Port Wine Market to Grow at a CAGR of 7.5% in the 2022-2031 Timeframe Due to the Increasing Production and Consumption of Port Wine Globally

The global port wine market is expected to grow primarily due to the growing demand for premium drinks. The Europe region is predicted to grow at a high CAGR by 2031.

As per the report published by Research Dive, the global port wine market is expected to register a revenue of $1,378.3 million by 2031 at a CAGR of 7.5% during the forecast period 2022-2031.

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Dynamics of the Market

The growing demand of consumers for premium drinks due to variations in taste palette is expected to make the port wine market a highly profitable one in the forecast period. Additionally, rise in awareness regarding health benefits of consuming port wine is predicted to propel the market forward. However, according to market analysts, high cost of port wine might become a restraint in the growth of the market.

Development of product portfolio by major companies is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, increasing trend of gifting wine bottles in corporate culture is expected to propel the global market growth in the coming years.

COVID-19 Impact on the Global Port Wine Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The port wine market, too, was negatively impacted due to the pandemic. The lockdowns hampered the global supply chains and affected the supply of grapes to wine manufacturing companies. Also, the demand for wines reduced during the pandemic. Both these factors affected the growth rate of the market.

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Segments of the Port Wine Market

The report has divided the market into the segments based on type, sales channel, and region.

By type, the tawny sub-segment was the most dominant by 2031. Rising demand of people for premium drinks with intense flavor is expected to push the growth of this sub-segment further.

By sales channel, the offline sub-segment held the highest market share in 2021. Offline sales channels like supermarkets and hypermarkets offer a wide range of choice to their customers, which is expected to be the main factor behind the growth of this sub-segment in the 2022-2031 timeframe.

By region, the Europe port wine market held the significant market share in 2021. The presence of major port wine producing and consuming countries such as Portugal, Spain, and France is predicted to propel the market in the forecast period.

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Key Players of the Market

The major players of the port wine market include Adriano Ramos Pinto, Precept Wine, Sula Vineyards, Calabria Family Wines, Quevedo, Symington Family Estates, The Fladgate Partnership, Quinta do Crasto, GrupoSogevinus Fine Wines, and Davy & Co Limited. These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

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This release was published on openPR.