Fortified Wine Market Accounted For USD 31.5 Billion By 2028
Posted by Neha Bora on July 8th, 2022
San Francisco, 8 July 2022: The Report Fortified Wine Market Size, Share & Trends Analysis Report By Product (Port Wine, Vermouth, Sherry), By Distribution Channel (Pub, Bars & Restaurants, Internet Retailing, Liquor Stores, Supermarkets), By Region, And Segment Forecasts, 2022 - 2028
The global fortified wine market size is expected to reach USD 31.5 Billion by 2028, registering a CAGR of 12.5% from 2022 to 2028, according to a new report by Grand View Research, Inc. Various health benefits and premiumization of wine products are the major driving factors of the market. Increasing demand for flavored wine products and various health benefits associated with the consumption of fortified wine will drive the industry's demand during the forecast period.
Furthermore, the pandemic of COVID-19 negatively affected the fortified wine market, owing to government-imposed lockdowns during the pandemic period. Moreover, the suspension or delay in raw material supply has significant ramifications for the global demand and supply chain for fortified wine.
The sherry segment is expected to expand with the fastest CAGR of 13.4% from 2022 to 2028. The increasing popularity of sherry wine among western consumers for a drink during dinner to keep the body warm has led to the upsurge of this segment. Various health benefits of sherry wine, such as maintaining cholesterol, and antioxidants, avoiding hypothermia, and many others, have projected the growth of this segment during the forecast period.
The internet retailing segment is expected to expand with a CAGR of more than 13.1% from 2022 to 2028 in the global market. The growth of internet retailing distribution channels is attributed to the availability of online platforms via shopping portals and mobile apps. It is also observed companies, distributors, and retailers are adopting the online platform to sell alcoholic products.
Europe dominated the market with a revenue share of more than 45% in 2021. The growing consumption of wine in countries like Germany, France, Italy, Spain, and Portugal is expected to drive the market in this region. In addition to this, the growing demand for flavored wine has projected market growth during the forecast period.
Access Research Report of Fortified Wine Market @ https://www.grandviewresearch.com/industry-analysis/fortified-wine-market-report
Fortified Wine Market Report Highlights
List of Key Players of Global Fortified Wine Market
Access Press Release of Fortified Wine Market @ https://www.grandviewresearch.com/press-release/global-fortified-wine-market
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About the AuthorNeha Bora
Joined: September 16th, 2019
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