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The wine corks market is estimated to grow at a CAGR of 5.5% between 2022 and 2027. The market size is forecasted to increase by USD 3,006.6 million. The growth of the market depends on several factors, including the rising demand for wine, the health benefits of wine, and the increasing application and demand for wine in the food industry.
This wine corks market report extensively covers market segmentation by type (natural and synthetic), distribution channel (offline and online), and geography (Europe, North America, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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The rising demand for wine is notably driving the market growth, although factors such as campaigns against alcohol consumption may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The rising demand for wine is notably driving the market growth. The demand for wine has increased significantly in various countries, such as China, over the past decade. The production of wine grapes is rapidly increasing in China. The increasing export and import of wine drive the demand for wine corks. Moreover, the rise in the penetration of e-commerce has increased the online demand for wine in China. Companies operating in the wine industry operate through both online and offline channels and sell a wide range of wines. They also offer in-store pickup and door-to-door deliveries. These factors are expected to boost the demand for wine corks in China.
In India, the opening of new wineries is expected to propel the growth of the wine cork market in the country. For instance, in October 2021, Moonshine Meadery announced that it is in the process of establishing a market for meads in India. The winery announced that Apple Cyder Mead and Coffee Mead would be available in leading liquor retail outlets across Guwahati, Assam. Such developments are expected to drive the growth of the global wine corks market during the forecast period.
The growing online wine retailing is a key trend shaping the market. The demand for online retailing of wine is increasing globally owing to faster delivery services and competitive prices. Online retailing is expected to record fast growth during the forecast period. The number of brands and wine producers that sell their products online has grown substantially since 2020. For instance, online sales of wine grew with a share of 68% in 2020 when compared to spirits (18%) and beer (13%).
Small and local vendors are also offering their products online. Many established players in wine logistics are adopting organic and inorganic growth strategies to improve their delivery services. Vendors that manufacture wine can sell their products online at lucrative prices. They can also add videos and full descriptions to attract customers. In addition, online sales platform eliminates middlemen such as distributors, thus enabling vendors to offer products at competitive prices. Therefore, the growing adoption of online sales channels is expected to increase the profit margins of wine vendors, which, in turn, will drive the demand for wine cork during the forecast period.
Campaigns against alcohol consumption may impede market growth. Many regulatory and social organizations have launched campaigns against alcohol consumption due to the rising incidence of alcohol abuse and alcohol-related accidents. Various organizations aim to educate and spread awareness among people regarding the harmful impacts of consuming alcoholic beverages. For instance, in November 2021, The Pan-American Health Organization (PAHO) launched a new campaign, Live Better, Drink Less, to raise awareness about the harmful effect of alcohol consumption.
The governments of various countries, including the state governments of India, have imposed laws and regulations regarding the advertisement and promotion of alcoholic beverages. The implementation of such laws makes it difficult for manufacturers to sell their products, which is expected to limit the growth of the market during the forecast period. Therefore, public campaigns against the consumption of different acholic beverages, such as wine, are expected to have a negative impact on the growth of the wine industry. This, in turn, will negatively impact the growth of the global wine corks market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Wine Corks Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Allstates Rubber and Tool Corp. - The company offers a wide range of rubber corks, such as A038, A0390, and A0775.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the natural segment will be significant during the forecast period. Natural wine corks are derived from tree bark. They are suitable as closures for wine bottles and are primarily used for red wines that need to be aged for more than two years. Natural wine corks are categorized into various grades depending on the quality of the bark.
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The natural segment was valued at USD 4,608.88 million in 2017 and continued to grow until 2021. The rising demand for wine is fueling the demand for natural wine corks. There are numerous untapped markets for wine in APAC, which is expected to have a positive impact on the market. As a result, several new players have entered this segment. Europe and North America are also expected to contribute significantly to the global wine corks market owing to the high consumption of wine.
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Europe is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in the region is attributed to factors such as the high demand for wine. France was one of the major markets for wine in Europe in 2022. The demand for wine is also increasing in countries such as Germany and Italy. Several new players have entered the wine industry in Europe. Moreover, the number of wineries in the region is expected to double during the forecast period. Such developments are expected to increase the demand for wine corks. Therefore, the wine corks market is expected to grow at a significant pace during the forecast period.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. Europe was severely affected by the COVID-19 pandemic in 2020. However, in 2021, factories, warehouses, and other facilities reopened due to large-scale COVID-19 vaccination drives. Hence, local vendors were able to meet the demands of consumers. In addition, trade restrictions were lifted by regional governments, which spurred the demand for wine. This trend is expected to continue during the forecast period.
The wine corks market report forecasts market growth by revenue at global, regional, & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the wine corks market as a part of the global distillers and vintners market within the overall food and beverages sector. The distillers and vintners market covers distillers, vintners, and producers of alcoholic beverages such as wine, spirits, and liqueur. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
Wine Corks Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
Market growth 2023-2027 |
USD 3,006.6 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
4.92 |
Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
Performing market contribution |
Europe at 34% |
Key countries |
US, China, France, Italy, and Germany |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Advance Cork International, Allstates Rubber and Tool Corp., Corticeira Amorim S.G.P.S S.A., Portuguese Cork Association, BOUCHONS LECLERCQ ET FILS, DIAM BOUCHAGE SAS, JACORK, J C RIBEIRO, Jelinek Cork Group, Korkindustrie Trier GmbH and Co. KG, M A Silva USA, Nagpal Cork and Jointing, Precisionelite, Sugherificio Martinese and Figli srl, Vinocor, Vinventions LLC, Waterloo Container Co., We Cork Inc., WidgetCo Inc., and Zandur |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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