Port Wine Market Size is Projected to Garner a Revenue of $ 1,378.3 Million by 2031

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The Global Port Wine Market Size is estimated to generate a revenue of $ 1,378.3 million by 2031, increasing from $ 682.5 million in 2021, at a noteworthy CAGR of 7.5%.

Impact Analysis of COVID-19 on the Port Wine Market

The Port wine market witnessed negative growth due to a decrease in customer demand during the COVID-19 pandemic. Unique grape types produced in Portugal are used to make port wines. Therefore, port wine is a traditional beverage in Portugal, and 80% of wine production is exported to other parts of the world. The availability and demand for raw resources such as grapes were hampered by travel restrictions that affected everyone around the world. The production of port wines has been drastically curtailed as a result of this aspect. The export of port wine to other regions was further hampered by the ban on foreign trade during the pandemic. The COVID-19 pandemic had a negative impact on people's health and well-being throughout the world due to which the demand for and production of port wine dropped unexpectedly. Wine manufacturing enterprises were shut down since it was not deemed a necessary commodity. Furthermore, due to the high incidence of coronavirus transmission and the prevalence of serious symptoms, global restrictions, and lockdowns were imposed, restricting the supply of raw components, such as grapes, to businesses and the export of port wine to other countries.

Port Wine Market Analysis:

Port wine is one of the best sources of health-promoting nutrients, including antioxidants, which support heart health. Since wine is a byproduct of fermenting grapes, it has several health advantages, including skin renewal, metabolism boosts, weight loss, and mental & physical health improvements. The consumer's understanding of the health benefits has increased, and this is expected to spur the port wine market's expansion during the forecast period. Port wine market share growth is projected to be fueled in the future by people's growing preference for premium beverage categories. Port wine is regarded as a dessert wine since it has a sweet flavor and is consumed with or right after dessert. It is also well-liked as a dessert on its own. Fortified port wine has more alcohol than the typical glass of wine due to which it is available and consumed in limited regions.

The global port wine market expansion is anticipated to be hampered as many societies do not consider wine to be a beverage suited for human consumption so they do not consume it. Port wines are incredibly costly due to the high excise duty levied on them. This factor is anticipated to limit the port wine market growth during the forecast period. Furthermore, many tribes do not consider wine to be a suitable consumable drink and hence avoid it.

The demand for port wine among customers has increased greatly as it preserves their health, reduces their stress levels, and fulfills their taste pallets. This has created numerous chances for the port wine manufacturing industries to launch new port wines in the market and develop their product portfolio. For instance, according to a news published in Condé Nast Traveler, an online magazine, on September 27, 2021, Vinho Fontainhas, a premium category port wine, was launched in Goa. The Latin Quarters, a renowned Goa neighborhood known for its cobblestone streets and colonial architecture, inspired the name of Vinho Fontainhas. Such factors are likely to boost the port wine market share growth in the coming years.  

Port Wine Market Segmentation

The Port Wine market is segmented on the basis of type, sales channel, and region.

Type:

By type, the port wine market is fragmented into twany, ruby, and others. The twany port wine segment held largest market share in 2021. The  twany port wines are more flavorful and have a stronger taste due to which people prefer them, which is a big factor in the segment's Growth. Moreover, a specific nutty taste of tawny port wine due to its log aging process in wooden barrels has further enhanced the taste buds of the consumers, which has further boosted the global port wine market growth.

Sales Channel:

By sales channel, the global port wine market is bifurcated into offline and online. The online segment is anticipated to have the fastest market growth during the forecast time period due to the high percentage of working professionals who prefer to shop online, which has boosted the segment’s revenue. To attract more customers, several businesses make additional discounts and incentives available online. In addition, purchasing online saves a lot of time in terms of travel. These elements are expected to influence industry growth in the future. Wine purchases from online portals have become more popular.

Region:

The Asia-Pacific port wine market is expected to have the fastest market growth during the forecast time period. The Asia-Pacific region has been greatly influenced by western culture in terms of eating and drinking habits. The presence of nations such as China and Japan, who are among the top wine-consuming nations, is said to be responsible for this rise. In addition, people are now more aware about the health benefits of consuming wine as an after meal drink and also as a normal drink as wine consumption helps them to manage lifestyle-related health problems such as mental health concerns and stress levels. This factor has increased the incidence of port wine consumption. The consumption of port wine helps people maintain good cardiac and mental health. These elements are anticipated to accelerate the market expansion of port wine in the next years.

Key Players in the Port Wine Market

The companies involved in the port wine market are

• Adriano Ramos Pinto
• Calabria Family Wines
• Davy & Co Limited
• GrupoSogevinus Fine Wines
• Precept Wine
• Quevedo
• Quinta do Crasto
• Sula Vineyards
• Symington Family Estates
• The Fladgate Partnership