USD 4.96 billion
Wine Cork Market Size, Share, Growth Analysis, By Type(Natural Cork and Technical Cork), By Distribution Channel(Online Retailers and Specialty Stores), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG30E2018 |
Region:
Global |
Published Date: April, 2024
Pages:
198
|Tables:
59
|Figures:
75
Wine Cork Market Insights
Global Wine Cork Market size was valued at USD 4.96 billion in 2022 and is poised to grow from USD 6.32 billion in 2023 to USD 8.93 billion by 2031, growing at a CAGR of 4.60% during the forecast period (2024-2031).
Global market growth is attributable to the rise in the popularity of experimental wines and designer corks. Because natural cork has superior preservation capabilities and may keep wine for a longer period of time, demand for it is increasing. The most recent varieties of cork, including synthetic and plastic varieties, in the market also offer similar benefits to natural cork. During the course of the projection period, all these variables are anticipated to boost market expansion. The market has also suffered unheard-of economic losses as a result of the ongoing coronavirus epidemic, which affects a number of sectors in both developed and developing nations. Many people have lost their jobs, and several more are in the process of doing so, increasing the number of people who are unemployed. As a result, an increasing number of people are reluctant to spend money on products and services that are not absolutely necessary. However, during this time, businesses like bars, restaurants, hotels, cruise cruises, etc. have been forced to absorb significant financial losses. As a result, these industries seek to reduce the likelihood of further catastrophes. Alcoholic beverage production has been hampered, resulting in huge losses for the sector.
US Wine Cork Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Natural Cork
Fastest Growth
Natural Cork
Growth Rate
4.60% CAGR
Global Wine Cork Market 2022-2030 ($ Bn)
Country Share for North America Region- 2022 (%)
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Wine Cork Market Segmental Analysis
Global Wine Cork market is segmented by type, distribution channel, and region. Based on type, the market can be segmented into natural cork, and technical cork. Based on distribution channel, the market is segmented into Online Retailers, and Specialty Stores. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Wine Cork Market Analysis by Type
By type the market can be segmented into natural cork, and technical cork. The natural cork segment is currently the dominant type, accounting for the majority of the market share due to its traditional use and association with premium wines. However, the technical cork segment is expected to grow at a faster rate in the coming years due to its advantages in consistency, quality, and sustainability.
Technical corks also offer greater control over oxygen transfer, which can benefit wine aging and preservation. The increasing popularity of screw caps and synthetic corks is also contributing to the growth of the technical cork segment as it provides an alternative that is more eco-friendly than synthetic corks and offers similar benefits to screw caps.
Wine Cork Market Analysis by Distribution Channel
By distribution channel, the market can be segmented into Online Retailers and Specialty Stores. The specialty stores segment dominated the global market, accounting for the majority of the market share. This is due to the fact that specialty stores offer a wide range of wine-related products, including natural and technical corks, and cater to a specific customer base with a preference for high-quality wine products. However, the online retailers segment is expected to grow at a faster rate in the coming years due to the increasing trend of e-commerce and the convenience of online shopping. Online retailers offer a wider range of products, competitive pricing, and the convenience of doorstep delivery, which is attracting a growing number of consumers to purchase wine corks online.
Global Wine Cork Market Size By Type, 2022 (%)
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Wine Cork Market Regional Insights
North America dominated the global wine cork market. The region is a major producer and consumer of wine, with countries such as the United States and Canada accounting for a significant share of the market. The growing demand for wine in the region, coupled with the increasing preference for cork closures, has been driving the growth of the market. Moreover, the rising trend of sustainable packaging and the use of natural materials have further propelled the demand for wine cork in the region.
On the other hand, APAC is one of the fastest-growing regions in the global wine cork market. The region is witnessing a rapid increase in the production and consumption of wine, primarily driven by countries such as China, Japan, and India. The increasing disposable income of the middle-class population and the growing wine culture in these countries have been contributing to the growth of the market. Furthermore, the rising demand for premium wines and the preference for cork closures over alternative closures have also been driving the market growth in the region.
