Port Wine Market : Trends, Challenges, and Opportunities

The global port wine industry was estimated at $780.2 million in 2020 and is expected to hit $774.7 million by 2030, registering a CAGR of 2.6% from 2021 to 2030.

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. Based on type, the tawny segment accounted for the major share in 2020. By region, on the other hand, Asia-Pacific would cite the fastest CAGR by 2030.

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Rapid increase in awareness and production of organic port wines will lead to a greater proliferation of the market.

The hospitality sector, which includes establishments like hotels, restaurants, cafes, bars, to name a few, are expanding rapidly, and will continue to do so especially in the post covid scenario. A lot of these commercial establishments offer spirits and alcohols to their consumers, and provide pairing of food with which the wine will taste the best. Port wine is a sweet wine, and hence it is paired with foods like cheese, cakes, sorbets, and is also used for making sauces and deserts. Many bars and restaurants have started keeping port wine as a unique offering to their customers as it is not a very common type of wine across the region. This is especially the case in wine gardens and wine tasting establishments that only serve wine and food pairing to customers to educate them about different kinds of wines and help theme select their favorite types of wines. The increase in such type of commercial establishments is leading to proliferation of the port wine market.

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The global port wine market is segmented on the basis of type, price point, sales channel, and region. Based on type, the global market is bifurcated into tawny and ruby ports. Based on price point the global market is bifurcated into premium and mass. Based on sales channel the global market is studied across on trade and off trade.

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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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.

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