Global Wine Cork Market To Be Driven By Rising Demand For Natural Corks In The Forecast Period Of 2023-2028
The new report by Expert Market Research titled, ‘Global Wine Cork Market Share, Size, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global wine cork market, assessing the market based on its segments like types, distribution channels, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2020): USD 22.4 Billion
- Forecast CAGR (2023-2028): 7.4%
- Forecast Market Size (2026): USD 25.7 Billion
The wine cork market is likely to be propelled by the growing demand for alcoholic beverages. The increasing population along with the rising popularity of wine across the globe and opening of wine and beer shops in emerging economies to further contribute towards the market’s growth. The demand for natural corks has been rising as it is 100% natural and are very much apt for aging wine for a long period and prevents leakage and extraction of flavours from the wine bottle. Also, the rising trend of online shopping for wines is likely to drive wine market and ultimately would lead to an increased demand for wine corks.
Wine Cork Industry Definition and Major Segments
Wine corks are the stoppers which are used to seal wine bottles. Natural wine corks, agglomerated wine corks, and synthetic wine corks are the common types of wine corks. The type and size of the cork used largely depends on type of wine, diameter of the bottleneck, and amount of pressure contained within the bottle.
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Based on the type of cork, the market is segmented into:
- Natural
- Synthetic
Depending on mode of distribution, the market is segmented as
- Online
- Offline
The market also analyses the regional markets, namely North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa for wine cork.
Wine Cork Market Trends
Use of natural cork stoppers is likely to continue in the coming years as well as it is the most suitable sealant providing proper conservation for wine without the change in its composition. Also, these corks are preferred by many wine growers as it is suitable for all kinds of wine. The increasing trend of using environment-friendly materials to further propel the market growth. Asia-Pacific’s market is expected to witness the highest CAGR in the forecast period, owing to increasing disposable income of people and demand for different types of wines.
Key Market Players
The major players in the market are PrecisionElite, Waterloo Container Company, J. C. Ribeiro, S. A, Amorim Cork, S.A, We Cork Inc., Jelinek Cork Group, Widgetco, Inc., M.A. Silva USA, LLC, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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