Fortified Wine Market to Hit at a CAGR of 12.3% from 2023-2030 | Key Players Bacardi Limited, Davide Campari-Milano S.p.A, The Wine Group, E&J Gallo Winery

Fortified Wine Market Size, Share & Trends Analysis Report by Product (Port Wine, Vermouth, Sherry), By Distribution Channel (Pub, Bars & Restaurants, Internet Retailing, Liquor Stores, Supermarkets) and By region (North America, Europe, Asia-Pacific, Middle East and Africa and South America). The global Fortified Wine Market size is projected to reach a CAGR of 12.3% from 2023-2030.

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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, 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, Others.

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.

The rising consumption and demand for alcoholic drinks in various special events are further supporting the industry's growth. The consumption of the product is considered social recognition, which in turn will drive the industry growth during the forecast timeline. In addition to this, various health benefits are associated with consumption of the fortified wine. These are the major driving factors for market growth. Moreover, the increasing investment in R&D by various manufacturers to produce innovative products of fortified wine across the globe is creating opportunities for the market over the upcoming years.

On the other hand, the increased taxation on wine in several nations and stringent government rules and regulations are hindering the growth of the market during the forecast period.

The COVID-19 outbreak has affected the wine market globally. The lockdown situation has shut all the industries due to which production is affected. All the bars, restaurants, pubs, and liquor stores, in almost all countries, have been shut, disrupting the sales volume and frequency of the wine. Alcohol products do not come under the list of essential items made by the government amid the Corona pandemic, which has given a massive blow to the sales of alcohol. Also, trade activities are at a halt, again affecting the supply of wine and other alcoholic beverages.

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Scope of the Global Fortified Wine Market Research Report:

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.

The lockdown announced during the COVID-19 pandemic caused disruption in transportation and suspended the supply of raw materials for a certain time, and affected the manufacturing of fortified wine. However, the rising awareness about health and promotion of the use of fortified wine after the COVID-19 pandemic has projected to witness a healthy market growth rate in the upcoming years.

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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