The global port wine market is estimated to generate a revenue of $1,025,842.50 thousand by 2028, increasing from $659,378.20 million in 2020, at a noteworthy CAGR of 6.0%.
Impact Analysis of COVID-19 on the Port Wine Market
During the prevalence of COVID-19 pandemic, Port Wine Market observed a negative growth owing to its less demand by the consumers. Port wines are made from special varieties of grapes which are grown in Portugal. Hence poet wine is a native drink of Portugal and 80% of manufactured wine is exported to rest of the world. As there were travel restrictions, worldwide, the demand and supply of raw materials like grapes were disrupted. This factor has reduced the manufacturing of port wines considerably. Also, ban on international trade during pandemic time period further restricted the export of port wine to other regions. This factor has resulted to the decrease in the port wine market share growth in the pandemic period.
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Port Wine Market Analysis:
Port wine is an excellent source of beneficial nutrition such as antioxidants and helps in maintaining heart health. The main ingredient of port wines is grapes. Since the wine is a product of fermenting fruits, it provides various health benefits such as reducing body weight, increasing metabolism, improving mental health, and helping in skin rejuvenation. This factor has raised awareness about the useful health benefits on the consumer and is likely to flourish the port wine market size growth in the stipulated time frame. Also, increased inclination of people towards premium drink category is further anticipated to drive the port wine market share growth in future.
However, lack of awareness among rural population in developing countries about the beneficial health effects of port wine is likely to hinder the port wine market share growth in the future. Also, high cost of the port wine due to high export prices and excise duty is likely to restrain the port wine market growth further.
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Growing demand for port wines in the market by the consumers to maintain their health, reduce their stress level, and satisfy their taste pallets has provided various opportunities to the port wine manufacturing industries to launch new port wines in the market and develop their product portfolio. 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 based on type, sales channel, and region.
Type:
Based on the type, the port wine market is segmented into tawny, ruby, and others port wines. The tawny port wine sub-segment is predicted to have the highest revenue in the global market and register a revenue of $638,105.5 thousand during the forecast period. The growth of the sub-segment is majorly driven by people’s preference for aged wine because aged wines are more flavor full and have an intense taste. Tawny port wine is an aged wine largely consumed by the people as a dessert drink as it has more flavors.
Sales Channel:
Based on the sales channel, the global port wine market is segmented into offline and online. Online sub-segment is anticipated to have the fastest market growth and the market shall generate a revenue of $93,714.7 million in 2028. The increase in the revenue of the sub-segment owes to large number of working professionals’ preference for online shopping. Online shopping excites the customers by offering various discounts and offers, thus encouraging them to shop more. Apart from this, online shopping is very convenient for geriatric population as most of them don’t find travelling much comfortable. Such factors are anticipated to drive the market in the future.
Region:
The Asia-Pacific port wine market accounted $133,853.80 thousand in 2020 and is projected to register a revenue of $223,633.70 thousand by 2028. The regional growth is attributed to presence of countries like China and Japan who are among the leading countries in wine consumption. Also, growing prevalence of lifestyle related health issues such as obesity, gastric issues, mental health issues, and stress level among working professionals due to lack of exercise & workout have shifted the population towards the consumption of port wine. Port wine is very useful in improving the mental health and heart health of the person. Such factors are estimated to increase the market growth of port wine in the future.
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.
Porter’s Five Forces Analysis for the Port Wine Market
Bargaining Power of Suppliers: The number of suppliers in the port wine market is increasing at a rapid pace due to which they have to optimize their product range in order to attract large number of consumers. Thus, the bargaining power suppliers is moderate.
Bargaining Power of Buyers: Buyers are increasing in number and they have many different options available in wine collection. Therefore, they have high choices in choosing the products that best fit their preference. Thus, the bargaining power of the buyers is high.
Threat of New Entrants: Since the market is growing rapidly, and the demand for premium drinks has increased, new companies entering the market have started launching new port wine products to attract the consumers and establish their market presence. Thus, the threat of the new entrants is high.
Threat of Substitutes: There are many categories and flavors of wine available in the market which is likely to attract the consumers.Thus, the threat of substitutes is high.
Competitive Rivalry in the Market: The competitive rivalry is present among the market players as the port wine market is growing and there is a huge scope for high growth.Therefore, competitive rivalry in the market is high.
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