PUBLISHER: Grand View Research | PRODUCT CODE: 1588635
PUBLISHER: Grand View Research | PRODUCT CODE: 1588635
The global fortified wine market size is expected to reach USD 31.80 billion by 2030, and is anticipated to grow at a CAGR of a 9.4% from 2025 to 2030, according to a new report by Grand View Research, Inc. The rising consumption and demand for alcoholic drinks in various special events are further supporting the industry's growth. The consumption of the product is considered social recognition, which in turn will drive industry growth during the forecast timeline.
In addition, various health benefits are associated with the consumption of fortified wine and leading to the market growth. However, the increased taxation on wine in several nations and stringent government rules and regulations are hindering the growth of the market during the forecast period.
Moreover, the increasing investment in R&D by various manufacturers to produce innovative products of fortified wine across the globe is creating opportunities for the market over the upcoming years. However, government guidelines in countries such as the U.S., Germany, the UK, China, and India are expected to maintain the quality of fortified wine products. Recently, the Food Safety and Standards Authority of India (FSSAI) has framed and notified the alcoholic beverages standard regulations 2018 for the manufacturing and labeling of wine.
The lockdown announced during the COVID-19 pandemic caused disruption in transportation, suspended the supply of raw materials for a certain time, and affected the manufacturing of fortified wine. However, rising awareness about health and promotion of the use of fortified wine after the COVID-19 pandemic has projected a healthy market growth rate in the upcoming years.
In June 2021, E. & J. Gallo Winery announced that the company would build a new production facility and distribution center with a USD 423 billion investment to support its long-term innovation plans and future business growth. Such innovations are expected to boost the adoption rate of the product among consumers.