Fortified Wine Market to Signify Strong Growth by 2024-2031

Fortified wine market is estimated to grow at a CAGR of nearly 4.8% during the forecast period. The major factors contributing to the growth of the market include emerging demand for premium alcoholic beverages and growing disposable income across emerging countries. As per the State Council of the People's Republic of China, the country’s per capita disposable income stood at $1,265 in the first three months of 2019, up 6.8% year-on-year in real terms. Urban and rural per capita disposable income reached nearly $1735 and $686 in the first quarter of 2019, up 5.9% and 6.9% in real terms, respectively.

Chinese per capita consumer spending increased by 5.4% year-on-year in real terms to reach nearly $826 in the first quarter of 2019. This rising per capita income is further supporting to drive the market growth in the country. This, in turn, is expected to contribute to the adoption of premium fortified wine products. Further, the adoption of fortified wine are being primarily led by significant alcoholic consumption across the countries and increasing demand for beverages with different natural flavors. Millennials are primarily buying innovative alcoholic beverages products and therefore, the manufacturers are using natural flavors that enables to enhance the taste and fragrance of their alcoholic beverages.

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Market Coverage

• Market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered- By Source, By Product Type, By Applications
• Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill Inc., and others

Fortified Wine Market- Segmentation

By Type

• Port Wine
• Sherry
• Vermouth
• Madeira
• Others

By Distribution Channel

• Online
• Offline

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Fortified Wine Market– Segment by Region 

North America

• United States
• Canada

Europe

• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Rest of Asia-Pacific

Rest of the World

Company Profiles

• Atsby Vermouth
• Bacardi Ltd.
• Backsberg
• Contratto s.r.l.
• Davide Campari-Milano S.p.A.
• E. & J. Gallo Winery 
• Fratelli Gancia & C. S.p.A.
• Imbue Cellars
• Liberty Wines Ltd.
• Sogevinus Fine Wines S.L.
• Sogrape Group 
• Symington Family Estates Vinhos SA
• Taylor’s Port
• The Dolin Co.
• The Wine Group
• Vinbros and Co.

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Article source: https://article-realm.com/article/Food-Beverage/58745-Fortified-Wine-Market-to-Signify-Strong-Growth-by-2024-2031.html