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Port Wine Market is Expected to Reach Valuation of US$ 2,011.9 Million, Globally, by 2032 at 8.1% CAGR: Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
7 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The European port wine market is anticipated to dominate the global trade, with a share of around 34.2% in 2022. White wine is expected to grow at a rate of 9.2% over the next few years - making it one of our most lucrative categories
NEWARK, Del, July 04, 2022 (GLOBE NEWSWIRE) -- 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 major factors influencing the expansion of the port wine market are consumer alcohol trends. Consumers are trying various types of alcohol, particularly craft beer, whiskey, and premium wines.
Port wine is less acidic, which acts as an important factor for the growth of the port wine market, as consumers who favor less acidic liquors have shown a preference for port wine.
Increasing awareness about the unidentified health benefits of port wine, such as the presence of the antioxidant resveratrol, through social media platforms and communication technology, is also expected to propel the port wine market's growth.
Nowadays, consumers are more concerned about the process of production and origin of specific alcohol; thus, instructional marketing is a strategy to help the port wine market share growth. The introduction of new flavors, such as cinnamon, raspberry, chocolate, caramel, and others, result in enormous growth opportunities for the port wine market.
As the world's largest wine consumer, the United States continues to be a focus for many global port wine makers. Due mostly to the rise of upper-middle-class urban customers, the Indian port wine market has emerged as the most rapidly growing alcoholic beverage category in the past ten years.
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.
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.
Future Market Insights, in its new report, offers an impartial analysis of the global port wine market, presenting historical data (2017-2021) and estimation statistics for the forecast period of 2022-2032.
The study offers compelling insights based on the nature (red wine and white wine), by product type (ruby, tawny, vintage, rose, and others), by sale channel (liquor stores, modern trade, restaurants, and bars, tasting rooms, online retail store, and travel retail stores), across seven major regions of the world.
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Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10-years.
