Port Wine Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
Albany, NY -- (SBWIRE) -- 05/01/2018 -- The name of this wine is rightly derived from the region from where it originated from- Porto of Portugal. The port wine is a type of sweet fortified manufactured by the process of arresting the growth halfway through the fermentation process and adding double distilled brandy or other spirits. It is mainly considered as a sweet wine. It is the most popular fortified wine next to sherry and the port wine market is steadily taking over the sherry market. Despite the decline in the wine market in many countries, port wine market is expected to exhibit a moderate growth over the forecast period due to consumer attraction towards newer varieties of alcohol.
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The major factors affecting the growth of the port wine market are the alcohol trends amongst the consumers. Consumers are experimenting with different varieties of alcohol especially craft beer, whiskey and premium wines. The port wine is comparatively less acidic and this acts as a demand side driver for the port wine market as the consumers who prefer less acidic alcohols have shown a tendency to consume port wine. The wine market has shown a declining trend but the consumption of premium bottled wine has gone up, indicating the growth of the port wine market. As it is mostly consumed on special occasions, the decline in formal dinners may negatively affect the growth of the port wine market. Rising awareness about the unknown health benefits of port wine through communication technology and social media with regard to the presence of the antioxidant resveratrol, is also expected to boost the growth of the port wine market. Nowadays consumers are more apprehensive about the production process and origin of a particular alcohol, hence, educational marketing is a strategy to boost the growth of the port wine market.
In North America, fortified wine is consumed usually as an after-dinner drink on special occasions. However, many consumers regard it as a sweet drink and this demand side factor may affect the growth of the port wine market. In Europe, in countries like Portugal from where the port wine originates, the port wine market is a traditional and age-old market and is already in the maturity phase. Hence a very slow growth can be expected in this region. Port wine is often paired with cheese, fruits and nuts in Latin America, which acts as a driving factor for the growth of the port wine market in this region. A special variety of port called the rose port, also known as the pink port is especially popular amongst women and some consumers in Brazil, Canada and Denmark, and this trend is likely to fuel the growth of the port wine market. In Asia Pacific, the port wine market is a niche market and factors like raising consumer awareness along with an expansion of specialty retail outlets can boost the growth of the port wine market here. In the Middle East, rising tourism and their demand for premium bottled wines and frequent consumption of newer varieties of alcoholic beverages are indirectly expected to boost the growth of the port wine market.
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Fortified Wine Market: Key Players
Mazuran's Vineyards Limited
Sogrape Vinhos, S.A.
Fonseca Port Wine
The Wine Company PTY LTD
EMILIO HIDALGO SA