The name of this wine is rightly derived from the region from where it originated from- Porto of Portugal. The port wine is a type of sweet fortified manufactured by the process of arresting the growth halfway through the fermentation process and adding double distilled brandy or other spirits. It is mainly considered as a sweet wine. It is the most popular fortified wine next to sherry and the port wine market is steadily taking over the sherry market. Despite the decline in the wine market in many countries, port wine market is expected to exhibit a moderate growth over the forecast period due to consumer attraction towards newer varieties of alcohol.
Port wine Market: Segmentation
The port wine market can be segmented on the basis of nature, type and distribution channel.
On the basis of nature, the port wine market can be segmented as red wine and white wine. A newer variety of port wine called as the pink port is available. It contains a mixture of red and white wine
On the basis of type, the port wine market can be segmented as ruby, tawny, vintage and others. The others category mostly form the classic and reserves ports. Ruby is mostly consumed as a mixer drink, while tawny is consumed with cheese and has a nutty flavor. Both ruby and tawny ports are comparatively cheaper than the vintage port. The vintage port is made out of a better quality of grapes and also have tremendous aging potential, and hence, they are comparatively expensive.
On the basis of distribution channel, the port wine market can be segmented as store-based retailing and online retail. The store based retailing can be further segmented as modern grocery retail and traditional grocery retail. The modern grocery retail can be segmented as hypermarkets/supermarkets, convenience stores and discount stores. The traditional grocery retailing can be further segmented as specialty stores, liquor stores and others.
Port Wine Market: Drivers, Restraints, and Trends
The major factors affecting the growth of the port wine market are the alcohol trends amongst the consumers. Consumers are experimenting with different varieties of alcohol especially craft beer, whiskey and premium wines. The port wine is comparatively less acidic and this acts as a demand side driver for the port wine market as the consumers who prefer less acidic alcohols have shown a tendency to consume port wine. The wine market has shown a declining trend but the consumption of premium bottled wine has gone up, indicating the growth of the port wine market. As it is mostly consumed on special occasions, the decline in formal dinners may negatively affect the growth of the port wine market. Rising awareness about the unknown health benefits of port wine through communication technology and social media with regard to the presence of the antioxidant resveratrol, is also expected to boost the growth of the port wine market. Nowadays consumers are more apprehensive about the production process and origin of a particular alcohol, hence, educational marketing is a strategy to boost the growth of the port wine market.
Port Wine Market: Regional Outlook
In North America, fortified wine is consumed usually as an after-dinner drink on special occasions. However, many consumers regard it as a sweet drink and this demand side factor may affect the growth of the port wine market. In Europe, in countries like Portugal from where the port wine originates, the port wine market is a traditional and age-old market and is already in the maturity phase. Hence a very slow growth can be expected in this region. Port wine is often paired with cheese, fruits and nuts in Latin America, which acts as a driving factor for the growth of the port wine market in this region. A special variety of port called the rose port, also known as the pink port is especially popular amongst women and some consumers in Brazil, Canada and Denmark, and this trend is likely to fuel the growth of the port wine market. In Asia Pacific, the port wine market is a niche market and factors like raising consumer awareness along with an expansion of specialty retail outlets can boost the growth of the port wine market here. In the Middle East, rising tourism and their demand for premium bottled wines and frequent consumption of newer varieties of alcoholic beverages are indirectly expected to boost the growth of the port wine market.
Fortified Wine Market: Key Players
- Taylor's Port
- Mazuran's Vineyards Limited
- Sogrape Vinhos, S.A.
- Fonseca Port Wine
- The Wine Company PTY LTD
- EMILIO HIDALGO SA
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.