The global Fortified Wine Market size is projected to reach a CAGR of 12.3% from 2023-2030.
Fortified wine is blended with various vintages and grapes. It is distilled with spirits like brandy to enhance its flavour and strength. Due to its 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, the production of which depends on the time addition of brandy. The cheaper the wine, the lesser time it has taken to distil with brandy. Also, fortified wine is widely consumed due to its nutritive properties.
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The Prominent Players in Fortified Wine Market are
· Bacardi Limited
· Davide Campari-Milano S.p.A
· The Wine Group
· E&J Gallo Winery
· Anchor Brewing Company
· Atsby Vermouth
· Gancia
· Imbue
· Symington Family Estates
· Sogrape Vinhos, S.A.
· McWilliam’s Wines Group Ltd
· Bodegas Lustau
· González Byass.
· Constellation Brands, Inc.
· Treasury Wine Estate
· Trinchero family Estates
· Liberty Wines Ltd.
· Precept Wine, LLC
· Backsberg
· Taylor’s Port and More
Europe to Dominate the Market
· Europe has the largest contribution to the global fortified wine market, with over 50% in 2022. The growing consumption of wine in countries like Germany, France, Italy, Spain, and Portugal is expected to drive the market in this region.
· In addition to this, the growing demand for flavoured wine has projected market growth during the forecast period.
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Recent Developments:
In January 2021, E&J Gallo, a California wine brand, announced that it had sold its two key fortified wine brands to Precept Wine, a Seattle-based company. The company had sold its Fairbanks and Sheffield Cellars fortified wine brands to Precept. This development is expected to enhance Precept’s rising wine portfolio and expand its overall footprint, in the near period.
In April 2021, Anheuser-Busch InBev, one of the biggest players in the market, announced that it would produce and distribute products for the major firm, The Wine Group, in the United States. Under this novel agreement, the former would produce MD/20/20 Spiked Punch, the Wine Group’s fortified wine brand. The company would package and distribute the brand.
Key Findings
· The product segment is further segmented into Port wine, Vermouth, Sherry and Others. The vermouth segment accounted for the largest market share during the forecast period and is anticipated to expand during the period 2023-2030. The increasing use of vermouth wine as an antiseptic and medicinal drug to treat cold and viral diseases is expected to drive market growth.
· The distributional channel segment is further fragmented into Pub, Bars & Restaurants, Internet Retailing, Liquor Stores, Supermarkets and Others. The increasing number of liquor stores across the globe is driving the market. Various manufacturers are selling their products through offline channels, which is propelling the growth of the segment.
· The market is also divided into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Europe has the largest contribution to the global fortified wine market, with over 50% in 2022. The growing consumption of wine in countries like Germany, France, Italy, Spain, and Portugal is expected to drive the market in this region.
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