Press release
Port Wine Market Set for Steady Growth with 2.6% CAGR by 2030
Port Wine Market
Perceived health benefits of wine such as reduction in risks for heart diseases and stroke, enhancement in immune system, and management of cholesterol levels drive the growth of the global port wine market. On the other hand, changing climatic conditions restrain the growth to some extent. Nevertheless, increasing access to affordable imported wines is projected to create lucrative opportunities in the industry.
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The key market players analyzed in the global port wine market report include Calabria Family Wines, Davy & Co Limited, Grupo Sogevinus Fine Wines, The Fladgate Partnership, Quevedo, Quinta do Crasto, Sula Vineyards, Symington Family Estates, and Precept Wine. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
COVID-19 scenario-
· Closure of international trades impacted the global port wine market negatively, especially during the initial phase. Also, closing down of commercial establishments and categorizing alcohol as a non-essential item gave way to a steep decline in sales.
· However, reopening of bars and pubs in the post pandemic scenario and adoption of omnichannel selling by the producers are expected to create lucrative opportunities in the scenario.
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The global port wine market is analyzed across type, price point, sales channel, and region.
Based on type, the tawny segment accounted for the major share in 2020, holding more than two-thirds of the global market. The same segment would also exhibit the fastest CAGR of 2.8% throughout the forecast period.
Based on price point, the mass segment generated the highest share in 2020, accounting for nearly three-fourths of the global market. The premium segment, however, would cite the fastest CAGR of 3.3% from 2021 to 2030.
Based on region, the market across Europe held the lion's share in 2020, garnering nearly two-thirds of the global market. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR of 5.6% by the end of 2030. The other provinces studied in the report include North America and LAMEA.
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