Port Wine Market offers a range of styles and vintages, appealing to both connoisseurs and casual wine enthusiasts. Its unique production process and aging techniques contribute to its premium status in the market, making it a sought-after choice for special occasions and discerning consumers.
The global port wine market is set to witness a significant CAGR of 8.1% and is anticipated to reach a valuation of around USD 2,011.9 Million by 2032.
The primary factors influencing port wine market expansion are consumer drinking habits. Especially artisan beer, whisky, and pricey wines are among the alcoholic beverages that customers are experimenting with.
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Because port wine is less acidic than other alcoholic beverages, port wine has become increasingly popular with consumers who prefer less acidic libations.
Through social media platforms and communication technology, more people are projected to become aware of the undisclosed health benefits of port wine, such as the existence of the antioxidant resveratrol, which is predicted to fuel the market’s expansion.
Nowadays, people are more interested in a product’s production process and country of origin, therefore instructional marketing is a strategy to assist the growth of port wine’s market share. The introduction of new flavours like cinnamon, raspberry, chocolate, caramel, and others opens up a multitude of growth opportunities for the port wine market.
Given that it is the world’s largest wine consumer, the United States continues to be a focus for many foreign port wine makers. Over the past ten years, the market for port wine has experienced the fastest growth in India, largely because of the rise of upper-middle class urban consumers.
Key Takeaways from Market Study
- The market is segmented based on nature, wherein the red port wine is anticipated to account for a significant global port wine market share in 2022.
- White wine is expected to witness a lucrative growth rate of 9.2% during the forecast period.
- The European port wine market is anticipated to dominate the global market, with a share of around 34.2% in 2022.
- South Asia is expected to witness a lucrative growth rate in the port wine market during the forecast period.
- On the basis of sales channels, the liquor store is expected to hold a dominating port wine market share in 2022, but the online retail store is expected to witness a lucrative growth rate over the forecast period.
- Based on product type, tawny port wine is dominating the global port wine market in 2022.
“The port wine manufacturers are primarily focusing on investing in promotional and advertising activities to increase the sales in specific regions, such as South Asia and East Asia,” says a Future Market Insights analyst.
Competitive Landscape
In order to increase revenue and generate sales from regions such as the Middle East and Africa, the companies are focusing on reaching consumers in several untapped markets. There are several regions where premium port wines from other countries are exported. This raises the price of premium products, reducing sales in these regions.
Symington Family, La Martiniquaise, Sogrape, Fladgate Partnership, Sogevinus, A ACálem, C N Kopke, Cockburn Smiths &CompanhiaLda, Delaforce Sons & Companhia, Martinez Gassiot, Vinhos SA, Ramos Pinto, Warren & Companhia, SA, Wiese & Krohn, Sucrs, Lda, and Others are the major participants in the port wine market.
Recent Developments:
- In 2020, Premium Port Wines, the US importer for leading Port producer Symington Family Estates, is pleased to announce the launch of Fine and Vintage Wines, an online retail store offering the finest Ports, Madeiras, and Douro table wines direct from the producers’ cellars in Portugal.
- In 2021, Taylor’s launched a digital campaign to coincide with the ‘Port season’ of fortified wine-drinking occasions, which includes Halloween, Bonfire Night, Christmas, and New Year’s Eve.
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Port Wine Market by Category
By Nature:
- Red Wine
- Port Wine
By Product Type:
- Ruby]
- Tawny
- Vintage
- Rose
- Others
By Sales Channel:
- Modern Trade
- Restaurants & Bars
- Tasting Rooms
- Online Retail Stores
- Travel Retail Stores
About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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