Global Fortified Wine Market - Trends, Growth and Forecasts (2018 - 2023)
The fortified wine market is expected to attain a CAGR of 4.8% during the forecast period (2018–2023) owing to the growing demand for new and innovative flavors and the premiumization associated with fortified wine. Fortified wine is a wine to which a distilled spirit, usually brandy, is added. The zealous class of younger populations is aspiring for innovation from the fortified wine industry, and due to this demand for new flavors, high-quality brands have led to more and more innovation in fortified wines.
The market of fortified wine 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. However, the higher tax duties imposed on fortified wines in certain developed markets have led to decline in their overall sales. Thus, the unfavorable tax system acts as a primary constraint for the market.
The market for fortified wine is segmented based on product type, packaging type, distribution, and geography. Based on product type, the market is further categorized into port wine, vermouth, sherry, and others. The report also contains a distinct segmentation of packaging materials used for fortified wines. The distribution channel segment includes on-trade, supermarkets & hypermarkets, speciality stores, and others.
On-trade distribution includes pubs, clubs, bars, and restaurants where fortified wines witness higher sales as compared to other distribution segments. However, there has been growing demands of fortified wines in supermarkets & hypermarkets, owing to the emerging trend of household consumption.
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.
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.
January 2018 - UK-based WHITE CASTLE VINEYARD has recently launched ‘FIRST FORTIFIED WINE’ IN WALES, with an alcohol by volume (ABV) of 19%.
December 2018 - California-based winery Rebel Coast Winery has recently launched first-ever alcohol-free, cannabis-infused wine.
The major players include - BACARDÍ, E. & J, GALLO WINERY, THE WINE GROUP, ANCHOR BREWERS & DISTILLERS, ATSBY VERMOUTH, IMBUE CELLARS, SYMINGTON, SOGRAPE VINHOS, MCWILLIAM'S WINES, EMILIO LUSTAU, GONZÁLEZ BYASS, amongst others.
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