NEW
YORK, July 26, 2024 /PRNewswire/ -- The global
wine corks market size is estimated to grow by USD 3.13 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of 5.47%
during the forecast period. Rising demand for wine is driving
market growth, with a trend towards growing online wine
retailing. However, campaigns against alcohol consumption
poses a challenge. Key market players include Advance Cork
International, Allstates Rubber and Tool Corp., BOUCHONS LECLERCQ
ET FILS, Corticeira Amorim S.G.P.S S.A., DIAM BOUCHAGE SAS, J C
RIBEIRO, JACORK, Jelinek Cork Group, Korkindustrie Trier GmbH and
Co. KG, M A Silva USA, Nagpal Cork
and Jointing, Portuguese Cork Association, Precisionelite,
Sugherificio Martinese and Figli srl, Vinocor, Vinventions LLC,
Waterloo Container Co., We Cork Inc., WidgetCo Inc., and
Zandur.
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Wine Corks Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
5.47%
|
Market growth
2024-2028
|
USD 3138.3
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
5.08
|
Regional
analysis
|
Europe, North America,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
Europe at
33%
|
Key
countries
|
US, France, Italy,
Germany, and China
|
Key companies
profiled
|
Advance Cork
International, Allstates Rubber and Tool Corp., BOUCHONS LECLERCQ
ET FILS, Corticeira Amorim S.G.P.S S.A., DIAM BOUCHAGE SAS, J C
RIBEIRO, JACORK, Jelinek Cork Group, Korkindustrie Trier GmbH and
Co. KG, M A Silva USA, Nagpal Cork and Jointing, Portuguese Cork
Association, Precisionelite, Sugherificio Martinese and Figli srl,
Vinocor, Vinventions LLC, Waterloo Container Co., We Cork Inc.,
WidgetCo Inc., and Zandur
|
Market Driver
Online retailing of wine is experiencing significant growth due
to faster delivery services and competitive pricing. Among all
distribution channels, online retailing is projected to record the
fastest expansion during the forecast period. The number of wine
brands and producers selling their products online has increased
substantially since 2020, with online sales accounting for 68% of
total wine sales in 2020, compared to spirits (18%) and beer (13%).
Small and local vendors can reach premium customers globally by
selling their products online. Established players in wine
logistics are improving delivery services through organic and
inorganic strategies, driving market growth. Vendors can offer
competitive pricing and attractive product presentations on online
platforms, eliminating middlemen and increasing profit margins.
These factors are expected to boost the demand for wine corks and
fuel the growth of the global wine cork market during the forecast
period.
The Wine Corks Market is witnessing significant trends with the
integration of robotics and automation in cork and wine stopper
production. Physical and chemical properties of cork, rubber, and
plastic caps are crucial factors in preventing moisture, spillage,
oxidants, and microorganisms from affecting wine quality. Wine
fairs like Vinexpo and Prowein showcase the latest innovations,
including novel wines, designer corks, and synthetic or plastic
corks. Importers, wineries, and global market players are exploring
sales cycle optimization and product positioning against
competitors. Developing economies present substantial export
potential. The Coronavirus crisis has impacted bars, restaurants,
hotels, and cruise ships, affecting the alcoholic beverages
industry, including wine production and consumption. Wine makers
are focusing on heart-health benefits to attract health-conscious
consumers.
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Market Challenges
- The wine market faces a significant challenge due to increasing
campaigns against alcohol consumption. These campaigns, led by
regulatory and social organizations, aim to educate the public
about the harmful effects of alcohol, including liver diseases,
cancer, cardiovascular problems, tuberculosis, and others.
Governments, including some in India, have imposed regulations restricting
alcohol advertisement and promotion, making it difficult for wine
manufacturers to sell their products. In November 2021, The Pan-American Health
Organization launched the Live Better, Drink Less campaign to
highlight the negative impact of alcohol consumption. These factors
are expected to limit the growth of the global wine market and,
consequently, the wine cork market during the forecast period.
