Latest News- Fortified Wine Market: Sherry is expected to lead the Product Type segment during 2024-2028

The Fortified Wine Market is being driven by Rising consumption rate of wine consumption

The Fortified Wine Market is expected to grow at a CAGR of 4.36% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4381.5 million. The global fortified wine market is experiencing a significant shift towards online wine auctions and sales platforms, which are increasingly becoming the preferred medium for wine enthusiasts and collectors worldwide. Convenience is a key driver of this trend, as these platforms enable buyers to access a vast selection of fortified wines from their homes, eliminating the need to visit physical auction houses or retail stores. This is particularly beneficial for time-pressed individuals who cannot attend live auctions or regularly visit wine merchants. Online wine auctions and sales platforms offer a level of accessibility and flexibility that is unmatched in the traditional wine market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Product Type
  • Sherry
  • Port
  • Vermouth
  • Others
• Distribution Channel
  • Off-trade
  • On-trade
• Body Type
  • Light bodied
  • Medium bodied
  • Full bodied
  • Light bodied
  • Medium bodied
  • Full bodied
• Sweetness Level
  • Dry
  • Semi Sweet
  • Sweet
  • Dry
  • Semi Sweet
  • Sweet
• Geography
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • North America
    • US
  • APAC
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising consumption rate of wine consumption
• Increasing preference for premium wines
• Growing demand for rare and collectible wines

However, the market also witnesses some limitations, which are as follows:

• Negative perception associated with fortified wines
• Limited availability of fortified wines
• Stringent regulation on fortified wines

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Market Scope in Fortified Wine Market Research Report

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Research Analysis Overview

The Fortified Wine Market is witnessing growth due to the health benefits associated with these alcoholic drinks. Premiumization and innovation in flavors are driving the market, with social recognition and brand recognition playing significant roles. The FSSAI's regulations and increased taxation pose challenges. The Vermouth and Dessert Wine segments are popular, with Sherry and Port leading the way. Liquor stores, single-spirit bars, and social media promotions are key sales channels. Brands like Glenfiddich, Sogevinus Fine Wines, and Vinbros & Company use Amontillado Sherry casks and Antioxidant-rich grapes to enhance their offerings. Mixologists and consumers value the various health benefits, including antioxidants, making fortified wines a preferred choice.

Market Research Overview

In the fortified wine market, businesses leverage various factors to drive growth. Premiumization, innovation in flavors, and health benefits are key trends. Raw materials, including fruit concentrates, yeast, and sugar, serve as the foundation for wine production. For spirits, such as whiskey, carbohydrate-rich grains, water, and yeast are utilized. Secondary sources and extra ingredients, like juniper berries, fruits, herbs, spices, seeds, roots, barks, and flowers, add distinct flavors to gins and liqueurs. Social recognition and various health benefits associated with these alcoholic beverages further boost demand. Despite challenges like increased taxation and FSSAI regulations, the market remains dynamic.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/