According to a new report published by Allied Market Research, titled, “Port Wine Market by Type, Price Point and Sales Channel: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the global port wine market size was valued at $780.2 million in 2020, and is projected reach $774.7 million by 2030, registering a CAGR of 2.6% from 2021 to 2030.
The hospitality sector, which includes establishments like hotels, restaurants, cafes, bars, to name a few, are expanding rapidly, and will continue to do so especially in the post covid scenario. A lot of these commercial establishments offer spirits and alcohols to their consumers, and provide pairing of food with which the wine will taste the best. Port wine is a sweet wine, and hence it is paired with foods like cheese, cakes, sorbets, and is also used for making sauces and deserts. Many bars and restaurants have started keeping port wine as a unique offering to their customers as it is not a very common type of wine across the region. This is especially the case in wine gardens and wine tasting establishments that only serve wine and food pairing to customers to educate them about different kinds of wines and help theme select their favorite types of wines. The increase in such type of commercial establishments is leading to proliferation of the port wine market.
Many consumers across the world are demanding foods and beverages that are organically grown and harvested. This is due to the increase in awareness regarding health and fitness, as well as the benefits associated with consumption of foods and beverages that are organic. Port wine makers are now ensuring that all of the ingredients that are used in port wines including the grapes and the brandy are completely organic and free form any sort of pesticides and harmful chemical. They are also trying to make sure that no preservatives or additives are being added to the wine in order to enhance its taste or shelf life. The increase in number of organic port wine portfolio is well received from the consumers and is likely to serve as the new product segment with new opportunities of growth.
The global port wine market is studied across North America, Europe, Asia-Pacific, and LAMEA. Europeleads in terms of market share for 2020, and Asia-Pacific is forecasted to grow with significant growth during the forecast period owing to growing consumer awareness, large scale urbanization and extensive advertising and promotion, India and Australia, and other South East Asian countries is likely to witness increased demandof port wine in the coming years.
The global port wine market is segmented on the basis of type, price point, sales channel, and region. Based on type, the global market is bifurcated into tawny and ruby ports. Based on price point the global market is bifurcated into premium and mass. Based on sales channel the global market is studied across on trade and off trade.
Key Findings Of The Study
- By type, tawny port wine is the most popular types of port wine, and is expected to retain its dominance during the entire forecast period.
- Depending on the price point, mass port wine holds the largest market share, however, the premium port wine segment is expected to witness growth.
- Most of the sales of port wines is through the off trade sales channel while the sales through the on trade channels are slowly increasing.
- Europe is the largest producer and consumer of port wines. Asia-Pacific region provides new growth opportunities for port wines market during the forecast period.
Some of the major players profiled for in the port wine market analysis include Adriano Ramos Pinto, Calabria Family Wines, Davy & Co Limited, GrupoSogevinus Fine Wines, Precept Wine, Quevedo, Quinta do Crasto, Sula Vineyards, Symington Family Estates, and The Fladgate Partnership. Other prominent players analyzed in the report are Contratto, Albina& Hanna, Sogevinus Fine Wines SL, Liberty Wines Limited, Offley, Forrester & Weber, Martinez Gassiot, Vinhos SA, C N Kopke Wineries, and AA Calem.