The development of beer & wine shops in the emerging economies and the emergence of the e-commerce industry is propelling the wine cork market growth during the forecast period.
Newark, July 05, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global wine cork market is expected to grow from USD 20.88 billion in 2021 to USD 36.96 billion by 2030, at a CAGR of 6.55% during the forecast period 2022-2030.
The rising importance of corks for the development of wine, growing consumption of alcoholic beverages, and expanding e-commerce sector are anticipated to boost demand for the wine cork market during the projection period. Further, the growing trend of utilizing environment-friendly materials and the increasing trend of online shopping for wines are also helping to boost the market growth during the forecast period. Moreover, the high ability capital & maintenance prices are the restraining factor of the market growth. Furthermore, the development of technological innovations in winemaking processes is an opportunity for market growth.
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To enhance their market position in the global wine corkmarket, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Market Growth & Trends
The growth of the wine cork market is driven by the power of sustainability & recycling services. Furthermore, the increasing customer inclination against luxury & superior quality products is also helping drive the market growth during the forecast period. Besides, the growing use of premium wine variants in gourmet cooking to amplify and improve the taste, flavor, and aroma of finished dishes is also increasing market growth. Moreover, the market growth trend is the changing lifestyles, emerging socialization, and growing technological improvements, boosting the market growth during the forecast period. Additionally, the increasing popularity of wine tourism is expected to drive the sales of exotic & unique wines in the market growth. Further, the moderate use of wine is associated with a decreased risk of diabetes, stroke, heart diseases, and digestive tract disease, helping to propel market growth.
• In 2021, the offline distribution channel segment dominated the market with the largest market share of 56.13% and market revenue of 11.71 billion.
The distribution channel segment is divided into online and offline. In 2021, the offlinedistribution channel segment dominated the market with the largest market share of 56.13% and market revenue of 11.71 billion.This growth is attributed to the more developed distribution networks.
• In 2021, the natural cork segment dominated the market with the largest market share of 23.06% and market revenue of 4.81 billion.
The product segment compriseschampagne cork, synthetic cork, natural cork, agglomerate cork, screw cap vino-lok, and others. In 2021, the natural corksegment dominated the market with the largest market share of 23.06% and market revenue of 4.81 billion. This growth is attributed to the increasing consumer inclination against the consumption of premium aged & toasted wines. Additionally, the growing demand for wine worldwide along with enhanced production, are also helping boost the segment's growth.
• In 2021, the wood segment dominated the market with the largest market share of 29.11% and market revenue of 6.07 billion.
The material type segment is divided into wood, aluminium, plastic, glass, and others. In 2021, the woodsegment dominated the market with the largest market share of 29.11% and market revenue of 6.07 billion.This growth is attributed to the multiple properties, such as the high compressibility of wine cork.
• In 2021, the injection moulding segment dominated the market with the largest market share of 41.16% and market revenue of 8.60 billion.
The technology segment is divided into extrusion moulding, injection moulding, and combination of injection & extrusion process. In 2021, the injection mouldingsegment dominated the market with the largest market share of 41.16% and market revenue of 8.60 billion.This growth is attributed to the rising adoption of injection moulding in the wine cork enterprise.
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Regional Segment Analysis of the Wine Cork Market:
• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)
North America region occurred as the largest market for the global wine cork market, with a market share of 46.17% and a market value of around 9.64 billion in 2021. North America currently dominates the wine cork market due to the increasing popularity of wine with a substantial chunk of the populace. Moreover, growing customer consciousness against high quality, healthy and nutritional wines and the ever-rising population worldwide are also helping to propel the market growth. Furthermore, the Asia-Pacific region is expected to show the fastest CAGR of 8.14% over the projection period. This growth is attributed to the increasing demand for various types of wines. Moreover, the strong customer base in countries like Japan, India, and China will probably help the market's growth during the projection period.
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Key players operating in the global wine corkmarket are:
• Wine Enthusiast Companies
• Widgetco, Inc.
• Elinek Cork Group
• Waterloo Container Company
• Precision Elite limited Company
• M.A. Silva USA
• Amorim Cork Composites S.A.
• Bangor Cork Inc.
• Helix Packaging
• Keval Import Export private limited
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. The Brainy Insights has segmented the global wine corkmarket based on below mentioned segments:
Global Wine CorkMarket by Distribution Channel:
Global Wine CorkMarket by Product:
• Champagne Cork
• Synthetic Cork
• Natural Cork
• Agglomerate Cork
• Screw Cap Vino-Lok
Global Wine CorkMarket by Material Type:
Global Wine CorkMarket by Technology
• Extrusion Moulding
• Injection Moulding
• Combination of Injection & Extrusion Process
About the report:
The global wine cork market is analysed based on value (USD Billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.