The niche market for wine, which includes fortified wine, sparkling wine, and others, is witnessing a growth in the global market. Fortified wine is blended with various vintages and grapes. It is distilled with spirits like brandy to enhance its flavor and strength. Due to high sweetness level, and tendency to be consumed after meals it is often referred to as ‘Dessert Wine’. This product has two main product variants, named dry wine and sweet wine, production of which depends upon time addition of brandy. The cheaper the wine, the lesser time it has taken to distill with brandy. Also, fortified wine is widely consumed due to its nutritive properties.
Market scope and structure analysis:
|Market size available for years||2020–2027|
|Base year considered||2019|
|Forecast units||Value ($US)|
|Segments covered||Type, Body Type, Sweetness Level, Distribution Channel, and Region|
|Regions covered||North America (U.S. and Canada), Europe (Germany, UK, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Malaysia, Thailand, Indonesia, and Rest of Asia-Pacific), LAMEA (Middle East, Brazil, and Rest of LAMEA)|
|Companies covered||Bacardi Limited (UK), Davide Campari-Milano S.p.A (Italy), The Wine Group (U.S.), E&J Gallo Winery (U.S.), Anchor Brewing Company (U.S.), Atsby Vermouth (U.S.), Gancia (Italy), Imbue (U.S.), Symington Family Estates (Portugal), Sogrape Vinhos, S.A. (Portugal), McWilliam’s Wines Group Ltd (Australia), Bodegas Lustau (Spain), and González Byass (Spain)|
COVID-19 Scenario Analysis:
- The COVID-19 outbreak has affected the wine market globally.
- The lockdown situation has shut all the industries due to which the production is affected.
- All the bars, restaurants, pubs, liquor stores, in almost all the countries have been shut, disrupting the sales volume and frequency of the wine.
- The alcohol products do not come under the list of the essential items made by the government amid the Corona pandemic, which has given a massive blow to the sales of alcohol.
- Also, trade activities are at a halt, again affecting the supply of wine and other alcoholic beverages.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
The growing trend of alcohol consumption all over the globe drives the market for fortified wines. Its demand is usually affected by the seasonal variation, owing to the production of the grapes. Likewise, the price of grapes also affects the prices of fortified wines. Along with this, the changes in lifestyle of people, increase in personal disposable income, consumer awareness, product diversity, and high unique selling proposition also triggers the growth of the global fortified wine market.
However, stringent government regulations in a few regions, rise in taxes, climatic changes, and availability of cheap substitutes restrict the growth for fortified wine globally. Along with this, high consumption of fortified wine leads to various health risks such as heart diseases, liver diseases, and a certain form of cancer. In addition to this, several activists and organizations are spreading awareness among people about the adverse effects of alcohol consumption, which can impede the demand for fortified wines globally.
Spreading awareness about fortifies wines, an increase in research and development to bring innovative variants of fortified wines, and increasing demand for premiumization products are few opportunities for the fortified wine market. Along with this tapping, the online market for the sales of fortified wine can propel the demand for fortified wines. Implementing various sales strategies like giving discounts is another way to propel the growth of the global fortified wine market.
Global Fortified Wine Market Trends are as follows:
Increasing Demand for Premiumization Products:
Premiumization fuels the growth of the fortified wine market because premium fortified wines have a positive and promising impact on consumer perception. Premiumization is also apparent in many regions due to the rise in middle-class segment.
Marijuana-Infused Fortified Wine:
After marijuana has been legalized in many states, and innovations leading to new and exotic flavors of fortified wine, these wines are now being launched with infused marijuana. This new marijuana-infused fortified wine is expected to influence the demand for the product.
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Key Segments Covered:
Key Benefits of the Report:
- This study presents the analytical depiction of the global fortified wine industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global fortified wine market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the global fortified wine market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed global fortified wine market analysis based on competitive intensity and how the competition will take shape in coming years.
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