The Latin America, Middle East and Africa Fortified Wine Market would witness market growth of 13.8% CAGR during the forecast period (2022-2028).
The trend of increasing alcohol use increases the demand for fortified wines. Due to the production of grapes, its demand is frequently affected by seasonal variations. Similarly, the cost of grapes has an impact on the cost of fortified wines. Changes in people's lifestyles, more personal disposable income, consumer knowledge, product diversity, and a high unique selling proposition all contribute to the global fortified wine market's expansion.
The fortified wine market has several opportunities that it can seize, including increased awareness of fortified wines, increased research and development to produce unique fortified wine varieties, and increased demand for premiumization products. Along with these factors, the internet market for fortified wine sales has the potential to boost demand. Implementing various sales methods, such as offering discounts, is another approach through which wine companies can boost the fortified wine market's growth.
The most common type of fortified wine from South Africa is usually called Cape Port, and it has been popular since the early 18th century. These port-style wines can be made from Portuguese grapes such as Touriga Nacional and Tinta Barroca, as well as other grapes such as Shiraz or Pinotage. To stop fermentation before it is finished, a grape-based distilled liquor, usually brandy, is added to the wine. It keeps part of the wine's residual sugar while increasing the alcohol percentage to 16.5 to 22%. There were no uniform criteria for the various styles of wine prior to the creation of the South African Port Producers' Association (now known as the Cape Port Producers' Association) in 1992. Consumers were left uncertain what to expect from any particular bottle because each producer had their own perspective.
The organization established style guidelines to assist manufacturers in defining their choices and customers in identifying their preferred styles. Other fortified wines from South Africa include jerepigo (or jerepiko) and Muscadel. Jerepigo is a liqueur that can be prepared from any type of grape. Prior to fermentation, brandy is added to the must, resulting in full-bodied, sweet wines with residual sugar levels of at least 160 g/L. Despite the high alcohol levels, the wines have fresh, unfermented grape tastes.
The Brazil market dominated the LAMEA Fortified Wine Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $682.8 million by 2028. The Argentina market is estimated to grow at a CAGR of 14.4% during (2022 - 2028). Additionally, The UAE market would display a CAGR of 12.2% during (2022 - 2028).
Based on Distribution Channel, the market is segmented into Liquor Stores, Internet Retailing, Supermarkets, Pub, Bars & Restaurants, and Others. Based on Product, the market is segmented into Vermouth, Sherry, Port Wine, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Egypt, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Global Fortified Wine Market is Predict to reach $27.3 Billion by 2028, at a CAGR of 10.9%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bacardi Limited, Campari Group, The Wine Group, E. & J. Gallo Winery, Anchor Brewing Company, Rhys & Rylee LLC (Atsby Vermouth), Symington Family Estates , Sogrape Vinhos, S.A., McWilliam's Wines Group Ltd.
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