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

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.