Market Overview:
Fortified wine, also called as dessert wine is prepared by adding a distilled spirit to it, usually brandy. They have higher alcohol content and are stronger than usual wines. They are available in dry, medium and sweet form and generally, they are blended with spices and herbs to enhance the taste. They are aged in wood casks and are rich in anti-oxidants. Fortified wine is a premium variety of wine and generally its consumption is considered as a social recognition. The fortified wine market is driven by increasing population of alcohol consumers, rising disposable income, increased demand for premium alcohol and rapid development and innovation in flavors. Preference for low-calorie alcoholic beverages, anti-aging properties of fortified wine, its ability to lower cholesterol when consumed in right quantity is fueling the growth of the market. Increasing demand for new flavors of wine and introduction of marijuana-infused wine in the US too has stimulated the market. The global fortified wine market is foreseen to grow at a steady rate over the forecast period 2017-2023, reveals a study by Market Research Future (MRFR).
Additionally, increasing investment from key players in research and development has propelled the market growth. However, alterations in the price of raw materials such as grapes, the rise in taxes, and stringent regulatory control on consumption of fortified wine, and the threat from inexpensive substitute are significant restraints to the market. Campaigns to spread awareness regarding the adverse health effects of alcohol consumption, increase in liver and heart diseases and certain type of cancer are also constraining the growth of the market.
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Competitive Analysis:
The fortified wine market is highly competitive and fragmented with the presence of many small and large vendors competing on the basis of price, quality, innovation, reputation, and distribution. The key market players indulge in various marketing and promotional strategies to broaden their customer base.
The key players operating in the industry include Bacardi Limited (U.K.), The Wine Group (U.S.), Anchor Brewing Company (U.S.), Gancia (Italy), Davide Campari-Milano S.p.A. (Italy), E & J Gallo Winery (U.S.), Atsby Vermouth (U.S.)
Industry Trends/Updates:
Two proposed bills in US, if made laws could result in price hike and fewer choices in wines. The bills might also affect prestige wine programs at places like Eleven Madison Park and Frenchette. According to the new rule, only one wholesaler would have the control of any label, and individual winemakers would become a part of the wholesaler’s portfolio.
Industry Segmentation:
The global fortified wine market has been segmented based on type, taste, and distribution channel. By type, the market has been segmented into port wine, sherry, vermouth, and others. Sherry wine segment accounts for the major share of the market followed by port wine, while the vermouth wine segment is expected to expand at a significant rate. By taste, the market has been segmented into dry, medium, and sweet. The dry fortified wine accounts for the major share of the market. By distribution channel, the market has been segmented into store-based and non-store based. Fortified wine is mostly sold through the store-based distribution channel.
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Regional Analysis:
The key markets of the global fortified wine market include North America, Europe, Asia-Pacific, and Rest of the World. Europe is the largest market for fortified wine. A robust economy and changing lifestyle and presence of key players in the region has propelled the growth of the market. Consumption of sherry wine and dry wine has grown significantly in European countries which adds to the growth of the market. Germany is the major contributor to the Europe market and accounts for approximately 30% of the market share. North America ranks second in terms of market share, and US and UK are among the major importers of the fortified wine in the region. Asia-Pacific market is likely to exhibit a substantial growth rate during the forecast period owing to shifting consumer preference towards healthy food habits and increasing disposable income in the region.
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