The Fortified Wine Market is expected to attain a CAGR of 4.8% during the forecast period (2018–2023) owing to the growing demand for new and innovative flavors and the premiumization associated with fortified wine. Fortified wine is a wine to which a distilled spirit, usually brandy, is added. The zealous class of younger populations is aspiring for innovation from the fortified wine industry, and due to this demand for new flavors, high-quality brands have led to more and more innovation in fortified wines.
Market Dynamics
The market of fortified wine is increasingly driven by growing demand for product innovations in terms of new flavor varieties. The rapidly evolving tastes and preferences have led to the emergence of new and exotic flavors of fortified wine. In fact, after the legalization of marijuana in many states of the United States, many fortified wines are being launched infused with marijuana. Premiumization is also expected to further fuel the growth of the fortified wine market as consumer perception regarding the premium fortified wines is both positive as well as promising. The premiumisation associated with fortified wine is also evident in developing regions due to emergence of the aspirational middle class segment. However, the higher tax duties imposed on fortified wines in certain developed markets have led to decline in their overall sales. Thus, the unfavorable tax system acts as a primary constraint for the market.
Market Segmentation The market for fortified wine is segmented based on product type, packaging type, distribution, and geography. Based on product type, the market is further categorized into port wine, vermouth, sherry, and others. The report also contains a distinct segmentation of packaging materials used for fortified wines. The distribution channel segment includes on-trade, supermarkets & hypermarkets, speciality stores, and others.
On-trade distribution includes pubs, clubs, bars, and restaurants where fortified wines witness higher sales as compared to other distribution segments. However, there has been growing demands of fortified wines in supermarkets & hypermarkets, owing to the emerging trend of household consumption.
Regional Analysis Asia-Pacific is expected to grow faster than other regions in the foreseeable future, especially to the rising demands from countries, like Malaysia, India, and other Southeast Asian countries, where tourism and hospitality sectors are set to achieve exponential growth rates.
The European market of fortified wine has long achieved its maturation stage, and the key players are seeking radical innovation in terms of more exotic flavor profiles and packaging systems in order to retain the sustainable market share.
Key Developments January 2018 - UK-based WHITE CASTLE VINEYARD has recently launched ‘FIRST FORTIFIED WINE’ IN WALES, with an alcohol by volume (ABV) of 19%.
December 2018 - California-based winery Rebel Coast Winery has recently launched first-ever alcohol-free, cannabis-infused wine.
The major players include - BACARDÍ, E. & J, GALLO WINERY, THE WINE GROUP, ANCHOR BREWERS & DISTILLERS, ATSBY VERMOUTH, IMBUE CELLARS, SYMINGTON, SOGRAPE VINHOS, MCWILLIAM'S WINES, EMILIO LUSTAU, GONZÁLEZ BYASS, amongst others.
Reasons to Purchase this Report • Analyzing outlook of the market with the recent trends and Porter’s five forces analysis • Market dynamics which essentially consider the factors, which are impelling the present market scenario, along with growth opportunities of the market in the years to come • Market segmentation analysis, including qualitative and quantitative research incorporating the impact of economic and non-economic aspects • Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market • Competitive landscape involving the market share of major players, along with the key strategies adopted for development in the past five years • Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players • 3-month analyst support, along with the Market Estimate sheet in excel
Customization of the Report This report can be customized to meet your requirements. Please connect with our analyst, who will ensure you get a report that suits your needs
Some Points from Table of Content: 1. Introduction 1.1 Key Deliverables of the Study 1.2 Study Assumptions 1.3 Market Definitions
2. Research Approach and Methodology 2.1 Introduction 2.2 Research Design 2.3 Study Timelines 2.4 Study Phases 2.4.1 Secondary Researc 2.4.2 Discussion Guide 2.4.3 Market Engineering & Econometric Modelling 2.4.4 Expert Validation
3. Market Overview 3.1 Drivers 3.1.1 Robust growth in tourism and hospitality sectors 3.1.2 Increasing demand for new flavors 3.1.3 Premiumization 3.2 Restraints 3.2.1 Unfavorable tax structures 3.3 Opportunities 3.3.1 New product launches 3.4 Porter's Five Forces Analysis 3.4.1 Bargaining Power of Suppliers 3.4.2 Bargaining Power of Buyers 3.4.3 Threat of New Entrants 3.4.4 Threat of Substitute Products and Services 3.4.5 Degree of Competition
About Us: Orbis Research (orbisresearch.com) is a single point aid for all your market research requirements. We have vast database of reports from the leading publishers and authors across the globe. We specialize in delivering customized reports as per the requirements of our clients. We have complete information about our publishers and hence are sure about the accuracy of the industries and verticals of their specialization. This helps our clients to map their needs and we produce the perfect required market research study for our clients.
