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Fortified Wine Global Market Report 2023
Major players in the fortified wine market are Liberty Wines Limited, Taylor’s Port, Vinbros, Lombardo winery, Curatolo Arini, Davide Campari-Milano S.p.A., EMILIO HIDALGO SA, Mazuran’s Vineyards Limited, Sogrape Vinhos, Backsberg, BACARDI, E.
New York, March 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Fortified Wine Global Market Report 2023" - https://www.reportlinker.com/p06319459/?utm_source=GNW
& J. Gallo Winery, Indage Vintners Limited, and Contratto
The global fortified wine market grew from $18.81 billion in 2022 to $20.67 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, and affecting many markets across the globe. The fortified wine market is expected to grow to $30.07 billion in 2027 at a CAGR of 9.8%.
The fortified wine market consists of sales of sherry, madeira, moscatel, and marsala.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
The fortified wine are used to make cocktails as well as great cooking wines.Fortified wine refers to wine that has been fortified by the addition of a distilled spirit, particularly a grape spirit such as brandy or cognac.
The grape spirit can be added to the wine during or after fermentation. The addition of the distilled spirit makes the fortified wine unique as compared to other types.
North America will be the largest region in the fortified wine market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this fortified wine market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The main products of fortified wine are port wine, vermouth, sherry, and other products.Vermouth refers to a dry or sweet aperitif wine flavoured with aromatic herbs and often used in mixed drinks.
The distribution channels included are online and offline. The various end-users involved are supermarkets and hypermarkets, on-trade, specialist retailers, and retail stores.
Increasing populations around the globe are expected to propel the growth of the fortified wine market going forward.Population refers to the total number of people or inhabitants in a country or region.
The growing population is responsible for the increase in the demand for agriculture and related goods, including wine, wheat, and corn. For instance, according to the United Nations report in 2022, a US-based intergovernmental organization to maintain international peace and security, the world’s population is expected to reach around 8.5 billion in 2030 and 9.7 billion in the year 2050. Therefore, the increasing population around the globe is driving the growth of the fortified wine market.
Product innovation is a key trend gaining popularity in the fortified wine market.Major companies operating in the fortified wine sector are focused on developing new product innovation solutions to strengthen their position.
For instance, in May 2021, Taylor’s, a Portugal-based beverage company that produces fortified wine, launched Chip Dry & Tonic, which was claimed to be the first pre-mixed 25cl variant, RTD white port, and tonic, packed in a can. The new product is a ready-to-drink 5.5% abv Taylor’s Chip Dry and Tonic.
In March 2021, Accolade Wines, an Australia-based wine-making company, acquired Rolf Binder Wines for an undisclosed amount.Through this acquisition, Accolade Wines aims to diversify and expand its wine expertise by adding premium wines to its product portfolio.
Rolf Binder Wines is an Australia-based winery that produces fortified wines.
The countries covered in the fortified wine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The fortified wine market research report is one of a series of new reports that provides fortified wine market statistics, including fortified wine industry global market size, regional shares, competitors with a fortified wine market share, detailed fortified wine market segments, market trends and opportunities, and any further data you may need to thrive in the fortified wine industry. This fortified wine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06319459/?utm_source=GNW
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