Research Methodology on Fortified Wine Market
INTRODUCTION
Fortified wine is an alcoholic beverage derived from wine. Concentrated grape must, distilled alcohol, sugar, and other ingredients are added to the wine to make fortified wine. Compared to traditional wines, fortified wines are more potent in terms of alcoholic content. There are several types of fortified wines available across the globe such as red fortified wines, sweet fortified wines, and dry fortified wines. Fortified wines are used by manufacturers in the preparation of non-alcoholic beverages. The shifting trend towards the consumption of non-alcoholic beverages and also the increasing health consciousness among consumers are expected to drive the fortified wine market from 2023 to 2030.
The market research report by Market Research Future (MRFR) is mentioned in this report is titled “Fortified Wine Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2023–2030”.
RESEARCH METHODOLOGY
2.1 Research Methodology
The research methodology of this report is based on a systematic and data-centric approach with the use of primary and secondary research sources. To establish the market size and market forecast, a bottom-up as well as a top-down approach was used. The key players in the market, their strategies and overall competitive dynamics were studied to assess their influence on the market. The research report also includes Porter’s Five Forces analysis to analyse the level of competition in the market.
2.2 Primary Research
The primary research for this report was conducted by market experts and industry professionals through qualitative sources like interviews, surveys and focus group discussions. For this research, four companies were selected based on the geographical regions of North America, Europe, Asia-Pacific and RoW which includes the USA, UK, Germany, China, Japan, India and the Middle East & Africa. The entire industry was segmented into seven key regions based on their geographical importance. The primary data was collected from key stakeholders and decision-makers including manufacturers, suppliers, distributors, and buyers among others in the industry.
2.3 Secondary Research
The secondary research for this report included industry association journals, company websites, SEC filings, press releases, public databases and other proprietary databases. The secondary research also included several online and offline sources such as industry magazines, journals, databases and directories, among others. The secondary data were used to supplement the primary data and to verify the accuracy and reliability of the data.
2.4 Scope of the Report
This report provides an in-depth analysis of the fortified wine market, covering its market dynamics, segmentation, market growth, competitive landscape and global regional analysis. It is segmented into categories based on geography, type and distribution channel. The geographical segmentation includes North America, Europe, Asia-Pacific and the Rest of the World (RoW). The types of fortified wine covered in this report include red fortified wines, sweet fortified wines and dry fortified wines. For each type, the report further provides a detailed analysis of the market size and market forecast. The distribution channel segmentation includes supermarkets/hypermarkets, convenience stores, speciality stores, online stores, and others.
2.5 Market Estimation
The market data and figures were based on the market research and analysis guidelines of the Market Research Future (MRFR). Top-down and bottom-up approaches were used to estimate the market size and valuation. Market dynamics like drivers, constraints, trends and growth opportunities were analyzed in detail to provide an accurate market forecast for the years 2023 to 2030.
2.6 Data Triangulation
Data triangulation was used to verify the accuracy and reliability of the data collected from the different sources. The data was verified and validated by multiple sources such as market experts, industry professionals and key stakeholders. The triangulation methodology used included segmentation analysis, analysis of information from different countries, and statistical validation of quantitative data.
2.7 Forecasting Model
The market forecast was based on historical data and statistical modelling techniques. The year-on-year (Y-o-Y) growth rate was used to derive the market forecast for the years 2023 to 2030. The statistical model used was based on the Time Series analysis showing the historical market performance and trends.
2.8 Research Assumptions
The following assumptions were taken into consideration while conducting the research for this report.
- Increase in the number of health-conscious consumers
- Increase in purchasing power in the emerging economies
- Increase in consumption of fortified wine in the Middle East and Africa
- Increase in demand for non-alcoholic beverages
- Availability of competitively priced fortified wine in the market
CONCLUSION
The market report by MRFR provides an in-depth analysis of the fortified wine market. The report provides a comprehensive analysis of the market size, market dynamics, Porter’s Five Forces analysis, Y-o-Y Growth rate, market segmentation, market forecast and competitive landscape. The research methodology adopted for this report included primary and secondary research sources to ensure the accuracy and reliability of the data collected. The research report provides valuable insights on the fortified wine market which can be used by manufacturers, suppliers and buyers to gain a better understanding of the market and to make informed decisions.
