Selbyville, Delaware, June 04, 2024 (GLOBE NEWSWIRE) --
The fortified wine market valuation is predicted to cross USD 85.2 billion by 2032, as reported in a research study by Global Market Insights Inc.
The increasing consumer preference for premium and high-quality alcoholic beverages is boosting the demand for fortified wines, often perceived as luxurious and sophisticated. The growing interest in diverse and exotic flavors is encouraging consumers to explore fortified wines like port, sherry, and vermouth. As per the U.S. Department of Agriculture, in 2023, wine, beer and spirits exports from the U.S. stood at $3.84 billion. Increasing demand of alcohol from other countries will accelerate the production of fortified wine, thus, positively influencing the market growth trajectory.
The rising trend of wine tourism and wine tasting events is further increasing consumer exposure and appreciation. The health benefits associated with moderate wine consumption, like antioxidants and heart health benefits are accelerating the penetration of fortified wine. The expansion of distribution channels, including online retail is also enhancing accessibility and convenience, further driving the product uptake.
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Fortified wine market from the supermarkets distribution channel segment will expand at notable rate from 2023 to 2032. The convenience and accessibility of supermarkets is attracting a large consumer base looking for a variety of wine options in one place. The competitive pricing and frequent promotions in supermarkets are encouraging higher purchase volumes. The growing trend of supermarkets for offering premium and curated wine selections is subsequently increasing the consumer interest in fortified wines.
The sherry product segment is estimated to record sizeable share of the fortified wine market by 2032. The increasing popularity of diverse and unique wine flavors is attracting consumers to Sherry's distinct taste profiles. The rising trend of pairing wines with gourmet cuisine is boosting the product appeal in culinary circles. The growing interest in traditional and heritage wines is also driving the market presence of Sherry, with expanding distribution channels making it more accessible to consumers globally.
North America fortified wine market is projected to grow at commendable rate between 2023 and 2032, led by the increasing consumer interest in premium and diverse alcoholic beverages. Rising disposable incomes and the trend of pairing wines with gourmet food is spurring the demand for fortified wines. The popularity of wine tourism and tasting events is increasing consumer awareness and appreciation. The expansion of retail channels, including online platforms is making fortified wines more accessible. The rising awareness of the health benefits associated with moderate wine consumption is further accelerating the product consumption across the region.
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Some of the leading firms operating in the fortified wine market include E. & J. Gallo Winery, Constellation Brands, Inc., Treasury Wine Estates, Grupo Sogevinus Fine Wines, Trinchero Family Estates, Deutsch Family Wine & Spirits, The Wine Group, Pedro Domecq Sherry, Liberty Wines Limited, Precept Wine, LLC, Michelle Wine Estate, Backsberg, Croft Port, Taylor's Port, and Albina & Hanna. These industry players are adopting mergers & acquisitions, collaborations, and launching new products to augment their global presence. For instance, in February 2024, Sokol Blosser Winery, a pioneering family-owned business, launched its inaugural collection of aperitif wines, now available online and at the Sokol Blosser Tasting Room.
Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Industry coverage
1.2 Market scope & definition
1.3 Base estimates & calculations
1.3.1 Data collection
1.4 Forecast parameters
1.5 COVID-19 impact analysis at global level
1.6 Data validation
1.7 Data Sources
1.7.1 Primary
1.7.2 Secondary
1.7.2.1 Paid sources
1.7.2.2 Unpaid sources
Chapter 2 Executive Summary
2.1 Fortified Wine industry 3600 synopsis, 2018 – 2032
2.2 Business trends
2.3 Product type trends
2.4 Distribution channels trends
2.5 Regional trends
Chapter 3 Fortified Wine Market Insights
3.1 Industry ecosystem analysis
3.2 Industry impact forces
3.2.1 Growth drivers
3.2.2 Industry pitfalls & challenges
3.3 Growth potential analysis
3.3.1 By Product type
3.3.2 By End-user applications
3.3.3 By Distribution channels
3.4 COVID- 19 impact analysis
3.5 Regulatory landscape
3.5.1 U.S.
3.5.2 Europe
3.6 Pricing analysis, 2022
3.7 Reimbursement scenario
3.8 Technology landscape
3.9 Future market trends
3.10 GAP analysis
3.11 Porter's analysis
3.12 PESTEL analysis
3.13 Impact of Russia-Ukraine War
Chapter 4 Competitive Landscape, 2022
4.1 Introduction
4.2 Company matrix analysis, 2022
4.3 Global company market share analysis, 2022
4.4 Competitive positioning matrix
4.5 Strategy dashboard
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
