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The global market for fortified wine is anticipated to grow at a moderate pace, owing to the growing acceptance of alcoholic beverages. The market is further bolstered by the robust economic growth in developing countries. The industry growth is also aided by the popularity of wine among millennials. The market is further accelerated by the rising population and rising demand from the food and beverage industry. The innovation in the wine industry, which led to the emerging of new and unique flavours is one of the major factors for the rising demand for fortified wine industry.
The fortified wine industry has witnessed a robust and sustained growth in areas such as North America and Europe, where wine variants are often either consumed alongside dinner or at the end of the meal. In the coming years, the emerging regions in the Asia Pacific are expected to contribute significantly to the market as the regions witness a higher demand for luxury products and as consumers become more conscious about the provenance and quality of the product.
Mazuran’s Vineyards Limited and Curatolo Arini, Taylor’s Port, among others, are some of the key market players for fortified wine globally. Companies are targeting the emerging middle class population, owing to their growing spendable income. The growing demand for new and unique flavours has led to growing innovations in flavours from the key players in order to meet the changing tastes and demand of the consumers. Such developments are expected to bolster the market growth. The expansion of the distribution channels like supermarkets like Walmart (NYSE: WMT) and e-commerce websites like Amazon.com is also bolstering the global market for fortified wine.
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The major players in the global fortified wine market are Mazuran's Vineyards Limited, Curatolo Arini, Taylor's Port, Albina & Hanna, and Sogevinus Fine Wines SL, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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