(MENAFN- PR Newswire)
DUBLIN, March 30, 2023 /PRNewswire/ --
The "global fortified wine market size, segments, outlook, and revenue forecast 2022-2028 by product type, distribution channel, distribution body type, and regions" report has been added to
ResearchAndMarkets.com's offering.
According to this analysis, the Global Fortified Wine Market was valued at ~US$ 10 billion in 2017. Furthermore, owing to the increasing alcohol socialization among consumers along with the increasing adoption of European culture, it is estimated to be ~US$ 13 billion in 2022 and is expected to reach a market size of ~US$ 20 billion by 2028 growing with CAGR of ~7% during 2022 to 2028.
Key Players
E. & J. Gallo Winery Constellation Brands, Inc Treasury Wine Estates Trinchero Family Estates Deutsch Family Wine & Spirits The Wine Group Precept Wine, LLC Backsberg Sogevinus Fine Wines SL Taylor's Port
Rapid socioeconomic changes and urbanization are propelling demand for premium alcoholic drinks, including wines across countries.
Wine is an integral part of Western culture and is disseminated globally, particularly in Asian countries, which is supporting the market's exponential rise.
The presence of high sugar and calorie content in fortified wines may stifle the market growth of fortified wine.
The ongoing COVID-19 pandemic has resulted in an unprecedented drop in the global wine trade in 2020, due to the lockdowns imposed by several governments across countries, which have halted wine production. Furthermore, extensive closures of restaurants and bars, as well as the restrictions on socializing have lowered the sales of fortified wine.
Scope of the Report
The Global Fortified Wine Market is segmented by product type, distribution channel, and body type. In addition, the report also covers market size and forecasts for the four major regions' in Fortified Wine Market. The revenue used to size and forecast the market for each segment is US$ billion.
By Product Type
Port Wine Vermouth Sherry Others
By Distribution Channel
Pubs, Bars, & Restaurants Internet Retailing/Online Liquor Stores Supermarkets/Hypermarkets Others
By Body Type
Light Bodies Medium Bodies Full Bodies
By Region
North America (USA, Canada, and Mexico) Europe (France, Italy, Germany, Spain, UK, and Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Australia, and Rest of Asia Pacific) LAMEA (Latin America, Middle East, and Africa)
Key Trends by Market Segment
By Product Type: The vermouth segment held the largest share of the global fortified wine market in 2021, owing to the presence of a wide range of botanicals, such as herbs, spices, roots, and flowers that provide a number of potential health benefits, such as improving digestion, reducing stress, reducing inflammation, protecting the immune systems, and more
The increasing use of vermouth wines in making cocktails, especially manhattan, and martinis because of their sweetness and lower alcohol levels is propelling its market growth
Furthermore, it has lower Alcohol by Volume (ABV) than other fortified wines which is a major contributing growth factor of vermouth wines.
By Distribution Channel: The Liquor Stores segment held the largest share of the Global Fortified Wine Market in 2021, owing to the increased number of liquor stores across countries, where individuals can easily seek wines.
The availability of a wide range of products under numerous brands at lower prices in liquor stores than in bars, restaurants, nightclubs, hotels, and other on-trade channels is also driving the market growth of liquor stores.
Furthermore, the segment is expected to remain dominant during the forecast period (2022-2028), owing to the improved alcohol distribution channel network globally.
By Body Type: The Full Body segment held the largest share of the Global Fortified Wine Market in 2021, as the majority of red wines fall into this category, which is the most widely purchased wine by individuals among others, including rose and white.
Another growth factor is the presence of alcohol levels and certain substances, such as antioxidants in red wine, which help in the prevention of coronary artery disease, leading to heart attacks.
Furthermore, unlike light or medium-bodied wines, full-bodied wines have low acidity levels that prevent gastric acid secretion and gastrin release, as well as a high alcohol content that is frequently used in cocktail making.
By Geography: Europe accounted for the largest share of the Global Fortified Wine Market in 2021 and will remain dominant in the forecast period (2022-2028).
The growth is primarily attributed to the fact that Europe is the world's leading producer of wine, with vermouth, the most prominent fortified wine, being produced primarily in Italy, followed by sherry wine in Spain and port wine in Portugal.
The increasing consumption of wine in countries like Germany, France, Italy, Spain, and Portugal is expected to drive the market in this region.
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