Versatile fortified wines emerge as global flavour among patrons

The fortified wine market has witnessed robust growth, escalating from $20.29 billion in 2023 to an anticipated $22.21 billion in 2024, demonstrating a commendable compound annual growth rate (CAGR) of 9.5%. The roots of this flourishing market lie in the traditional demand for fortified wines, their cultural significance, and historical consumption, coupled with globalization and evolving consumer preferences for diverse wine varieties and flavors. Additionally, the versatility of fortified wines in mixology, recognition as dessert and aperitif choice, and ongoing innovation in production techniques contribute to this growth story.

The fortified wine market is expected to witness rapid growth in the coming years, with an estimated valuation of $32.58 billion by 2028, reflecting a compelling CAGR of 10%. The factors propelling this anticipated surge include heightened consumer interest in unique and artisanal wine styles, an expanding array of fortified wine pairing and tasting experiences, ongoing research and development in fortified wine varietals and blends, and the growing demand for fortified wines in culinary tourism and experiential dining.

The port wine market is growing at a high CAGR 2.5% during the forecast period (2024-2031). Port wine is a sweet fortified wine that originated in Portugal and is produced primarily from a blend of two or three grape varieties. It is made with aromatic grape varieties like touriga franca, touriga nacional, tinta barroca, tinto cão and tinta roriz. Port wine is most commonly enjoyed as a dessert wine because of its sweetness. Rising consumer demand for low acidic wine and the presence of antioxidants, which is helpful for brain’s health, are some of the factors which are anticipated to grow the market.

Between Sherry or Port-based cocktails, Marsala or Madeira gastronomic food pairings, the fortified wine scene seems committed to seducing a new generation of wine drinkers and shaking things up.

Key trends are expected to shape the fortified wine market, with a focus on heritage and vintage fortified wines, fortified wine cocktails and mixology, aging and barrel maturation techniques, and wine and food pairing experiences in the forecast period. These trends signify the industry’s commitment to innovation, offering consumers a diverse and enriching experience with fortified wines.

It is a great opportunity for them to showcase their incredible diversity of styles and get past the perceived image of a dusty bottle drank only on special occasions.

Premiumization is a key factor driving the demand for fortified wine. With the rise in disposable income and a growing working population, consumers are increasingly opting for premium fortified wines over local brands. This trend is expected to continue in the coming years, especially in developing countries. In addition, young consumers are also driving demand for fortified wines with different flavours and alcohol types, as they are attracted to the variety and unique taste. This has led to innovations in the market, with wine producers creating new products that combine different types of wines, flavours and alcohol to cater to consumer preferences. In June, our panel of expert judges, composed of Masters of Wine, Master Sommeliers and senior buyers, will gather to assess the best fortified on the market. Entries are tasted blind, allowing fortified wines from across the globe to be judged purely on style and price. Fortified wines are some of the fastest-growing varieties of alcoholic beverages in the United States market, as they offer customers additional unique options and choices. The emergence of single-spirit bars has also prompted the growth of fortified wines in the country. The popularity of antique fortified wines, such as sherry and port, is particularly evident in such bars. Companies have embarked on higher brand recognition through aggressive branding campaigns and social media promotions.

Fortified wines are often used in cocktails due to their unique flavors and higher alcohol content. They can add depth and complexity to a cocktail, as well as sweetness and body. Some of the popular ones used in cocktails include vermouth, sherry, and port. In addition, fortified wines are also being used more frequently in the food service industry. Chefs and mixologists are discovering new and creative ways to incorporate fortified wines into their dishes and drinks, using them to add flavour and balance to a wide range of dishes and cocktails.

As a result, market players are taking note of the growing consumer demand for fortified wines and are launching new products to meet this demand. This trend is expected to continue as consumers become more interested in unique and sophisticated flavor profiles and as the food service industry continues to experiment with new ways to incorporate fortified wines into their menus.