supper beverage among western customers. The expansion of this market throughout the forecast period has been predicted by a number of health benefits of sherry wine, including lowering cholesterol, antioxidants, preventing hypothermia, and many more.

By Distribution Channel

In 2021, the fortified wine industry in the world was contributed to by liquor stores to the tune of more than 35%. The market is being driven by the growing number of liquor outlets around the world. The rise of the market is being fueled by a number of manufacturers offering their goods through offline channels. Additionally, convenient access to a variety of products through retailers is likely to fuel the segment's expansion. Due to improved distribution channel networks around the world, liquor stores are anticipated to maintain their dominance during the projection period.

Due to the increasing rate of internet use, the e-commerce industry has experienced profitable expansion in recent years. Alcoholic beverages are being sold by a number of producers on websites and on e-commerce platforms, which will increase consumer demand.

KEY MARKET SEGMENTS:

By Product type:

• Port wine

• Sherry

• Vermouth

• Others

By Distribution Channel:

• Pub, Bars & Restaurants

• Liquor Stores

• Internet Retailing

• Supermarkets

• Others

REGIONAL ANALYSIS

The largest share of the world market for fortified wine comes from Europe. The market in this region is anticipated to be driven by the rising wine consumption in nations like France, Germany, Italy, Spain, and Portugal. Additionally, during the anticipated period, the market is expected to develop due to the rising demand for flavoured wine.

The market for fortified wine with the fastest growth is Asia Pacific. The demand in the region will be driven by the large alcoholic product consumer bases in China, India, and Japan. The region is expected to increase as a result of people's growing disposable income and growing awareness of the health benefits of drinking fortified wine.

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REGIONAL COVERAGE:

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

Key Players:

Major market players in fortified wine Market 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, and other players