Global Fortified Wine Market to grow at a CAGR of 3.80% During 2024-2032, Driven by the Robust Economic Growth in the Developing Countries

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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Market Breakup by Nature, Types, Body, Distribution Channel, and Region:

• On the basis of nature, the market is segmented into dry wine and sweet wine.

• Based on type, the market is segmented into port, sherry, marsala, madeira, vermouth, and others.

• By body, the market is divided into light bodied, medium bodied, and full bodied.

• On the basis of distribution channel, the industry is categorised into online and offline.

• Region-wise, the market is segmented into North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa.

Key Findings of the Report:

• The global market for fortified wine is being driven by the robust economic growth in the developing countries.

• The growing acceptance of alcoholic beverages is propelling the fortified wine industry further.

• The market is further aided by the growing innovation in terms of flavours, which have propelled the demand for wine market.

• Increasing disposable incomes in the developing economies is another factor bolstering the global market for fortified wine.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for fortified wine for the periods 2018-2023 and 2024-2032.

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the nature, types, body, distribution channels, and major regions of fortified wine.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

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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