Global Port Wine Market Expected to Surpass $1,025,842.50 Thousand and Grow at 6.0% CAGR in the 2021-2028 Timeframe | [220-Pages] Study by Research Dive
The global port wine market is expected to grow immensely by 2028 due to increasing demand for premium drink worldwide. Tawny port wine sub-segment is expected to be the most dominant. Port wine market in the Europe region to be highly lucrative
NEW YORK, April 18, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Port Wine Market by Type (Tawny, Ruby, and Others), Sales Channel (Offline and Online), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021-2028".
According to the report, the global port wine market is predicted to register a revenue of $1,025,842.5 thousand by 2028, growing at a healthy CAGR of 6.0% during the forecast period 2021-2028.
Dynamics of the Market
Drivers: The leading growth driver for the port wine market is predicted due to the launch of new products and flavors of port wine by major market players. Also, the growing demand for premium drinks is expected to help the market in surging forward.
Opportunities: Improvements in the products that have been already launched in the market are expected to offer immense growth opportunities for the market. Also, the growing awareness regarding health benefits of port wine is also anticipated to expand these growth opportunities.
Restraints: According to market analysts, the high cost associated with port wine and premium products is, however, expected to create hindrances in the growth trajectory of the market.
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Covid-19 Impact on the Market
Since the outbreak of Covid-19 pandemic, strict lockdowns and travel restrictions were put in place by various governments across the world. This negatively impacted several industries and businesses causing disruptions in supply chains and manufacturing processes. The port wine market faced a similar situation during the pandemic. The disruption in steady supply of raw materials i.e., grapes, and hampering of export cycles of manufactured products has severely impacted the market growth.
Segments of the Market
The report has fragmented the port wine market into a few segments based on type, sales channel, and regional analysis.
- By type, tawny port wine sub-segment of the port wine market is anticipated to have a dominating market share and register a revenue of $638,105.5 thousand by 2028. The intense nutty and fruity flavor offered by tawny port wine is helping it gain rapid popularity. Along with this, there is a growing trend of gifting tawny port wines on certain special occasions. Both these factors have helped in the growth of this sub-segment.
- By sales channel, the offline sub-segment is predicted to garner the highest revenue and register $932,127.8 thousand by 2028. The variety of products and wide-ranging choices that offline stores such as supermarkets, retail shops, hypermarkets, convenience stores, etc. provide, that too at a single place, help the customer in hand picking the products of their liking.
- By regional analysis, port wine market in the Europe region is estimated to be the most dominant and garner a revenue of $470,861.70 thousand by 2028 mainly due to the presence of important wine producing and wine consuming countries like France, Portugal, Spain, etc. Additionally, there is an increasing awareness about the health benefits associated with consumption of port wine in the region, which has also helped the market to grow in this region.
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Prominent Market Players
Some prominent market players are
- Precept Wine
- Adriano Ramos Pinto
- GrupoSogevinus Fine Wines
- Calabria Family Wines
- Sula Vineyards
- Quevedo
- Symington Family Estates
- Quinta do Crasto
- Davy & Co Limited
- The Fladgate Partnership
These players are building several strategies like product development and enhancement, merger and acquisition, partnerships and collaborations to assist the market growth.
For example, in December 2021, Taylor Fladgate, the popular Port house established in 1692, released its 1971 Single Harvest Porto for nationwide release. Taylor Fladgate releases a limited range of very old cask aged single harvest ports each year, which helps in keeping their market share flourishing.
The report also sums up various crucial facets including financial performance of the port wine market players, SWOT analysis, product portfolio, and the latest strategic developments.
More about Port Wine Market:
- 4 Styles of Port Wine That are Available in the Market in 2023
- Global Port Wine Market to Generate $1,378.3 Million by 2031 Owing to the Increasing Awareness Regarding Health Benefits of Port Wine
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