FELTON, California, June 2, 2020 /PRNewswire/ -- The global Port Wine Market size is expected to reach USD 825.68 Million by 2025, according to Million Insights, registering a CAGR 4.0% over the forecast period. The major factors which have driven the market growth are rising awareness about the health benefits by consumption of wines, rising disposable income, and increase consumption of alcohol among youngsters.
Red wine has accounted for more than 60% market share, in 2018 due to high preference by consumers. The consumption of red wine help to prevent heart diseases, as it is prepared from steeping skins of grapes and includes resveratrol. Hence, rising awareness about the health benefits of red wine is expected to surge the demand for this segment.
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Among port wine types, the ruby wines are mostly preferred by customers due to low cost and easy availability. This type of wine is aged for 2 years resulting in low cost. The Tawny segment is expected to be the fastest-growing. The tawny is made in small barrels, which enable wine oxidization. It has a spicy aroma with a rich flavor of dried nuts and fruits. The young age group prefers to buy high-quality wine with cost-effective port wines. However, vintage wine is very rare as it is aged for 10 to 40 years. Many market players offer auctions to increase awareness and sales of vintage wines.
Among distribution channels, the online distribution channel is anticipated to grow with the highest CAGR. Online shopping allows hassle-free transactions, easy returns, offers and discounts and faster delivery. Thus, consumer shift towards shopping from online portals owing to its several benefits is expected to further drive the growth of this segment.
Further key findings from the report suggest:
- By nature, the red wine held largest share, in 2018 due to the increasing awareness about the health benefits of consuming red wine among consumers.
- Geographically, Europe led the port wine market, in 2018 owing to the high consumption and tradition.
- By type, ruby port wine leads the market due to low price and easy availability.
- The tawny segment is expected to witness fastest growth from 2019 to 2025 due to the increasing spending capacity.
Browse 80 page research report with TOC on "Global Port Wine Market" at: https://www.millioninsights.com/industry-reports/global-port-wine-market
Million Insights has segmented the port wine market on the basis of nature, type, distribution channel, and region:
- Port Wine Nature Outlook (Revenue, USD Million, 2015 - 2025)
- Port Wine Type Outlook (Revenue, USD Million, 2015 - 2025)
- Port Wine Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
- Port Wine Regional Outlook (Revenue, USD Million, 2015 - 2025)
- North America
- Asia Pacific
- Rest of World
- South Africa
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SOURCE Million Insights