Global Fortified Wine Market Size, Share, Growth Analysis, By Product(Port wine, Vermouth), By Distribution Channel(Pub, Bars & Restaurants), By Source(Fish, and Others) - Industry Forecast 2024-2031

Global fortified wine market size was valued at around 15.57 billion in 2022 and is expected to rise from USD 17.52 billion in 2023 to reach a value of USD 44.94 billion by 2031, at a CAGR of 12.5 % over the forecast period (2024-2031).

The demand for fortified wines is being propelled by the rising global consumption of alcoholic beverages. Moreover, advancements in technology, manufacturing, and flavor innovation are driving market expansion in the foreseeable future. The growing consumption of alcoholic beverages at various special occasions is also playing a significant role in the industry's growth. The consumption of these products is seen as a form of social recognition, which is expected to further boost industry growth in the projected timeline. Additionally, the numerous health benefits associated with fortified wine consumption serve as key drivers for market expansion. However, market growth is being hindered by escalating wine taxes in certain regions and stringent government regulations. Despite these challenges, increased investment in research and development by various producers worldwide is creating opportunities for the industry in the coming years. Regulatory standards in countries like the United States, Germany, the United Kingdom, China, and India are expected to ensure the maintenance of high-quality fortified wine products. For instance, the Food Safety and Standards Authority of India (FSSAI) has introduced regulations pertaining to alcoholic beverages manufacturing and labeling. The COVID-19 pandemic and subsequent lockdowns disrupted transportation and raw material supplies, impacting fortified wine production temporarily. Nevertheless, heightened health awareness and encouragement of fortified wine consumption during the pandemic are anticipated to fuel robust market growth in the near future.

Top-down and bottom-up approaches were used to estimate and validate the size of the global fortified wine market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Fortified Wine Market Segmental Analysis

The global fortified wine market is segmented based on product, distribution channel, and region. By product, the market is segmented into port wine, vermouth, sherry and others. By distribution channel the market is segmented into pub, bars & restaurants, internet retailing, liquor stores, supermarkets, and others. By region, the market is categorized into North America, Europe, Asia-Pacific, South America, and MEA.

Drivers of the Global Fortified Wine Market

The fortified wine market is poised for growth, largely propelled by the increasing popularity of wine among consumers, particularly in developing nations.

Restraints in the Global Fortified Wine Market

The demand for fortified wines may face limitations due to the wide array of alcoholic beverages available to consumers, including non-fortified wines.

Market Trends of the Global Fortified Wine Market

Consumers are increasingly inclined to invest in premium and luxury fortified wines, perceiving them to offer superior quality and status. Consequently, there is a burgeoning demand for higher-priced fortified wines, particularly in developed nations.