New York, USA, March 27, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global port wine market is anticipated to garner $1,378.3 million and grow at a stunning CAGR of 7.5% throughout the forecast timeframe from 2022 to 2031.
As per our analysts, with the growing awareness about the health benefits of consuming port wines among individuals across the world, the port wine market is predicted to experience prominent growth over the forecast timeframe. Besides, the increasing inclination of the young generation toward premium drinks for gifting to friends and relatives and for personal consumption is further expected to amplify the growth of the market during the analysis period. Moreover, the constant adoption of new strategies for the launch of new port wine products by the leading manufacturing companies is expected to create wide growth opportunities for the market over the estimated timeframe. However, the high cost of port wines owing to the high excise duty may hinder the growth of the market analysis period.
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Segments of the Port Wine Market
The report has divided the market into segments based on type, sales channels, and region.
Type: Twany Sub-Segment to be Most Productive
The twany port wine sub-segment is predicted to generate the biggest share of the market over the estimated period. This is mainly due to the increasing demand for premium drinks with intense flavors among individuals globally. In addition, the increasing preference of people for gifting twany port wines to their friends & relatives on special occasions is expected to foster the growth of the market during the analysis period.
Sales Channel: Online Sub-Segment to be Most Profitable
The online sub-segment is projected to have the fastest growth of the market over the estimated timeframe. This is mainly due to the increasing preference of working professionals for online shopping. Moreover, customers get many exciting discounts and offers while shopping online which is expected to magnify the growth of the market sub-segment during the forecast timeframe.
Region: Europe Region Registered the Largest Market Share in 2021
The Europe region of the port wine market garnered the maximum share of the market in 2021 and is expected to continue steady growth over the analysis timeframe. This is mainly due to the strong existence of port wine-producing and consuming countries in this region. Moreover, the increasing interest of people of this region in consuming premium drinks due to their numerous health benefits is expected to drive the regional growth of the market during the forecast period.
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Covid-19 Impact on the Port Wine Market
The outbreak of the Covid-19 pandemic has badly impacted the growth of the port wine market. This is mainly due to the decreased demand for and production of port wines during the pandemic. Moreover, the shutdown of many manufacturing units due to the spontaneous spread of the virus and the shortage of raw materials such as grapes, due to the stringent lockdowns and predominance of serious symptoms of the deadly virus has further declined the growth of the market over the crisis period.
Key Players of the Market
The major players of the port wine market include
- Quevedo
- Precept Wine
- Quinta do Crasto
- GrupoSogevinus Fine Wines
- Sula Vineyards
- Davy & Co Limited
- Symington Family Estates
- Calabria Family Wines
- The Fladgate Partnership
- Adriano Ramos Pinto
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to acquire a leading position in the global industry.
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For instance, in June 2021, Symington Family Estates, one of the world's leading producers of premium port announced its acquisition of W. & J. Graham’s Port House, a renowned producer of port wine. With this acquisition, the companies aimed to redesign the logo of the original Six Grapes stencils which are used to mark barrels of the best wine from each harvest.
Further, the report also presents other important aspects including SWOT analysis, the financial performance of the key players, the product portfolio, and the latest strategic development.
More about Port Wine Market:
- 4 Styles of Port Wine That are Available in the Market in 2023
- Global Port Wine Market to Generate $1,378.3 Million by 2031 Owing to the Increasing Awareness Regarding Health Benefits of Port Wine