Global Wine Cork Market By Geography, 2022-2030
- Largest
- Fastest
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Wine Cork Market Dynamics
Wine Cork Market Drivers
Increasing demand for sustainable and eco-friendly packaging
- The increasing demand for sustainable and eco-friendly packaging solutions in the wine industry is a major driver of the global wine cork market. As consumers become more environmentally conscious, there has been a growing preference for natural and biodegradable materials, such as cork, over synthetic closures. Moreover, the use of cork closures has been proven to enhance the aging process and preserve the quality of the wine, further boosting the demand for cork. This trend is expected to continue in the coming years, driving the growth of the wine cork market.
Wine Cork Market Restraints
Increasing popularity of alternative closures
- One major restraint for the global wine cork market is the increasing popularity of alternative closures, such as screw caps and synthetic corks. These closures offer benefits such as ease of use, consistency in quality, and lower costs, which have led to a shift away from traditional cork closures. Moreover, cork closures have been associated with issues such as cork taint and inconsistency in quality, which have further contributed to the declining demand for cork closures. This trend towards alternative closures poses a significant challenge for the growth of the wine cork market.
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Wine Cork Market Competitive Landscape
The global wine cork market is a highly competitive industry that includes a variety of players, ranging from small regional manufacturers to large multinational corporations. The market is driven by factors such as the growing demand for wine, the increasing use of cork as a sustainable packaging material, and the rise of new technologies and innovations. Key trends in the industry include the shift towards alternative packaging materials, the adoption of eco-friendly manufacturing processes, and the emergence of new market players. Despite the challenges faced by the industry, the global wine cork market is expected to continue to grow in the coming years.
Wine Cork Market Top Player’s Company Profiles
- Amorim
- Cork Supply Group
- Nomacorc
- Neocork Technologies
- Trefinos
- Bartolo Ribeiro
- WidgetCo
- Jelinek Cork Group
- Bouchage M&P SAS
- MA Silva Corks USA
- Diam Bouchage
- Tapi USA
- Cork Concepts
- Laffort
- Capitao Cork
- Bacchus Wine Corks
- CorkLink
- Corkway
- Cork Club International
- Corkor
Wine Cork Market Recent Developments
- In September 2022, Ganau America announced the expansion of its manufacturing operations in Texas, to meet the growing demand for cork products in the North American market.
- In July 2022, Zandur unveiled a new line of cork-based flooring solutions for the hospitality and commercial sectors, designed to provide a sustainable and durable alternative to traditional materials.
- In May 2022, Jelinek Cork Group launched a new line of "cork-infused" wood flooring products, featuring a cork layer for added durability and comfort.
- In March 2022, WidgetCo, Inc. announced the acquisition of Corks and Tops, LLC, a leading supplier of wine closures and related accessories.
- In January 2022, Trefinos introduced a new range of "smart" wine closures equipped with RFID tags to help winemakers track and monitor their products throughout the supply chain.
Wine Cork Key Market Trends
- The global wine cork market is experiencing a shift towards alternative closures such as screw caps and synthetic corks due to issues with cork taint and inconsistencies in cork quality. This trend is driven by a desire for consistency in wine quality and reduction in the environmental impact of the wine industry. However, the demand for natural cork is still present among certain segments of the market, particularly for premium wines, and the industry is working towards improving cork quality and sustainability.
Wine Cork Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our global wine cork market analysis, the market is undergoing a significant shift towards alternative closures, such as screw caps and synthetic corks, due to concerns over cork taint and inconsistency in cork quality. This trend is driven by a growing desire for consistency in wine quality and the need for sustainability in the wine industry. However, there is still demand for natural cork, especially in the premium wine segment. The market is striving to improve the quality and sustainability of natural cork while also exploring new innovations in alternative closures.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 4.96 billion |
| Market size value in 2031 | USD 8.93 billion |
| Growth Rate | 4.60% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Wine Cork Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Wine Cork Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Wine Cork Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Wine Cork Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Wine Cork Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Wine Cork Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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