The global port wine market size is estimated reach USD 825.68 million by 2025 expanding at a CAGR of 4.0%, according to a new report by Grand View Research, Inc. Increased consumption of alcohol, awareness about the health benefits of port wine, and rising disposable income are among the prominent factors propelling the product demand. Red wine is the most preferred by consumers. It accounts for more than 60% of the global market share.
Increasing awareness about the health benefits of red wine, such as reduced risk of heart disease, is the key factor responsible for the segment’s largest share in the market. The red wine is prepared from the grape skin and thus is rich in organic compounds and has tannins and resveratrol, which are good for health. Therefore, red wine is the dominant segment and will witness a significant growth over the years to come.
Among the different types of port wines, ruby wine is the most preferred due to its low price and easy availability. This type of wine is aged for 2 or less years thus, costs less. Tawny wine is witnessing the fastest growth as young consumers prefer quality over quantity with the factor of cost-effectiveness. The vintage wines are very rare and are aged for 10 to 40 years and are very costly.
The manufacturers conduct auctions for increasing sales and awareness about the vintage wines. The online distribution channel is expected to grow at the faster rate over the forecast period. Increasing usage of internet, hassle-free transactions, and faster delivery are the prominent factors responsible for the segment growth. Consumers in non-metro cities are also using the online platform, thus fuelling the growth of online distribution channel.
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Further key finding from the report suggests:
- Red wine type led the global port wine market due to its health benefits and taste
- The maximum revenue was generated from Europe due to tradition as well as higher consumption. Moreover, most of the key product manufacturers are based in Europe
- Ruby port wine is likely to lead the market in the forecasted period due to its low price and easy availability
- However, the tawny segment will witness the fastest growth from 2019 to 2025 due to increasing income levels
