Fortified wine is expected to reach US$27.3 billion by 2028, rising at a market growth of 10.9% CAGR during the forecast period, the report stated, highlighting how it is growing due to its perceived “health benefits” and continued “premiumisation”.
The findings, outlined in the ‘Global Fortified Wine Market Size, Share & Industry Trends Analysis Report By Distribution Channel, By Product, By Regional Outlook and Forecast, 2022 – 2028’ showed that growth is being aided by “demand for alcoholic beverages at various special events”.
“Consumption of the product is regarded as a necessity in social events like marriages,” said the report and identified how, due to “technological advancements and improvement in manufacturing, as well as taste innovation,” the category is “expected to accelerate market expansion in the future years”.
According to the report, “there are numerous health benefits related with the use of fortified wine” and pinpointed how “various manufacturers’ rising investment in R&D to generate unique fortified wine products around the world is creating potential for the market in the next years”.
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