Global Fortified Wine Market Report and Forecast 2024-2032

Global Fortified Wine Market Outlook

The global fortified wine market is expected to grow at a CAGR of 3.80% in the forecast period of 2024-2032.

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The Asia Pacific to Provide Enhanced Growth Opportunities for the Fortified Wine Industry Expansion

Region-wise, the Asia Pacific is expected to witness a steady growth in the forecast period owing to the robust economic growth in the developing countries and growing acceptance of alcoholic beverages in the region. The presence of a large population and the growing popularity of the product, particularly among the millennials, are significantly aiding the regional industry growth. This is further supported by the expanding retail outlets and growing internet penetration in the region, which is allowing consumers to make independent choices. In Latin America, sherry is often used in cooking and also paired with food, which is expected to act as a major driver for the market. In developed regions like North America and Europe, the increased adoption of fortified wines as an end-of-meal drink is aiding the industry growth. In Europe, the fortified wine industry is already in the maturity phase, thereby the region is expected to register a stagnant growth in the forecast period.

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Fortified Wine: Market Segmentation

Fortified wine refers to the wine that has been fortified with distilled spirits, usually brandy, to delay fermentation and prevent it from spoilage. These hefty wines are produced via the addition of a neutral grape spirit to a base wine to enhance the booze content and give it a longer shelf life. Apart from higher alcohol content, fortified wines are known for their unique flavour and aroma that sets it apart from regular varieties.

Based on nature, the market is bifurcated into:

• Dry Wine
• Sweet Wine

The various types of fortified wine available in the market include:

• Port
• Sherry
• Marsala
• Madeira
• Vermouth
• Others

On the basis of body, the industry can be segmented into:

• Light Bodied
• Medium Bodied
• Full Bodied

Based on distribution channel, the industry can be categorised into:

• Online
• Offline

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Growing Investments in Product Marketing and Rising Brand Awareness to Boost the Demand for Fortified Wine

The growing acceptance of alcohol and the rising preference for wine among consumers, particularly in developing nations, are driving the growth of the fortified wine industry. This is supported by the expanding distribution channels and growing popularity of online retailing. The other factors like escalating consumer disposable incomes, rising living standards, growing demand for alcoholic beverages, and advancing food and beverages sector are further propelling the fortified wine industry growth.

The growing investments by the key players in product marketing and promotion to raise consumer awareness are expected to significantly contribute to the industry growth over the forecast period. In various countries, particularly the ones outside Europe, the image and knowledge about fortified wines are unclear and their taste is also regarded as poor and unacceptable. Thus, the growing educational marketing about fortified wine is expected to have a positive effect on the expansion of the global fortified wine industry.

Key Industry Players in the Global Fortified Wine Market

The report gives a detailed analysis of the following key players in the global fortified wine market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Mazuran's Vineyards Limited
• Curatolo Arini
• Taylor's Port
• Albina & Hanna
• Sogevinus Fine Wines SL
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report