Ongoing trend of fortification of wine with marijuana or distilled spirit to drive global fortified wine market
According to TechSci Research report, “Global Fortified Wine Market By Type (Port, Sherry, Marsala, Madeira, Commandaria, Vermouth, Others), By Distribution Channel (On-Trade, Off-Trade (Supermarkets/Hypermarkets, Liquor Stores), By Style (Dry, Sweet, Medium Dry, Medium Sweet), By Region, Forecast & Opportunities, 2025”, the global market for fortified wine is expected to grow at a steady rate in the forecast period. The trending craze for alcohol and premiumization are the major factors driving the market across the globe. Fortified wines are the wines which are fortified with additional alcohol or distilled spirits in order to increase the alcohol content up to 16-17 percent. Many health benefits also come along with the fortified wines, for instance, brandy is used to cure sore throats which is also a kind of fortified wine. Additionally, legalization of marijuana in the US has led to the launch of many marijuana infused fortified wines. Moreover, premiumization has fueled the demand for new flavors and varieties of fortified wines, which has eventually led to the growth of the market. However, the rise in the imposed taxes on the consumption of alcohol due to the strict government rules and regulations along with the inexpensive surrogates are few factors that are likely to restrain the market.
The global fortified wine market is segmented into type, distribution channel, style and region. Based on type, the market is segmented into port, sherry, marsala, madeira, commandaria, vermouth and others. On the basis of distribution channel, the market is bifurcated into on-trade and off-trade. Off trade segment comprising of supermarket, hypermarkets and liquor stores is expected to hold the largest share as it is highly convenient for the consumer to buy the desired fortified wine via stores directly rather than ordering it online and waiting for it. On the basis of style, the market can be divided into dry, sweet, medium dry and medium sweet out of which, dry fortified wine is likely to hold the largest share on the back of its low sugar levels due to which, it can be consumed by every person, be it a diabetic or a non-diabetic person.
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In terms of regional analysis, Europe held the largest market share in fortified wine and the trend is likely to continue in the coming years as well. This is due to the presence of pre-existing wine manufacturing industries and the innovations made by them in the aspect of new flavours and varieties. Asia-Pacific region is expected to undergo the fastest growth in the market due to the influence of western culture and high hospitality and developing tourism industry in countries like India, Thailand, Singapore, etc.
Some of the leading players in global fortified wine market include Liberty Wines Limited, Backsberg, Sogevinus Fine Wines SL (Kopke), Taylor’s Port, Albina & Hanna, Contratto, BACARDÍ, E. & J. Gallo Winery, Gruppo Campari, The Wine Group, Davide Campari-Milano S.p.A., Atsby Vermouth, Anchor Brewing Company, Gancia and Vinbros and Company, etc. In order to expand their market share, companies adopt various strategies like new product launches and many more to attract more customers. The robustly varying preferences of the customers have led the wine manufacturers to launch new and exotic wines into the market.
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“Global fortified wine market is anticipated to witness a steady growth during the next five years as the major companies are now concentrating on launching new and extraordinary flavors or fortified wines to cater to the burgeoning demand of the customers. Additionally, the market is expected to witness a robust growth in US too as after the legalization of marijuana, marijuana infused wines are being introduced in the country,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Fortified Wine Market By Type (Port, Sherry, Marsala, Madeira, Commandaria, Vermouth, Others), By Distribution Channel (On-Trade, Off-Trade (Supermarkets/Hypermarkets, Liquor Stores), By Style (Dry, Sweet, Medium Dry, Medium Sweet), By Region, Forecast & Opportunities, 2025”, has evaluated the future growth potential of global fortified wine market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global fortified wine market.
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