Demand for Port Wine and Impact of COVID-19……..



The global port wine market size is estimated reach USD 825.68 million by 2025 expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increased consumption of alcohol, awareness about the health benefits of port wine, and rising disposable income are among the prominent factors propelling the product demand. Red wine is the most preferred by consumers. It accounts for more than 60% of the global market share.
The AA Calem, C N Kopke Wineries, Cockburn Smithes & Companhia Lda wineries, Delaforce Sons & Companhia Wineries, Grupo Sogevinus SGPS SA Wineries, Martinez Gassiot, Vinhos SA, Offley, Forrester & Weber, Quinta do Crasto, and Ramos Pinto are the prominent companies in the market. The market witnesses a substantial entry barrier and the most significant of those is the land price. These wines are prepared with the special types of grapes and the production of grapes varies in different regions, thus, it also imposes a barrier for the new entrants. The market is further driven by product innovation and merger and acquisitions.
Increasing awareness about the health benefits of red wine, such as reduced risk of heart disease, is the key factor responsible for the segment’s largest share in the market. The red wine is prepared from the grape skin and thus is rich in organic compounds and has tannins and resveratrol, which are good for health. Therefore, red wine is the dominant segment and will witness a significant growth over the years to come.
Among the different types of port wines, ruby wine is the most preferred due to its low price and easy availability. This type of wine is aged for 2 or less years thus, costs less. Tawny wine is witnessing the fastest growth as young consumers prefer quality over quantity with the factor of cost-effectiveness. The vintage wines are very rare and are aged for 10 to 40 years and are very costly.
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https://www.grandviewresearch.com/industry-analysis/port-wine-market/request/rs4
The manufacturers conduct auctions for increasing sales and awareness about the vintage wines. The online distribution channel is expected to grow at the faster rate over the forecast period. Increasing usage of internet, hassle-free transactions, and faster delivery are the prominent factors responsible for the segment growth. Consumers in non-metro cities are also using the online platform, thus fuelling the growth of online distribution channel.
Further key finding from the report suggests:
·         Red wine type led the global port wine market due to its health benefits and taste
·         The maximum revenue was generated from Europe due to tradition as well as higher consumption. Moreover, most of the key product manufacturers are based in Europe
·         Ruby port wine is likely to lead the market in the forecasted period due to its low price and easy availability
·         However, the tawny segment will witness the fastest growth from 2019 to 2025 due to increasing income levels
The global port wine market size was valued at USD 825.68 million in 2018 and is expected to witness a significant CAGR of 4.0% in the forecasted period. Increasing alcohol consumption is one of the major driving factors for the industry. Young consumers prefers to try different varieties of alcohol, such as whiskey, craft beer, and premium wines. In comparison to other alcoholic beverages, wines have less acidic content, which is also a major factor driving their demand.
The wine industry has witnessed the downfall despite the fact that the premium wine segment is seeing a significant development indicating the growth of port wine market. Rising awareness about the health benefits of port wines and presence of antioxidant resveratrol in these drinks will also drive the demand.
In present times, consumers are more conscious about the production process thus, wines are easier to understand as there is a large number of vineyards, which allow consumer to take a tour and understand the production process. This can also help boost the growth of the overall market. The manufacturers are coming up with various flavors, such as raspberry, blackberry, caramel, chocolate, and cinnamon, to bring innovation in the market.
The port wines have different segments as well based on the fermentation process as well as the age of the product. For instance, ruby wine is the most common of all and is aged for 2 years. The rarest port wine is the vintage wine, which is aged for 10 to 40 years. Companies also conduct auctions for vintage wines to gain popularity and create awareness about the product.
Browse Press Release of this report:
https://www.grandviewresearch.com/press-release/global-port-wine-market
Grand View Research has segmented the global port wine market on the basis of nature, type, distribution channel:
Port Wine Nature Outlook (Revenue, USD Billion, 2015 - 2025)
·         Red
·         White
Port Wine Distribution Outlook (Revenue, USD Billion, 2015 - 2025)
·         Online
·         Store-based
Port Wine Type Outlook (Revenue, USD Billion, 2015 - 2025)
·         Ruby
·         Tawny
·         Vintage
On the basis of nature, the market is segmented into red and white wines. The red wine segment has the maximum market share and is projected to expand at the fastest CAGR 4.2% from 2019 to 2025. It can potentially lower the risk of heart disease as it is rich in plant compounds and is prepared from steeping grapes skins, which contain tannins and resveratrol. Thus, rising awareness about such health benefits is driving the segment growth.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.




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