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Home Food Beverage and tobacco Alcoholic Beverages Global Fortified Wine Market is estimated to be US$ 13 billion in...

Global Fortified Wine Market is estimated to be US$ 13 billion in 2022: Ken Research

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.

  • 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.

global-fortified-wine-market

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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.

global-fortified-wine-market-size

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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.

fortified-wine-market

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Competitive Landscape

  • The Global Fortified Wine Market is highly competitive with ~150 players which include globally diversified players, regional players as well as a large number of country-niche players with their niche in adopting advanced technology, such as fermentation technology to improve the product taste, texture, and oenological potential of vineyards. Moreover, companies are competing on various parameters such as partnerships, new products offering, business models, marketing strategies, pricing, campaign, and more.
  • Regional players control about ~55% of the market, while country-niche players hold a share of ~35%. Some of the major players in the market include E.&J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Trinchero Family Estates, Deutsch Family Wine & Spirits, The Wine Group, Precept Wine, LLC, Backsberg, Grupo Sogevinus Fine Wines, Taylor’s Port, and among others.

Recent Developments Related to Major Players and Organizations

  • In January 2021, E&J Gallo announced that it had sold its two key fortified wine brands to Precept Wine, a US-based wine company.
  • In April 2021, Constellation Brands launched a dedicated business unit for fine wine and craft spirits which includes the following spirit brands: High West Whiskey, Casa Noble Tequila, Mi Combo, Copper & Kings, Nelson’s Green Brier Distillery, and the Real McCoy.

global-fortified-wine-market-revenue

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Conclusion

The global fortified Wines market is forecasted to continue an exponential growth that is witnessed since 2017. The major driving factor contributing to the increasing consumption of premium alcoholic drinks/beverages, including fortified wine is the rising living standards across countries, along with the increased social engagements, and adoption of western culture. Though the market is highly competitive with around ~150 participants, few country-niche players control the dominant share and regional players also hold a significant share.

Note: This is an On-Demand/Planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients, and the report delivered within a maximum of 2 working weeks.

Ken Research has recently published report titled Global Fortified Wine Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 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.

Market Taxonomy

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 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

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