The global fortified wine market is expected to grow at a significant CAGR during the forecast period. Rising disposable income globally and growing demand for high-quality premium alcoholic beverages are driving the growth of the global fortified wine market. Owing to growing disposable income, the companies are targeting emerging and potential customers. Fortified wine is the kind of wine in which distilled spirit such as brandy, is added and has a strong flavor and aroma. As per the World Banks data, the per capita disposable income globally stood at $9,484 in 2019, up 1.28% year-on-year in real terms. Moreover, rising alcoholic consumption across countries and rising preference for beverages with various natural flavors are driving the development of fortified wine. Manufacturers are employing natural flavors to enhance the taste and aroma of their alcoholic beverages since millennials are largely buying novel alcoholic beverage products.
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Consumers have a wide range of fortified wine options with unique natural flavors, allowing them to choose the product that best satisfies them. There is an emerging trend in the market for celebrity-owned brands, which is sure to draw a big number of customers. The majority of consumers choose to consume premium alcoholic beverages associated with their favourite celebrity. As a result, additional fresh launches of celebrity-owned premium alcohol brands are planned soon, which will propel the growth of the market.
The key players contributing to the growth of the global fortified wine market by adopting various strategies such as product launches & developments, mergers and acquisitions, partnerships, and agreements, include Bacardi Ltd., E. & J. Gallo Winery, Symington Family Estates Vinhos SA, Davide Campari-Milano S.p.A., and Taylor’s Port, among others. For instance, in January 2021, E. & J. Gallo Winery signed an agreement to buy over 30 wine and spirits brands from Constellation Brands, Inc. In addition to this, the company will acquire six wine manufacturing plants situated in California, New York, and Washington. This acquisition will aid in the growth of the company in the premium fortified wine segment.
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Market Coverage
- Segment Covered-
o By Type
o By Distribution Channel
- Competitive Landscape- Bacardi Ltd., E. & J. Gallo Winery, Symington Family Estates Vinhos SA, Davide Campari-Milano S.p.A., and Taylor’s Port, among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominates the market in base year?
- Which segment and region will project fastest growth in the market?
- How COVID-19 impacted the market?
o Recovery Timeline
o Deviation from pre-COVID forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Fortified Wine Market by Segment
By Type
- Port Wine
- Sherry
- Vermouth
- Madeira
- Others
By Distribution Channel
- Online
- Offline
- Specialty Stores
- Supermarkets and Hypermarkets
- Liquor Stores
- Others
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