USD 15.57 billion
Global Fortified Wine Market Size, Share, Growth Analysis, By Product(Port wine, Vermouth), By Distribution Channel(Pub, Bars & Restaurants), By Source(Fish, and Others) - Industry Forecast 2024-2031
Report ID:
SQMIG30E2043 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|
Tables:
93 |
Figures:
76
Global Fortified Wine Market Insights
Global Fortified Wine Market size was valued at around USD 15.57 billion in 2022 and is expected to grow from USD 17.52 billion in 2023 to USD 44.94 billion by 2031, at a CAGR of 12.5 % over the forecast period (2024–2031).
The demand for fortified wines is driven by the increasing consumption of alcoholic beverages globally. Furthermore, technological advancement and development in manufacturing, as well as flavor innovation, are propelling market expansion in the approaching years. The increasing consumption and demand for alcoholic beverages at various special events is also contributing to the industry's growth. Consumption of the product is regarded as social recognition, which will promote industry growth over the anticipated timeline. Furthermore, there are numerous health benefits related with the use of fortified wine. These are the main market expansion drivers. However, rising wine taxes in certain countries, as well as severe government rules and regulations, are impeding market expansion over the projection period.
Furthermore, the increased investment in R&D by various producers to make unique fortified wine products around the world is creating potential for the industry in the coming years. However, regulatory guidelines in nations such as the United States, Germany, the United Kingdom, China, and India are expected to keep fortified wine products of high quality. The Food Safety and Standards Authority of India (FSSAI) has drafted and announced the 2019 alcoholic drinks standard regulations for wine manufacturing and labeling.
The COVID-19 pandemic lockdown disrupted transportation and interrupted raw material supplies for a period of time, affecting fortified wine production. However, increased health awareness and encouragement of fortified wine usage during the COVID-19 pandemic is expected to result in a robust market growth rate in the next few years.
US Fortified Wine Market is poised to grow at sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Vermouth
Fastest Growth
Sherry
Growth Rate
12.5% CAGR
Global Fortified Wine Market ($ Bn)
Country Share for Europe Region (%)
Global Fortified Wine Market By Product 2022-2030 ($ Bn)
Global Fortified Wine Market By Product (%)
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Global Fortified Wine Market Segmental Analysis
The global fortified wine market is segmented based on product, distribution channel, and region. With respect to product, the market is segmented into port wine, vermouth, sherry and others. Based on distribution channel the market is segmented into pub, bars & restaurants, internet retailing, liquor stores, supermarkets, and others. With respect to segmentation by region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Global Fortified Wine Market Analysis by Product
The vermouth segment accounted for more than 65% of worldwide fortified wine market revenue in 2022 and is predicted to grow at a CAGR of 12.4% from 2023 to 2030. The increased use of vermouth wine as an antiseptic and therapeutic treatment for colds and viral illnesses will drive market growth. Rising demand for wines for dessert in European countries such as the United Kingdom, Germany, France, & Italy is expected to drive market expansion throughout the forecast period.
The sherry segment is expected to grow at the fastest rate of 13.4% between 2023 and 2030. This market has grown due to the increased popularity of sherry wine among western clients as a drink to keep the body warm during supper. Several health benefits of sherry wine, such as cholesterol and antioxidant maintenance, reducing hypothermia, and many others, have predicted that this category will rise during the projection period.
Global Fortified Wine Market Analysis by Distribution Channel
In 2022, liquor stores contributed more than 35% of the global fortified wine industry. The expanding number of liquor stores around the world is driving the market forward. Several manufacturers are selling their goods through other avenues, which is driving the segment's expansion. Furthermore, easy access to various products through merchants is projected to drive industry growth. Due to improved distribution channel networks around the world, liquor stores are likely to stay dominant during the forecast period.
The internet retailing segment of the fortified wine market is predicted to grow the fastest, at a CAGR of 13.1% between 2023 and 2030. Due to the high rate of internet penetration, the e-commerce sector has seen a surge in popularity among consumers in recent years. A number of companies offer alcohol on their websites and online stores, boosting industry demand.
Global Fortified Wine Market By Product, 2023 (%)
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Global Fortified Wine Market Regional Insights
Europe accounted for more than 45% of the worldwide fortified wine industry in 2022 and emerged dominant. Wine consumption is predicted to increase in countries such as Germany, France, Italy, Spain, and Portugal, driving the industry in this area. Furthermore, rising demand for flavored wine is expected to drive market expansion throughout the forecast period.
Asia Pacific is the fastest-growing fortified wine industry, with a CAGR of 13.1% predicted from 2023 to 2030. China, India, and Japan have a large customer base for alcoholic beverages, which will fuel regional demand. Rising public knowledge of the health benefits of fortified wine drinking, as well as rising disposable income, are predicting regional expansion.
