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

Global Fortified Wine Market size was valued at around USD 15.57 billion in 2022 and is expected to grow from USD 17.52 billion in 2023 to USD 44.94 billion by 2031, at a CAGR of 12.5 % over the forecast period (2024–2031).

The market is characterized by the existence of multiple well-established businesses, as well as numerous domestic players, as well as an existing robust distribution chain. Major investments in research and development to improve their product portfolio. For instance, E. & J. Gallo Winery has stated that on June 15, 2021, the company will invest USD 423 billion in a new production plant and distribution center to support its long-term innovation objectives and future commercial growth. Such developments are expected to increase the product's acceptance rate among consumers. To spread their footprints across the territory, producers are vigorously pursuing both organic and inorganic techniques. 'E. & J. Gallo Winery', 'Bacardi Limited', 'Treasury Wine Estates Limited', 'The Wine Group LLC', 'Davide Campari-Milano S.p.A.', 'Sogrape Vinhos, S.A.', 'Symington Family Estates', 'Gonzalez Byass S.A.', 'Les Grands Chais de France Group', 'Miguel Torres S.A.', 'The Brown-Forman Corporation', 'Pernod Ricard SA', 'William Grant & Sons Ltd.', 'C. & J. Gallo Winery', 'Vinicola del Priorat', 'Lustau', 'Sierra Cantabria', 'Bodegas Emilio Lustau, S.A.', 'Sociedade Agrícola e Comercial dos Vinhos Messias, S.A.', 'Quinta do Noval'

Wine is becoming more popular among consumers, especially in developing countries, which is expected to drive the growth of the fortified wine market.

Increasing demand for premium and luxury fortified wines: Consumers are willing to pay more for premium and luxury fortified wines, which are perceived to offer higher quality and status. As a result, there is growing demand for higher-priced fortified wines, especially in developed countries.

Europe accounted for more than 45% of the worldwide fortified wine industry in 2022 and emerged dominant. Wine consumption is predicted to increase in countries such as Germany, France, Italy, Spain, and Portugal, driving the industry in this area. Furthermore, rising demand for flavored wine is expected to drive market expansion throughout the forecast period.