- The wine corks market faces several challenges in the current
business landscape. With the rise of novel wines and designer
corks, traditional natural corks face increasing competition from
synthetic and plastic alternatives. The coronavirus crisis and
subsequent lockdowns have impacted bars, restaurants, hotels,
and cruise ships, leading to a decrease in wine consumption. In the
health sector, concerns over heart disease, stroke, diabetes, and
digestive tract infections have led consumers to opt for alcoholic
beverages with lower alcohol content. Wine tourism and the wine
industry are also affected, impacting the demand for wine bottles
and corks. Recyclable corks made from recycled sugar cane and cork
recycling services are gaining popularity. Companies like
Burlington Drinks are investing in natural corks made from Cork Oak
and synthetic materials like plant-based polymers. Wine producers
are also experimenting with glass stoppers, screw caps, and sensors
to maintain oxygen transfer rates. The market is segmented into
still wines and sparkling wines, with natural corks dominating the
still wine segment and synthetic corks leading in the sparkling
wine segment. Winemakers are targeting millennials and boomers
through various online distribution channels. The export business
is also a significant market for wine corks, with
Polyethylene-based corks and muselets being popular choices.
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Segment Overview
This wine corks market report extensively covers market
segmentation by
- Type
- 1.1 Natural
- 1.2 Synthetic
- Distribution Channel
- Geography
- 3.1 Europe
- 3.2 North America
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Natural- The global wine cork market is driven by
the increasing demand for wine worldwide. Approximately 80% of
natural wine corks are sourced from the Iberian Peninsula, where
they are sustainably harvested from oak tree bark in the
Mediterranean region of Europe and
Africa. Natural cork's spongy
texture enables it to compress and expand with minimal air
diffusion, making it an ideal closure for wine bottles,
particularly for aging red wines. The market is expanding due to
the growing popularity of wine in Asia
Pacific (APAC), where new players are entering the industry
as demand for premium wines increases. India, in particular, is witnessing a surge in
demand for sparkling wines and other premium alcoholic beverages,
presenting significant growth opportunities for market
participants. Europe and
North America, with their high
wine consumption rates, also contribute significantly to the
market's growth. Overall, the wine cork market is expected to grow
positively during the forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
Wine corks are an essential component in the wine industry,
sealing bottles to preserve the quality and taste of wines. Novel
wines continue to emerge, leading to diverse cork options,
including designer corks. Natural corks, derived from the bark of
Cork Oak trees, have long been the traditional choice due to their
unique physical and chemical properties. However, synthetic corks,
made from plastic, rubber, or other materials, have gained
popularity due to their consistency and resistance to TCA
contamination. The Coronavirus crisis and subsequent lockdowns have
significantly impacted the wine industry, with bars, restaurants,
and hotels closed. This has led to a shift in consumer behavior
towards purchasing wine in bottles rather than by the glass,
driving up demand for wine corks. Both natural and synthetic corks
have their advantages and disadvantages. Natural corks offer a
traditional look and feel, but can be susceptible to moisture,
spillage, oxidants, and microorganisms. Synthetic corks and
alternatives like glass stoppers and screw caps provide more
consistent seals and are less prone to these issues. Wine corks
come in various types, including those for still wines, sparkling
wines, and Champagne, with muselets used for Champagne and other
sparkling wines. Understanding the properties of these corks,
including their physical and chemical characteristics, is crucial
for ensuring the best possible wine experience.
Market Research Overview
The Wine Corks Market encompasses a diverse range of products
used to seal wine bottles, including novel wines with designer
corks, natural corks from Cork Oak trees, synthetic corks made from
plastic or rubber, and glass stoppers or screw caps. The market has
been impacted by the Coronavirus crisis and subsequent lockdowns,
affecting bars, restaurants, hotels, cruise ships, and the
alcoholic beverages industry. Wine production and consumption
continue, with a focus on heart disease, stroke, diabetes, and
digestive tract infections as health concerns. Wine tourism and the
wine industry adapt to changing consumer trends, with millennials
and boomers driving export business. Recyclable corks made from
recycled sugar cane and cork recycling services are gaining
popularity. Technological advancements include sensors, plant-based
polymers, robotics, and automation. The market offers opportunities
for winemakers, importers, and wineries, with a sales cycle
influenced by product positioning, competitors, and export
potential. Developing economies present significant growth
opportunities. Advertisement and partnerships with wine makers are
key strategies for market expansion. Wine corks market includes
still wines and sparkling wines, with muselet, natural corks,
synthetic corks, and plastic caps as key product categories.
Physical and chemical properties, moisture, spillage, oxidants, and
microorganisms are important considerations for wine corks. Major
events like Vinexpo and Prowein showcase the latest trends and
innovations in the industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- Distribution Channel
-
- Geography
-
- Europe
- North America
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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