Latest News - Wine Corks Market: Natural is expected to lead the Type segment during 2024-2028

The Wine Corks Market is being driven by Rising demand for wine

The Wine Corks Market is expected to grow at a CAGR of 5.47% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 3138.3 million. In the dynamic wine industry, online retailing is experiencing significant growth due to expedited delivery services and competitive pricing. According to market projections, online wine sales are poised to expand at an unprecedented rate during the forecast period. Notably, the number of wine brands and producers selling their products via online retail channels has witnessed a substantial surge since 2020. For instance, online sales of wine accounted for 68% of total sales in 2020, surpassing spirits (18%) and beer (13%). Small and local vineyards are also capitalizing on this trend, making their premium offerings accessible to a global customer base through online platforms. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Natural
  • Synthetic
• Distribution Channel
  • Offline
  • Online
• Geography
  • Europe
    • France
    • Germany
    • Italy
  • North America
    • US
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for wine
• Health benefits of wine
• Increasing application and demand for wine in food industry

However, the market also witnesses some limitations, which are as follows:

• Campaigns against alcohol consumption
• Cork taint issue
• Increasing competition from non-alcoholic beverage

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Market Scope in Wine Corks Market Research Report

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Research Analysis Overview

The wine corks market encompasses a wide range of products used to seal wine bottles and preserve their quality. Wine corks are primarily made from natural cork obtained from the bark of Cork Oak trees or synthetic materials like rubber, plastic, or glass. Natural corks have unique chemical and physical properties that provide an airtight seal, protecting wine from oxidants, spillage, and moisture. However, they are susceptible to taint from microorganisms. Synthetic corks and wine stoppers offer alternatives with consistent quality and resistance to taint. Sparkling wines often use muselets and wire hoods instead of traditional corks. Still wines and novel wines may opt for screw caps or glass stoppers. The choice between natural and synthetic corks depends on factors like cost, sustainability, and wine type. During the coronavirus crisis, hotels, restaurants, and bars have increasingly turned to alternative sealing methods like screw caps due to lockdowns and reduced consumption. Designer corks and novel synthetic materials have also gained popularity as marketing tools. Regardless of the material, wine corks play a crucial role in maintaining the taste and quality of wine.

Market Research Overview

In the beverage manufacturing industry, the production of wine and spirits involves various inputs, including primary raw materials, secondary sources, labor, and specialized equipment. For wine production, essential raw materials consist of fruit concentrates, such as grapes, berries, and apples; yeast; and cane or beet sugar. In contrast, spirits, like whiskey, require carbohydrate-rich vegetables or grains, such as barley and corn, water, and yeast. Additionally, distilled alcoholic beverages, such as gins and liqueurs, are flavored using secondary sources or extra ingredients, including juniper berries, fruits, herbs, spices, seeds, roots, barks, and flowers. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/