Global Fortified Wine Market to Witness Elevated Growth during the Assessment Period, 2017-2022
The report estimates revenues from the global fortified wine market to reach nearly US$ 2,000 Mn in revenues by 2022-end.
[UKPRwire, Wed Jan 09 2019] Fortified wines are prepared by blending wines with a distilled liquor, for example – brandy. Fortified wines, often confused with spirits, were originally utilized as a preservation method. Wines are usually fortified for enhancing their strength and flavor. These wines are often referred to “dessert wines”, owing to their high sweetness levels, coupled with their tendency of being consumed after meals.
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Product premiumization is considered to be a major factor driving demand for fortified wine around the world. Majority of the consumers believe that premium products comprise high-quality ingredients. There has been an uptake in demand for new flavors in fortified wine over the past few years. Leading players in the Global Fortified Wine Market are focusing on launching new fortified wine flavors, in a bid to cater the rapidly changing preferences of customers. For example – McWilliam’s launched three new flavored fortified wines in 2016 viz. McWilliam’s Espresso Press, McWilliam’s Spice Royale, and McWilliam’s Strawberry Delight. Fortified wines infused with marijuana are gaining prevalence among consumers, especially in the U.S. where the product is legal. Alcoholic beverage industries have been focusing on research & development, which in turn has resulted into introduction of various innovative flavored fortified wines.
However, a large number of people are actively participating in campaigns, in order to spread awareness about adverse health effects of alcohol consumption. In addition, excessive consumption of these wines have resulted into numerous negative health effects. Higher consumption of fortified wines by consumers have led to a rise in risks of diseases such as liver disease, heart disease, and certain cancers. These factor is expected to impede demand for fortified wines on a large scale in the upcoming years.
The global market for fortified wine is projected to exhibit a sluggish expansion throughout the forecast period 2017 to 2022, according to a new report published by Fact.MR. The report estimates revenues from the global fortified wine market to reach nearly US$ 2,000 Mn in revenues by 2022-end.
Europe to Remain Most Lucrative Region for Fortified Wine Market
Europe will continue to be the most lucrative region for the fortified wine market, in terms of revenues. However, sales of fortified wine in Asia-Pacific excluding Japan (APEJ) are estimated to register a comparatively faster expansion than all the regional segments through 2022.
Marsala is anticipated to retain its position as the top-selling product in the global fortified wine market. Over one-fourth share of the market is expected to be accounted by revenues from sales of Marsala across the globe during 2017 to 2022. In addition, Madeira will continue to be the second most lucrative fortified wine over the forecast period, in terms of revenues.
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Modern Trade will Continue to be Largest Sales Channel for Fortified Wine
Accounting for over one-third revenue share of the global market, modern trade will continue to be the largest sales channel for fortified wine worldwide. However, sales of fortified wine in e-commerce sales channel is expected to register the highest CAGR through 2022.
Fortified wine for light-bodied individuals is expected to hold the largest share of the market in terms of revenues, with sales projected to expand at 3% CAGR through 2022. Based on sweetness-level, although sales of semi-sweet fortified wine are expected to be sluggish through 2022, revenues from semi-sweet fortified wine will account for the largest market share over the forecast period.
Key players listed in Fact.MR’s report on the global fortified wine market include Bacardi Limited, E. & J. Gallo Winery, Davide Campari-Milano S.p.A., The Wine Group LLC, Sogevinus Fine Wines, S.A., F.LLI GANCIA & C. S.p.A, and Sogrape SGPS, SA.
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