Global Fortified Wine Market Size, Share & Trends Analysis Report, By Type (Port Wine, Sherry, Vermouth, Madeira, and Others), By Distribution Channel (Online and Offline) and Forecast, 2020-2026
The global fortified wine market is estimated to grow significantly during the forecast period. Some key factors contributing to the market growth include significant youth population and rising demand for premium alcoholic beverages. The rising youth population is one of the crucial factors supporting to drive the demand for alcoholic beverages. According to the World Youth Report (2018), the population aged 15 to 24 were 1.2 billion, which accounted for 16% of the global population.
As per the United Nations (UN), by 2030, the number of youth population is anticipated to have grown by 7%, to nearly 1.3 billion. In Africa, the number of youth population is growing faster. It is anticipated that the youth population in Africa will rose by 42%. The average age group of alcohol drinking is more than 15. Therefore, the rising youth population is estimated to drive the demand for alcoholic drinks. As per the Population Reference Bureau (PRB), the global population ages 15-24 and 25-64 were 65% in 2018. The people aged 15 + to 40 tend to consume alcohol and thereby drive the growth of the market.
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Geographically, the market is classified into four major regions, including North America, Europe, Asia-Pacific, and Rest of the World (RoW). In 2019, Europe is anticipated to hold a significant share in the market owing to the rising demand for vermouth and increasing millennial population in the region. As per the Eurostat, in 2016, the EU population under age 30 were nearly one-third of the total EU population, of these young people aged 15-29 years was 17%. The minimum age of alcohol consumption in Europe ranges between 16 and 18. This, in turn, is leading to increasing demand for fortified wine in the region.
Some crucial players in the market include Bacardi Ltd., E. & J. Gallo Winery, Symington Family Estates Vinhos SA, Davide Campari-Milano S.p.A., and Taylor’s Port. Most of the companies are shifting their focus towards online platforms to increase the accessibility of their fortified wines and therefore, some online retail space is opening for the companies. For instance, in May 2020, Premium Port Wines, the US importer of Symington Family Estates, declared an online retail space, Vintage and Fine Wines, to offer the finest Port wines, Madeiras wines, and Douro tables, direct from the producers’ cellars in Portugal. The store is currently open for buying and shipping in the California, US. This will enable wine producers to expand the reach of their products and achieve significant revenue.
The market study of the global fortified wine market is incorporated by extensive primary and secondary research conducted by the research team at OMR. Secondary research has been conducted to refine the available data to breakdown the market in various segments, derive total market size, market forecast and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macro-economic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders and industry experts. Primary research brings authenticity in our reports.
Secondary sources include:
• Financial reports of companies involved in the market
• Authentic public databases
• Whitepapers, research-papers, and news blogs
• Company websites and their product catalog
The report provides in-depth analysis on market size, intended quality of the service preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly integrating different models.
• Global Fortified Wine Market Research and Analysis, By Type
• Global Fortified Wine Market Research and Analysis, By Distribution Channel
The Report Covers
• Comprehensive research methodology of the global fortified wine market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• Exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the global fortified wine market.
• Insights about market determinants which are stimulating the global fortified wine market.
• Detailed and extensive market segments with regional distribution of forecast revenues.
• Extensive profiles and recent developments of market players.
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