- Rise in number of product launches and R&D activities in the wine and wine accessories industry such as adoption of sensors in wine machinery drive the growth of the global wine corks market.
PORTLAND, Ore., Jan. 25, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Wine Corks Market by Type (Natural and Synthetic) and Distribution Channel (Offline and Online): Global Opportunity Analysis and Industry Forecast 2021-2027." According to the report, the global wine corks industry generated $20.8 billion in 2019, and is estimated to reach $27.6 billion by 2027, witnessing a CAGR of 7.4% from 2021 to 2027.
Prime determinants of growth
Rise in number of product launches, R&D activities in the wine and wine accessories industry such as adoption of sensors in wine machinery, rise in social media usage, and surge in per-capita income drive the growth of the global wine corks market. Contrarily, considerable surge in number of millennials consuming wine and emergence of various types of new wine stoppers present new opportunities in the coming years.
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Covid-19 Scenario
- Several business structures and strategies in the sales cycle of wine have been disrupted due to ban on import and export activities.
- The sales have been focused on the hospitality and restaurant sector. Owing to close down of these sectors during the lockdown, the sale of wine decreased significantly.
- There has been cancellation of local, national, and international events to avoid gathering of people and prevent the spread of coronavirus. Major wine events including Divinum Switzerland in which more than 300 winemakers showcase their products and maintain existing and developing new customers have been cancelled.
The natural segment to maintain its leadership position during the forecast period
Based on type, the natural segment accounted for nearly three-fourths of the global wine corks market in 2019, and is projected to maintain its leadership position during the forecast period. This is due to better options over synthetic type and preferred for aging wines for a long periods. However, the synthetic segment is expected to witness the highest CAGR of 9.4% from 2021 to 2027, owing to lower cost involved in manufacturing as compared to natural corks.
The offline segment to maintain its dominance in terms of revenue throughout the forecast period
Based on distribution channel, the offline segment accounted for the largest market share in 2019, holding nearly three-fourths of the global wine corks market, and is projected to maintain its dominance in terms of revenue throughout the forecast period. This is due to offline strategy being a primary strategy of businesses for B2B marketing scenario. However, the online segment is estimated to manifest the largest CAGR of 9.5% from 2021 to 2027, owing to rise in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets.
North America to grow at the fastest rate
Based on region, North America is expected to portray the fastest CAGR of 9.8% during the forecast period. This is due to industrial development and increase in consumption that offers opportunity for market players to expand businesses. However, Europe contributed to the highest market share in 2019, holding nearly half of the global wine corks market, and is projected to continue its lead status by 2027. This is due to rise in consumption of wine that encourages winery growers to expand their manufacturing units.
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Leading market players
- Precisionelite
- Waterloo Container Company
- J. C. Ribeiro, S. A.
- Amorim Cork, S.A, Ltd.
- We Cork Inc.
- Zandur
- Jelinek Cork Group
- Widgetco, Inc.
- M.A. Silva Usa, Llc
- Allstates Rubber & Tool Corp.
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