What is the Historic and Current Scenario of the Fortified Wine Market?
The fortified wine market has seen considerable growth due to a variety of factors.
• The market size for fortified wine has seen a robust increase in recent times. It is anticipated to expand from $20.1 billion in 2024 to around $21.87 billion in 2025, maintaining a compound annual growth rate (CAGR) of 8.8%.
The growth during the historical period can be accredited to the longstanding demand for fortified wines in various culinary uses, its cultural importance, and habitual consumption of such wines. Other factors contributing to the growth include the globalization and export of fortified wine brands, the shift in consumer taste for different types of wine and flavors, the adaptability of fortified wines in mixology and cocktails, its fame as a choice for desserts and pre-dinner drinks, as well as innovation and trials in fortified wine production methods.
What are the Forecasted Growth and Key Factors of the Fortified Wine Market?
The fortified wine market is expected to maintain its strong growth trajectory in upcoming years.
• Rapid expansion is anticipated in the fortified wine market size in the coming years, with a projected rise to $32.53 billion in 2029, exhibiting a compound annual growth rate (CAGR) of 10.4%.
The surge during the forecast timeframe could be due to consumers' fascination with distinctive and craft wine styles, the proliferation of fortified wine pairing and tasting events, advancements in research and creation of fortified wine varieties and blends, amplified demand for fortified wines in culinary tourism and immersive dining experiences, increasing interest in fortified wine cocktails and mixology, developing markets, and growing consumer consciousness of the health benefits of fortified wine. The forecast period is set to be marked by major trends including heritage and vintage fortified wines, fortified wine cocktails and mixology, aging and barrel maturation techniques, wine and food pairing experiences, and single varietal fortified wines.
What Are the Critical Driver Fuelling the Fortified Wine Market's Growth?
The global increase in population is projected to fuel the expansion of the fortified wine market. The term population refers to the aggregate count of individuals residing in a specific country or area. This population surge is accountable for the heightened demand for agricultural products and related items, such as wine, wheat, and corn. For example, a report from the United Nations, a US-based international organization committed to preserving global peace and security, forecasts the world population to be around 8.5 billion in 2030 and escalating to 9.7 billion by 2050. Consequently, the worldwide population upsurge is a key factor in the growth of the fortified wine market.
How Is the Fortified Wine Market segmented?
The fortified wine market covered in this report is segmented –
1) By Product: Port Wine, Vermouth, Sherry, Other Products
2) By Distribution Channel: Online, Offline
3) By End Users Or Applications: Super markets and Hyper markets, On Trade, Specialist Retailers, Retail Stores
Subsegments:
1) By Port Wine: Ruby Port, Tawny Port, Vintage Port, Late Bottled Vintage (LBV) Port
2) By Vermouth: Sweet Vermouth, Dry Vermouth, Bianco Vermouth
3) By Sherry: Fino Sherry, Manzanilla Sherry, Oloroso Sherry, Pedro Ximénez (PX) Sherry
4) By Other Products: Madeira Wine, Marsala Wine, Appassimento Wines
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What New Trends Are Influencing the Fortified Wine Market?
Leading firms in the fortified wine market, such as King William Fortified Wine, are adopting innovative strategies to adapt to changing consumer preferences for premium and unique wine experiences. King William Fortified Wine is a fortified wine brand, often compared to sherry or a similar style, recognized for its rich flavor and increased alcohol content, courtesy of the addition of distilled spirits. For example, in September 2022, UK-based Belcondie, a purveyor of alcoholic beverages, debuted King William Fortified Wine. This fortified wine is frequently savored as a dessert wine or used in cooking to add layers of flavor and complexity to dishes. Its pronounced sweet and robust profile, distinguished by nuances of dried fruits, nuts, and spices, is signature of sherry-styled fortified wines.
Who Are the Key Players in the Fortified Wine Market?
Major companies operating in the fortified wine market include:
• Liberty Wines Limited
• Taylor Fladgate & Yeatman Vinhos S.A.
• Vinbros & company LLC.
• Lombardo S.p.A.
• Curatolo Arini S.r.l.
• Davide Campari-Milano S.p.A.
• Emilio Hidalgo S.A.
• Mazuran's Vineyards Limited
• Sogrape Vinhos S.A.
• Bacardi Limited
• E. & J. Gallo Winery
• Indage Vintners Limited
• Contratto S.r.l.
• Albina & Hanna LLC
• Backsberg Estate Cellars
• Vinhos Barbeito
• Bodegas Barbadillo S.L.
• Barsol Pisco
• Blandy's Wine Lodge
• Campanario de Azaba S.L.
• Joseph Cartron SAS
• The Whisky Exchange
• Sogevinus Fine Wines
• The Wine Group Inc.
• Atsby Vermouth
• Gancia S.p.A.
• Symington Family Estates Vinhos S.A.
What Is The Most Dominant Region In The Fortified Wine Market?
North America will be the largest region in the fortified wine market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the fortified wine market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