Global Fortified Wine Market By Region, 2024-2031
- Largest
- Fastest
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Global Fortified Wine Market Dynamics
Global Fortified Wine Market Drivers
Growing Popularity of Wine
- Wine is becoming more popular among consumers, especially in developing countries, which is expected to drive the growth of the fortified wine market.
Rise in Wine Tourism Rate
- Wine tourism has become increasingly popular in recent years, which is expected to drive the demand for fortified wines in regions where wine tourism is prevalent.
Global Fortified Wine Market Restraints
Availability of Substitutes
- Consumers have a wide range of alcoholic beverages to choose from, including non-fortified wines, which could limit the demand for fortified wines.
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Global Fortified Wine Market Competitive Landscape
The market is characterized by the existence of multiple well-established businesses, as well as numerous domestic players, as well as an existing robust distribution chain. Major investments in research and development to improve their product portfolio. For instance, E. & J. Gallo Winery has stated that on June 15, 2021, the company will invest USD 423 billion in a new production plant and distribution center to support its long-term innovation objectives and future commercial growth. Such developments are expected to increase the product's acceptance rate among consumers. To spread their footprints across the territory, producers are vigorously pursuing both organic and inorganic techniques.
Top Player’s Company Profiles in Global Fortified Wine Market
- The Wine Group LLC
- Davide Campari-Milano S.p.A.
- Sogrape Vinhos, S.A.
- Symington Family Estates
- Gonzalez Byass S.A.
- Les Grands Chais de France Group
- Miguel Torres S.A.
- The Brown-Forman Corporation
- Pernod Ricard SA
- William Grant & Sons Ltd.
- C. & J. Gallo Winery
- Vinicola del Priorat
- Lustau
- Sierra Cantabria
- Bodegas Emilio Lustau, S.A.
- Sociedade Agrícola e Comercial dos Vinhos Messias, S.A.
- Quinta do Noval
Global Fortified Wine Market Recent Developments
- In March 2024, The Fladgate Partnership made headlines with its acquisition of vineyards and a tourism business, marking a significant expansion of its growing still-wine portfolio. Based in Porto, Fladgate successfully acquired Quinta do Portal, renowned for its expertise in producing DOC Douro wines.
- In March 2024, in celebration of International Women’s Day, French wine brand Bijou revealed a partnership with the Women in Wine Expo. This collaboration entails Bijou and the Women in Wine Expo jointly sponsoring five Portuguese women actively involved in the wine industry to attend the event's grand finale on Friday, May 10, 2024. Through this sponsorship, the recipients will have the chance to engage in wine tastings, attend conferences, and participate in networking sessions.
- In March 2024, Duty Free Global (DFG), a company specializing in brand partnerships for wines and spirits in global travel retail, announced a strategic agreement with The Fladgate Partnership, Portugal’s leading Port manufacturer, to collaborate in the global travel retail (GTR) sector.
Global Fortified Wine Key Market Trends
- Increasing demand for premium and luxury fortified wines: Consumers are willing to pay more for premium and luxury fortified wines, which are perceived to offer higher quality and status. As a result, there is growing demand for higher-priced fortified wines, especially in developed countries.
- Rising popularity of natural and organic fortified wines: Consumers are increasingly interested in natural and organic products, including fortified wines. This trend is driven by the growing awareness of health and environmental issues and the desire for more sustainable and responsible products.
- Growing interest in fortified wine tourism: Fortified wine regions around the world are becoming popular tourist destinations, attracting wine enthusiasts who want to learn about the production process and taste different varieties of fortified wines. This trend is driving the growth of wine tourism and increasing the demand for fortified wines from these regions.
- Increasing availability of fortified wine cocktails: Fortified wine-based cocktails are becoming popular among consumers, especially younger generations. This trend is driving the growth of the fortified wine market and creating new opportunities for producers to innovate and diversify their product portfolios.
- Growing popularity of wine and food pairing: Fortified wines are often paired with food, especially desserts and cheeses. This trend is driving the demand for fortified wines that can complement different types of cuisine and enhance the dining experience.
Global Fortified Wine Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyzes the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, we found that the Fortified Wine market is the demand for fortified wines is driven by the increasing consumption of alcoholic beverages globally. Furthermore, technological advancement and development in manufacturing, as well as flavor innovation, are propelling market expansion in the approaching years. The increasing consumption and demand for alcoholic beverages at various special events is also contributing to the industry's growth. Consumption of the product is regarded as social recognition, which will promote industry growth over the anticipated timeline. Furthermore, there are numerous health benefits related with the use of fortified wine. These are the main market expansion drivers. However, rising wine taxes in certain countries, as well as severe government rules and regulations, are impeding market expansion over the projection period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 15.57 billion |
| Market size value in 2031 | USD 44.94 billion |
| Growth Rate | 12.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Fortified Wine Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Fortified Wine Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Fortified Wine Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Fortified Wine Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Fortified Wine Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Fortified Wine Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Fortified Wine Market Report Snapshots
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