Fortified Wine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Fortified Wine Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Global fortified wine market is expected to register a CAGR of 5.01% during the forecast period, 2019 - 2024.

Key Highlights

• Fortified wines are the blends of grapes and various vintages, and the majority of the fortified wines are similar in their classification. The actual aging of the fortified wine depends upon the fortified wine itself and it is found that the cheaper the fortified wine lesser is the time it has taken aging in the oak.
• The premiumization aspect of alcoholic drinks has also been significant and evident in the fortified wine industry. Companies are targeting the emerging and influential economic class of population, owing to their higher discretionary spending on such products.

Key Market TrendsIncreasing Demand for Premiumization Products

The fortified wine market is increasingly driven by growing demand for product innovations in terms of new flavor varieties. The rapidly evolving tastes and preferences have led to the emergence of new and exotic flavors of fortified wine. In fact, after the legalization of marijuana in many states of the United States, many fortified wines are being launched infused with marijuana. Premiumization is also expected to further fuel the growth of the fortified wine market as consumer perception regarding the premium fortified wines is both positive as well as promising. The premiumisation associated with fortified wine is also evident in developing regions due to emergence of the aspirational middle class segment.

Asia-Pacific to Witness Fastest Growth in Global Fortified Wines Market

The European market of fortified wine has long achieved its maturation stage, and the key players are seeking radical innovation in terms of more exotic flavor profiles and packaging systems in order to retain the sustainable market share. Fortified wines are some of the fastest-growing varieties of alcoholic beverage in the United States market, as they offer customers with additional unique options and choices. Asia-Pacific is expected to grow faster than other regions in the foreseeable future, especially to the rising demands from countries, like Malaysia, India, and other Southeast Asian countries, where tourism and hospitality sectors are set to achieve exponential growth rates.

Competitive Landscape

The growing demand for new and unique flavors has led to intense innovation from the key players in order to meet the changing tastes and demand of the consumers. Some of the key players operating in fortified wine market include: Liberty Wines Limited, Backsberg, Taylor's Port, Albina & Hanna etc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned

Liberty Wines Limited
Backsberg
Sogevinus Fine Wines SL (Kopke)
Taylor's Port
Albina & Hanna
Contratto

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