Fortified Wine Market Driving Force and Key Factors Forecast To 2024
Global Fortified Wine Market is estimated to grow at the CAGR of 5.3%. Consumption of fortified wine by the young consumers to cope up with the social dynamics is a major driver of this market. Changing lifestyle and adoption of the modern trends have influenced the high sale of fortified wine in the wine industries. The increase in disposable income has impacted fortified wine market positively. The rising demands for wines prepared with unique blends and formulations are found to further influence growth of the fortified wine across the globe, positively.
Fortified wine is referred to the wine-type that is prepared by mixing with additional alcohol, generally distilled spirit, such as brandy. This process is carried out to enhance the flavor as well as the alcohol content of the wine, which is 17-20%. Most of the times, fortified wines are also blended with herbs and spices to add uniqueness to the wine flavors. Fortified wines are available in dry, medium and sweet form. The rich antioxidant content of the wine adds to the health benefits obtained from it. Fortified wines are aged in wood casks, which further enhance the organoleptic properties of the wine.
Fortified Wine Market Key Players
This report includes a study of strategies such as mergers and acquisitions, product launches by the major fortified wine market players. It further includes product portfolios, developments of leading major players, which includes
The key players profiled in the Global Fortified Wine Market: Davide Campari-Milano S.p.A. (Italy), The Wine Group (U.S.), Bacardi Limited (U.K.), E & J Gallo Winery (U.S.), Anchor Brewing Company (U.S.), Atsby Vermouth (U.S.), Gancia (Italy)
The global Fortified Wine Market is segmented on the basis of fortified wine type, taste, distribution channel, and region. Based on the fortified wine-type, vermouth wine is found to be escalating at a high CAGR. Based on the fortified wine taste, dry wine holds a lion’s share. Amongst the various distribution channels, sale through specialty-stores (store-based) is calculated to hold a major share in the fortified wine market.
Fortified Wine Market Segments
Fortified wine is segmented on the basis of fortified wine-type, which comprises of port wine, sherry, vermouth, and others. Sherry wine holds a major share followed by port wine.
Fortified wine is segmented on the basis of taste which comprises of dry, medium, and sweet. The dry fortified wine holds the lion’s share in the global wine market.
Fortified wine is segmented on the basis of the distribution channel, which comprises of store-based and non-store-based distribution channels. Sale of fortified wine is higher through store based channels based on convenience purchase of the product.
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Fortified Wine Market Regional Analysis
Fortified Wine Market is segmented into Europe, Asia Pacific, North America and rest of the world (ROW). Europe has the major market share followed by North America. Based on innovations, fortification, and production of crafted wine varieties, the fortified wine has gained popularity in various other regions. Availability of a wide range of fortified wines is attracting the population of mass consumers towards the product line thereby increasing the sale of the product. The U.S., the U.K., China, Germany, and Canada are considered the major importers of fortified wine.
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