Fortified Wine Market Growth, Global Industry Sales and Trends 2024
Posted by Pradeep Zende on February 5th, 2020
Globally, the Fortified Wine Market Growth is estimated to escalate at a higher growth rate than any other alcohol variety based on the antioxidant content imparting anti-ageing properties. High consumption of fortified wine is backed up by its property to lower cholesterol level in the body when consumed in right quantity. The rising demand for low-calorie alcoholic beverages in the market is supporting its sale on a global level. Rapid urbanization has also supported in fueling up the market share of fortified wine all around the globe.
All these factors contribute to the calculated CAGR of 5.3% of Fortified Wine market during 2017-2023.
Consumption of sherry is growing at a significant rate based on its formulation and high popularity majorly in European countries. However, the sale of port wine varieties is evaluated to be growing rapidly as consumers are more inclined towards sweet wine varieties. The high alcohol content in dry wine makes it popular amongst the consumers of Europe, while, the medium and sweet varieties of wine are more popular in Asia Pacific and North America.
Due to easy availability of desired fortified wine variety and convenient shopping experience, consumers are seen to prefer store-based distribution channel over the non-store-based ones. This has resulted in increased market share of store-based channels in the fortified wine market.
The Major Key Players in Fortified Wine Market are
Fortified wine manufacturers across various regions follow the strategy of improving their existing product line by adding innovations to their business expansion, which, in turn, increase the demand for fortified wine is across various countries. In Europe, France is among the dominating countries holding a significant share of the fortified wine market and exports the product to different other countries, which include the U.K., the U.S., Germany, China, Belgium, and others.
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The global fortified wine market is segmented into North America, Europe, Asia Pacific, and rest of the world (ROW). Europe holds a major market share followed by North America. The high demand for fortified wine as a popular alcoholic drink from the developed countries of these regions is contributing to the growth of fortified wine market. The U.S., the U.K., China, Germany, and Canada are the major importers of fortified wine. Europe is found to be the major exporter of fortified wine and exports to major countries of North America and Asia Pacific.
Increasing sale of fortified wine is driven by changing consumers’ preference in alcoholic beverages. Increasing production of premium wines and new products is likely to drive the market for various fortified wine varieties as well as increase its sale in the wine market. Technology advancements in developed regions have led to the innovation in flavors leading to the production of fortified wines with flavors of infused herbs and spices. High focus on research and development of the alcoholic beverage industries has influenced the growth rate of the market. On the other hand, the population of consumers participating in campaigns and spreading awareness against alcohol consumption is one of the big challenges faced by this market. The consumption of fortified wine is found to be high in Europe and is evaluated to increase at a growth rate in various countries of North America and Asia Pacific region over the forecast period.
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About the AuthorPradeep Zende
Joined: February 12th, 2019
Articles Posted: 396
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