New York, USA, July 27, 2022 (GLOBE NEWSWIRE) -- According to Research Dive’s newly published report, the global port wine market is predicted to grow at a stable CAGR of 6.0%, thereby garnering a revenue of $1,025,842.50 thousand in the 2021-2028 timeframe. This holistic report provides an overarching overview of the nature of the port wine market including its main characteristics like growth drivers, growth opportunities, restraints, and hindrances in the 2021-2028 timeframe. The report also contains all the necessary and essential market figures to help new entrants gain an insight into the working of the market.
Dynamics of the Market
Drivers: Recently, there has been a global rise in the demand for premium drinks, which is predicted to be the main growth driver of the port wine market. In addition, the improvements in the products that are currently in the market is expected to help this market grow immensely.
Opportunities: Health benefits associated with drinking port wine is expected to offer huge growth opportunities to the market. Along with this, key players in the market have started launching new products and flavors which is anticipated to boost the market growth.
Restraints: High cost of port wines, however, might prove to be a hindrance in the growth trajectory of the port wine market.
Click Here! To get access to the PDF Sample of Port Wine Market@ https://www.researchdive.com/download-sample/8562
Impact of Covid-19 on the Market
The novel coronavirus pandemic and the resulting lockdowns have negatively impacted numerous manufacturing and service industries by hampering both the supply-side and demand-side supply chains. The port wine market, on similar lines, has faced problems on both fronts- irregular supply of raw materials and fall in demand for manufactured products. The port wine industry faced irregular supply of raw materials i.e., grapes and at the same time there was a fall in the demand of manufactured products as export of port wine was also hampered.
Segments of the Market
The report has divided the market into certain segments based on type, sales channel, and region.
Type: Tawny Port Wine Sub-Segment to be the Most Dominant
The tawny port wine sub-segment is predicted to have the most dominant market share and garner a revenue of $638,105.5 thousand. The main reason for growth of this sub-segment is the intense flavor of tawny port wines which is becoming quite popular day-by-day. Moreover, these wines are also being used for gifting people on special occasions.
Sales Channel: Offline Sub-segment to have the Highest Market Share
The offline sub-segment is predicted to garner a revenue of $932,127.8 thousand by 2028, thereby having the highest market share. The increasing number of offline shopping stores including supermarkets/hypermarkets, convenience stores, and retail shops have helped this sub-segment grow substantially. These stores are convenient for the customers in that they offer numerous choices to the customers at a single place.
Check out Post COVID-19 Impact on Port Wine Market. Get In touch with an Expert Analyst
Region: Market in Europe Region to be the Most Lucrative
By regional analysis, the port wine market in the Europe region is projected to become the most dominant sub-segment and is predicted to register a revenue of $470,861.70 thousand by 2028. The presence of important wine producing industries in countries like France, Spain, etc. along with increasing number of wine consuming people have helped the market in this region to grow at such a fascinating rate.
Prominent Market Players:
Some prominent market players of the port wine market are
- Adriano Ramos Pinto
- Quevedo
- Davy & Co Limited
- Symington Family Estates
- Calabria Family Wines
- GrupoSogevinus Fine Wines
- The Fladgate Partnership
- Quinta do Crasto, Precept Wine
- Sula Vineyards
These companies are coming up with various innovations using different business strategies like acquisitions, mergers, and collaborations to gain a prominent position in the market.
For instance, in October 2021, Sula Vineyards, an Indian winery, announced their collaboration with Sushi and More, India’s first multi-city Japanese food business. The collaboration will help both the partners to attract more customers across different cities which will ultimately help in increasing their foothold in their respective markets. Buy the Full report here starting at $2999 (Read-Only)
Finally, this report published by Research Dive, also summarizes many crucial aspects of the port wine market including latest strategic developments, SWOT analysis, financial performance of the key players, and product portfolio.
More about Port Wine Market:
- Types of Port Wine and its Health Benefits
- Company Acquisitions and Product Launches by Market Players such as Symington Family Estates, Percept Wine, and Others to Foster the Growth of the Global Port Wine Market
