(Food-Beverage-News.Com, January 18, 2018 ) Fact.MR has recently added a new report to its vast online database. This research study is titled as “Fortified Wine Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022” which presents an in-depth study about the production, consumption, market volume, revenue (million USD) and market share across different geographical regions.
Fortified wines are prepared by blending wines with a distilled liquor, for example – brandy. Fortified wines, often confused with spirits, were originally utilized as a preservation method. Wines are usually fortified for enhancing their strength and flavor. These wines are often referred to “dessert wines”, owing to their high sweetness levels, coupled with their tendency of being consumed after meals.
Product premiumization is considered to be a major factor driving demand for fortified wine around the world. Majority of the consumers believe that premium products comprise high-quality ingredients. There has been an uptake in demand for new flavors in fortified wine over the past few years. Leading players in the global fortified wine market are focusing on launching new fortified wine flavors, in a bid to cater the rapidly changing preferences of customers. For example – McWilliam’s launched three new flavored fortified wines in 2016 viz. McWilliam’s Espresso Press, McWilliam’s Spice Royale, and McWilliam’s Strawberry Delight. Fortified wines infused with marijuana are gaining prevalence among consumers, especially in the U.S. where the product is legal. Alcoholic beverage industries have been focusing on research & development, which in turn has resulted into introduction of various innovative flavored fortified wines.
However, a large number of people are actively participating in campaigns, in order to spread awareness about adverse health effects of alcohol consumption. In addition, excessive consumption of these wines have resulted into numerous negative health effects. Higher consumption of fortified wines by consumers have led to a rise in risks of diseases such as liver disease, heart disease, and certain cancers. These factor is expected to impede demand for fortified wines on a large scale in the upcoming years.
9 Key Estimations on Future of Global Fortified Wine Market for Forecast Period 2017 to 2022
1. Fortified wine for individuals who are light-bodied is estimated to account for the largest revenue share of the market, with sales anticipated to exhibit a CAGR of 3% through 2022.
2. Although sales of fortified wines that are semi-sweet will witness a sluggish expansion through 2022, revenues from this segment is estimated to account for a major portion of the market share throughout the forecast period.
3. Modern trade is estimated to remain the largest sales channel in the global fortified wine market, accounting for more than one-third market share in terms of revenues from 2017 to 2022.
4. Fortified wine sales in e-commerce sales channel will exhibit the highest CAGR through 2022.
5. Marsala will continue to remain dominant in the global market for fortified wine, based on product type. Over one-fourth revenue share of the market will be accounted by Marsala over the forecast period.
6. Madeira is estimated to remain the second largest product segment in the global market for fortified wine.
7. In terms of revenues, Europe will remain the largest market for fortified wine.
8. Fortified wine sales will witness the fastest expansion in Asia-Pacific excluding Japan (APEJ) through 2022.
9. Key players identified in the global market for fortified wine include Sogrape SGPS, SA., F.LLI GANCIA & C. S.p.A, Sogevinus Fine Wines, S.A., The Wine Group LLC, Davide Campari-Milano S.p.A., E. & J. Gallo Winery, and Bacardi Limited.
Europe to Remain Most Lucrative Region for Fortified Wine Market
Europe will continue to be the most lucrative region for the fortified wine market, in terms of revenues. However, sales of fortified wine in Asia-Pacific excluding Japan (APEJ) are estimated to register a comparatively faster expansion than all the regional segments through 2022.
Marsala is anticipated to retain its position as the top-selling product in the global fortified wine market. Over one-fourth share of the market is expected to be accounted by revenues from sales of Marsala across the globe during 2017 to 2022. In addition, Madeira will continue to be the second most lucrative fortified wine over the forecast period, in terms of revenues.
Modern Trade will Continue to be Largest Sales Channel for Fortified Wine
Accounting for over one-third revenue share of the global market, modern trade will continue to be the largest sales channel for fortified wine worldwide. However, sales of fortified wine in e-commerce sales channel is expected to register the highest CAGR through 2022.
Fortified wine for light-bodied individuals is expected to hold the largest share of the market in terms of revenues, with sales projected to expand at 3% CAGR through 2022. Based on sweetness-level, although sales of semi-sweet fortified wine are expected to be sluggish through 2022, revenues from semi-sweet fortified wine will account for the largest market share over the forecast period.
Competition Tracking
Key players listed in Fact.MR’s report on the global fortified wine market include Bacardi Limited, E. & J. Gallo Winery, Davide Campari-Milano S.p.A., The Wine Group LLC, Sogevinus Fine Wines, S.A., F.LLI GANCIA & C. S.p.A, and Sogrape SGPS, SA.
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