Wine Corks Market Overview
The Wine Corks Market size was estimated at $16.80 billion in 2020 and is projected to grow at a CAGR of 5.7% during the forecast period 2021-2026. Wine Corks are highly efficient bottle closures that have been used since ancient times. The Wine Corks fulfill the requirements for a bottle sealant and usually used to plug still wine and sparkling thereby avoiding any leakage. The natural wine crock have mechanical properties that allow them to be placed and compressed against the neck thereby properly sealing the bottle to prevent the seepage of air inside however, the tiny pores allow minute amount of oxygen to interact with the liquid inside this transforms the aroma and flavor of the liquid over time. Moreover these corks are chemically and physically stable for a long time and can maintain their property at different condition. Hence these factors are predicted to drive the Wine Corks Market during the forecast period.
Wine Corks Market Report Coverage
The report: “Wine Corks Market Forecast (2021-2026)”,
by Industry ARC, covers an in-depth analysis of the following segments of the Wine Corks Market.
By Product: Natural
Cork, Champagne Cork, Agglomerate Cork, Synthetic Cork, Screw Cap Vino-Lok, Zork
and Others.
By Distribution Channel: Online
Distribution Channel and Traditional Offline Retail.
By Geography: North America, Asia-Pacific, Europe, South
America and Rest of the World.
Key Takeaways
- Geographically, Europe region held 52.2% of the total market share in 2020 since most the cork forest are located Portugal and Spain.
- The online distribution segment is anticipated to accelerate at fastest growth rate in the wine corks market, with a CAGR of 19.5% during the forecast period 2021-2026.
- The mechanical properties that allows minute amount of air to interact with the liquid inside thereby transforming the aroma and flavor of the liquid over time is a major driving force for the Wine Corks Market during the forecast period 2021-2026.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the Wine Corks Market will be provided in the report.
Wine Cork Market Segment Analysis - By Product
By Product, the Natural Cork
segment accounted for the largest market share and is projected to grow at a
CAGR of 5.4% during the forecast period 2021-2026 owing to the ease of
availability and characteristics that is possess as a result it the most
appropriate material for the conservation of still wine and premium spirits
over the years. The micro pores in the cork allow for equally micro oxidation
of the wine thereby improving the aging process. However the synthetic crock
stopper that are made of are made of plastics is predicted to grow at the
fastest CAGR since these corks are not prone to TCA taint. Moreover, these
corks provide predictable oxygen transfer rates along with a tight seal and
since they're not made from wood, synthetic corks don't deteriorate or dry out results
thereby boosting the Wine Corks Market.
Wine Cork Market Segment Analysis - By Distribution Channel
Traditional Offline Retail accounted for the
largest market share in 2020 owing to the more advanced distribution networks. The traditional
offline retail segment accounted for over half of the global wine cork market
and is project to maintain its dominance in the coming years. However due to
growing cases of Covid-19 and various restriction imposed by the government
organization around the world the online segment is projected to witness the
fastest CAGR of 19.5% from 2021 to 2027 for the Wine Corks Market.
Wine Cork Market Segment Analysis - By Geography
Based on geography, Europe
dominated the Wine Corks Market with a region share of 52.2% in 2020 attributed
mainly since majority of wine is consumed and produced in the region. Also, most
of the cork forest are located Portugal and Spain thereby propelling the growth
in this region. According to the world’s top export document Portugal and Spain
accounted for whopping 79.8%. However,
Asia Pacific is set to be the fastest growing region during the forecast period
2021-2026 owing to the high population and increasing demand for wine. Countries
like China and Australia which are already established aged wine market are
predicted to be the prospective markets for Wine Corks.
Wine Corks Market Drivers
Increasing Demand for Wines with Wine Corks
The
wine cork is made from bark, which makes it a renewable resource and it can be
formed in the shape of a wine bottle, making it an incredibly appealing way to
seal wine. Consumers often prefer to buy Wine particularly the Still Wine and
the Sparkling wine with Wine Corks as the cork allows optimum control of oxygen
transfer through the closure. The elastic property of the cork is determined by
its moisture content. The cork remains fairly elastic for insertion into the
bottle within moisture content. Also, the cork stopper has peculiar qualities,
which interact beneficially with wine. Moreover, the cork stopper has unique
capacities such as impermeability and resistance, which allows managing
micro-oxygenation and ensures a successful maturation and aging of the wine,
while preserving its essence. Thus, the demand for Wines with Wine Corks is
increasing which acts as a driver for the market during the forecast period 2020-2025.
Wine Corks Market Challenges
High Cost of the Product
High cost associated with
the product serves as a major setback for the growth of the Wine Cork market during
the forecast period 2020-2025. Natural cork accounted for the major market
share, depending upon the type, quality, and brand the corks can up to 3 times
when compare to the screw caps. Moreover, Wine Cork made out of wood are at the right risk of drying out that could deteriorate the taste and the fragrance of
the product inside.
Covid-19 Impact
Due to the Covid-19 outbreak, the Wine Cork material end-use industries are facing issues such as delays in receiving cork material from the manufacturers due to the restriction on import and export of commodities. In addition, there are delays in receiving raw material, which is further resulting in delayed shipments to the customer. Also, the shipment orders are being heavily affected due to the non-availability of vessels and blank sailing, which is further leading to decreased storage stock of wineries. The COVID-19 pandemic is also having a huge impact on the wine industry. The production of wine has been disruptively stopped, contributing to a major loss in the industry. With the decrease in the production of wine, the demand for Wine Corks has significantly fallen, thereby acting as a major restrain to the market.
Wine Corks Market Landscape
Product launches, mergers and
acquisitions, joint ventures, and geographical expansions are key strategies
adopted by players in the Wine Corks Market. Key companies of this market are Jelinek
Cork Group, Wine Enthusiast Companies, Widgetco, Inc., Amorim Cork Composites
S.A., Bangor Cork Inc., Keval Import Export Private Limited, Waterloo Container
Company, M.A. Silva USA, LLC, Helix Packaging, Precision Elite limited company,
Elkem Silicones limited, Allstates Rubber Inc. and Tool Corporation.
Developments
Relevant reports
Cork Material Market– Forecast (2021 -
2026)
Report Code: CMR 1345
Luxury Wines And Spirits Market - Forecast
(2019 - 2024)
Report Code: FBR 94048
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