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Global Fortified #Wine Market Trends, Growth and Forecasts to 2023

 

DUBLIN - May 4, 2018 (Investorideas.com Newswire) The "Global Fortified Wine Market - Trends, Growth and Forecasts (2018 - 2023)" report has been added to ResearchAndMarkets.com's offering.

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.

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.

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.

Companies Mentioned

  • BACARD
  • E. & J
  • Gallo Winery
  • The Wine Group
  • Anchor Brewers & Distillers
  • Atsby Vermouth
  • Imbue Cellars
  • Symington
  • Sogrape Vinhos
  • McWilliam's Wines
  • EMILIO LUSTAU
  • Gonzlez Byass

For more information about this report visit https://www.researchandmarkets.com/research/6xq8pg/global_fortified?w=4

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Laura Wood, Senior Manager
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