The
name of this wine is rightly derived from the region from where it
originated from- Porto of Portugal. The port wine is a type of sweet
fortified manufactured by the process of arresting the growth halfway
through the fermentation process and adding double distilled brandy
or other spirits. It is mainly considered as a sweet wine. It is the
most popular fortified wine next to sherry and the port wine market
is steadily taking over the sherry market. Despite the decline in the
wine market in many countries, port wine market is expected to
exhibit a moderate growth over the forecast period due to consumer
attraction towards newer varieties of alcohol.
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The
major factors affecting the growth of the port wine market are the
alcohol trends amongst the consumers. Consumers are experimenting
with different varieties of alcohol especially craft beer, whiskey
and premium wines. The port wine is comparatively less acidic and
this acts as a demand side driver for the port wine market as the
consumers who prefer less acidic alcohols have shown a tendency to
consume port wine. The wine market has shown a declining trend but
the consumption of premium bottled wine has gone up, indicating the
growth of the port wine market. As it is mostly consumed on special
occasions, the decline in formal dinners may negatively affect the
growth of the port wine market. Rising awareness about the unknown
health benefits of port wine through communication technology and
social media with regard to the presence of the antioxidant
resveratrol, is also expected to boost the growth of the port wine
market. Nowadays consumers are more apprehensive about the production
process and origin of a particular alcohol, hence, educational
marketing is a strategy to boost the growth of the port wine market.
In
North America, fortified wine is consumed usually as an after-dinner
drink on special occasions. However, many consumers regard it as a
sweet drink and this demand side factor may affect the growth of the
port wine market. In Europe, in countries like Portugal from where
the port wine originates, the port wine market is a traditional and
age-old market and is already in the maturity phase. Hence a very
slow growth can be expected in this region. Port wine is often paired
with cheese, fruits and nuts in Latin America, which acts as a
driving factor for the growth of the port wine market in this region.
A special variety of port called the rose port, also known as the
pink port is especially popular amongst women and some consumers in
Brazil, Canada and Denmark, and this trend is likely to fuel the
growth of the port wine market. In Asia Pacific, the port wine market
is a niche market and factors like raising consumer awareness along
with an expansion of specialty retail outlets can boost the growth of
the port wine market here. In the Middle East, rising tourism and
their demand for premium bottled wines and frequent consumption of
newer varieties of alcoholic beverages are indirectly expected to
boost the growth of the port
wine market.
Fortified
Wine Market: Key Players
- GRAHAM'S
- Vinbros
- Taylor's Port
- Mazuran's Vineyards Limited
- Sogrape Vinhos, S.A.
- Fonseca Port Wine
- The Wine Company PTY LTD
- EMILIO HIDALGO SA
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