Global Wine Corks Market Overview
The key driver impacting the Wine corks market is the rising number of wineries leading to growing wine production across the globe. According to the Agricultural marketing resource center, every year, approximately 60 countries produce more than 100 billion gallons of wine annually. The US is the fourth-largest producer of wine and the largest consumer of wine globally. The number of wineries in the US increased to 10,047 in 2015 from 2,230 in 1998. Around 900,000,000 gallons of wine were produced in 2017. As per the International Organization of Vine and Wine 2018 report, the three biggest wine producers globally are in Europe. Italy, France, and Spain, jointly account for 51% of worldwide wine production. These countries made big harvests, and each country augmented the output between 22% and 26%. The high output of wine is expected to increase the demand for wine corks in the later years. Moreover, the rising utilization of premium wine variants in gourmet cooking to intensify and enhance the flavor, aroma, and taste of finished dishes contributes to wine corks market demand in the coming years.
According to Value Market Research, the global Wine corks market size was valued at about USD 20 billion in 2020 and is projected to grow at a CAGR of around 7.5% during the forecast period 2021 to 2027.
The rising wine consumption, particularly the young population, owing to changing lifestyles, increasing income levels, and promising socialization trends, is likely to augment the need for wine corks in the forecast period. However, highcapacity capital and maintenance costs hamper the market in the long run. The industry trends, including an increase in technological innovations in winemaking processes and the growing popularity of wine tourism, are anticipated to drive the sales of exotic and unique wines are anticipated to present huge opportunity to leading market players.
The Wine corks market is widespread, with many local and international players. The market leaders follow a variety of strategies such as amalgamation, merger, extending product portfolio, expansion to augment their market position globally. The key players included in the report are Waterloo Container Company, Jelinek Cork Group, Precisionelite, M.A. Silva USA, Llc, J. C. Ribeiro S.A., Zandur, Widgetco, Inc., Amorim Cork, We Cork Inc., And Allstates Rubber & Tool Corp.
In this research report, the Wine corks market is segmented by type, distribution channel, and region.
Analysis by Type:
By Type, the report is categorized into natural and synthetic. The natural segment dominates the process segment with over 60% share in 2020. It is due to the easy availability, and it is the most suitable material for the conservation of premium spirits and still over the years. Moreover, micropores in the cork permit for equally microoxidation of the wine, thereby helps in enhancing the aging process, thus contributing to the natural cork segment's growth in the forecast period.
Analysis by Distribution Channel:
By distribution channel, the report is segmented into Offline and Online. The Offline segment dominates the distribution channel segment with over 60% share in 2020. It is due to the rapidly more advanced distribution networks. Moreover, the massive adoption of wine corks in industrial cleaning applications contributed to the growth of the industrial segment in the forecast period.
Analysis by Region:
In the regional outlook of the global Wine corks market, the Asia Pacific region is expected to hold the second-largest market share of around 35% in the forecast period. It is due to the rise in demand for different types of wines. Moreover, the region has witnessed considerable growth in the number of millennials, who are forefront consumers of wine and new food & beverages products, contributes to the tremendous market growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Type
By Distribution Channel
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
In case you have any custom requirements, do write to us. Our research team can offer a customized report as per your need.