A lead analyst at AMR highlighted that the port wine market across Asia-Pacific is anticipated to grow at the fastest CAGR during the forecast period.
Allied Market Research published a research report on the port wine market. The findings of the report states that the global market for port wine generated $780.2 million in 2020, and is projected to reach $774.7 million by 2030, witnessing a CAGR of 2.6% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on the drivers, restrains and opportunities to help the market players in devising several growth strategies. The various health benefits associated with the consumption of wine such as low risk of heart diseases and stroke, strengthening of the immune system, and management of cholesterol levels drive the growth of the port wine market. However, changing climatic conditions impede the market growth. Nevertheless, growing accessibility to affordable imported wines and the increase in awareness and production of organic port wines offer lucrative opportunities for the growth of the industry.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the port wine market globally. The outbreak of the COVID-19 pandemic impacted the global port wine market negatively as all international trades were closed due to lockdowns and travel restrictions. In addition, the shutdown of commercial establishments and labelling of alcohol as a non-essential commodity led to a significant decrease in sales of port wines. Nevertheless, the reopening of bars and pubs in the post pandemic phase and adoption of omnichannel selling by the producers present prolific opportunities in the market.
“Rapid increase in awareness and production of organic port wines will lead to a greater proliferation of the market.” said Shankar Bhandalkar, Team Lead-Research, Food & Beverage at Allied Market Research.
The report offers a detailed segmentation of the global port wine market based on type, price point, sales channel, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
Based on type, the tawny segment was the largest market in 2020, grabbing over two-thirds of the global port wine market share. Moreover, the same segment is anticipated to grow at the fastest CAGR of 2.8% during the forecast period.
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By price point, the mass segment held the largest share in 2020, contributing to nearly three-fourths of the global port wine market share. However, the premium segment is expected to exhibit the fastest CAGR of 3.3% during the forecast period.
Based on region, the port wine market across Europe accounted for the highest share in 2020, capturing nearly two-thirds of the overall market. However, the market in Asia-Pacific is anticipated to achieve the highest CAGR of 5.6% during the forecast period.
The leading market players analyzed in the global port wine market report include Calabria Family Wines, Davy & Co Limited, Grupo Sogevinus Fine Wines, The Fladgate Partnership, Quevedo, Quinta do Crasto, Sula Vineyards, Symington Family Estates, and Precept Wine.
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
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