DUBLIN, April 9, 2020 /PRNewswire/ -- The "Fortified Wine Market - Trends, Growth and Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The global fortified wine market is expected to register a CAGR of 5.01% during the forecast period, 2019-2024.
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 Trends
Increasing 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 the Fastest Growth
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.
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: BACARD, E. & J, Gallo Winery, The Wine Group, Anchor Brewers & Distillers, Atsby Vermouth, Imbue Cellars, Symington, Sogrape Vinhos, McWilliam's Wines, EMILIO LUSTAU, and Gonzlez Byass, among others.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
3.1 Market Overview
4 MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 Port wine
5.2 By Distribution Channel
22.214.171.124 Liquor Stores
5.3.1 North America
5.3.4 South America
5.3.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Most Active Companies
6.2 Most Adopted Strategies
6.3 Market Share Analysis
6.4 Company Profiles
6.4.1 Liberty Wines Limited
6.4.3 Sogevinus Fine Wines S.L. (Kopke)
6.4.4 Taylor's Port
6.4.5 Albina & Hanna
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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