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 demand for fortified wines is driven by the increasing consumption of alcoholic beverages globally. Furthermore, technological advancement and development in manufacturing, as well as flavor innovation, are propelling market expansion in the approaching years. The increasing consumption and demand for alcoholic beverages at various special events is also contributing to the industry's growth. Consumption of the product is regarded as social recognition, which will promote industry growth over the anticipated timeline. Furthermore, there are numerous health benefits related with the use of fortified wine. These are the main market expansion drivers. However, rising wine taxes in certain countries, as well as severe government rules and regulations, are impeding market expansion over the projection period.

Furthermore, the increased investment in R&D by various producers to make unique fortified wine products around the world is creating potential for the industry in the coming years. However, regulatory guidelines in nations such as the United States, Germany, the United Kingdom, China, and India are expected to keep fortified wine products of high quality. The Food Safety and Standards Authority of India (FSSAI) has drafted and announced the 2019 alcoholic drinks standard regulations for wine manufacturing and labeling.

The COVID-19 pandemic lockdown disrupted transportation and interrupted raw material supplies for a period of time, affecting fortified wine production. However, increased health awareness and encouragement of fortified wine usage during the COVID-19 pandemic is expected to result in a robust market growth rate in the next few years.

US Fortified Wine Market is poised to grow at sustainable CAGR for the next forecast year.