NEW YORK, July 25, 2023 /PRNewswire/ — The wine corks market is expected to grow by USD 3,006.6 million during the five-year forecast period, according to Technavio. As per the latest report, the market will progress at a CAGR of 5.5% during 2020-2027. The growing online wine retailing is a primary trend in the wine cork market. Due to the factors such as faster delivery services and competitive prices, there is an increase in demand for online retailing of wine globally. Additionally, there is an increase in the number of brands and wine producers that sell their products online since 2020. Several market players are adopting organic and inorganic growth strategies to enhance their delivery services. The main advantage of selling products online is that manufacturers are able to add videos and full descriptions to attract customers. Furthermore, it allows vendors to offer their products at competitive prices on online platforms as there is no involvement of middlemen. Hence, such factors are expected to drive the wine cork market growth during the forecast period. View new Sample Report within minutes!
Key Drivers-
The increasing demand for wine drives the market growth during the forecast period. There has been a significant rise find demand for wine across countries, especially in China. The increasing production, coupled with the export and import of wine, fuels the demand for wine corks and is expected to positively impact the market. Another significant factor that has contributed to the wine cork growth is the rising internet penetration and e-commerce platform. In China, manufacturers sell a wide variety of wines through both online and offline channels. Furthermore, several wineries have been launched across India over the past few years. Hence, such developments are expected to drive the wine cork market growth during the forecast period.
Significant Challenges –
Several campaigns against alcohol consumption hinder the wine cork market growth during the forecast period. In order to limit the increasing incidence of alcohol abuse and alcohol-related accidents, several regulatory and social organizations have launched campaigns against alcohol consumption. Many organizations are undertaking initiatives to educate and spread awareness regarding the harmful effects of alcoholic consumption. For example, in November 2021, The Pan-American Health Organization (PAHO) launched a new campaign, Live Better, Drink Less, to spread awareness about the harmful impacts of alcohol consumption. Furthermore, several government bodies across the world have enforced laws and regulations regarding the advertisement promoting alcoholic beverages. Hence, such enforcement of rules and regulations is negatively impacting the market, which in turn is expected to hinder the wine cork market growth during the forecast period.
Wine Corks Market 2023-2027: Vendor Analysis
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Advance Cork International, Allstates Rubber and Tool Corp., Corticeira Amorim S.G.P.S S.A., Portuguese Cork Association, BOUCHONS LECLERCQ ET FILS, DIAM BOUCHAGE SAS, JACORK, J C RIBEIRO, Jelinek Cork Group, Korkindustrie Trier GmbH and Co. KG, M A Silva USA, Nagpal Cork and Jointing, Precisionelite, Sugherificio Martinese and Figli srl, Vinocor, Vinventions LLC, Waterloo Container Co., We Cork Inc., WidgetCo Inc., and Zandur are some of the major market participants. Although the rising demand for wine will offer immense growth opportunities, campaigns against alcohol consumption will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
Vendor Offering
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Portuguese Cork Association: The company offers agglomerated wine cork stoppers which is designed to maintain the maturation of the wine.
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Allstates Rubber and Tool Corp: The company offers rubber wine cork stopper which is designed to preserve and store wine for a long time.
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Corticeira Amorim S.G.P.S S.A: The company offers ND tech wine cork which is designed to execute the sealing of bottles of alcoholic beverages such as wines, spirits, and cava in the form of stoppers.
Wine Corks Market 2023-2027: Scope
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. Our wine cork market report covers the following areas:
What’s New? –
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Special coverage on the Russia–Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
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Global competitiveness and key competitor positions
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Market presence across multiple geographical footprints – Strong/Active/Niche/Trivial – Buy the report!
Wine Corks Market 2023-2027: Segmentation
The Wine Corks Market is segmented as below:
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Type
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Distribution Channel
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Geography
The market share growth by the natural segment will be significant during the forecast period. The main source of natural wine cork is tree bark. This segment is the ideal closure for wine bottles and is widely used for red wines that is required to be aged for more than two years. These wine corks are classified into different grades based on the quality of the bark. Hence, the increasing demand for wine is expected to fuel the demand for natural wine corks. The wine cork market has tremendous potential and opportunities in the APAC region, which is expected to positively impact the market. Hence, such factors are expected to drive market growth during the forecast period.
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Wine Corks Market 2023-2027: Key Highlights
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CAGR of the market during the forecast period 2023-2027
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Detailed information on factors that will assist wine corks market growth during the next five years
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Estimation of the wine corks market size and its contribution to the parent market
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Predictions on upcoming trends and changes in consumer behavior
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The growth of the wine corks market
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Analysis of the market’s competitive landscape and detailed information on vendors
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Comprehensive details of factors that will challenge the growth of wine corks market vendors
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Wine Corks Market Scope |
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Report Coverage |
Details |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.5% |
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Market growth 2023-2027 |
USD 3,006.6 million |
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Market structure |
Fragmented |
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YoY growth 2022- 2023 (%) |
4.92 |
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Regional analysis |
Europe, North America, APAC, South America, and Middle East and Africa |
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Performing market contribution |
Europe at 34% |
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Key countries |
US, China, France, Italy, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advance Cork International, Allstates Rubber and Tool Corp., Corticeira Amorim S.G.P.S S.A., Portuguese Cork Association, BOUCHONS LECLERCQ ET FILS, DIAM BOUCHAGE SAS, JACORK, J C RIBEIRO, Jelinek Cork Group, Korkindustrie Trier GmbH and Co. KG, M A Silva USA, Nagpal Cork and Jointing, Precisionelite, Sugherificio Martinese and Figli srl, Vinocor, Vinventions LLC, Waterloo Container Co., We Cork Inc., WidgetCo Inc., and Zandur |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table Of Contents :
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Distribution Channel
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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