IMARC Group, a leading market research company, has recently releases report titled “Wine Corks Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global wine corks market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the wine corks market?
The global wine corks market size reached US$ 16.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 23.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.8% during 2023-2028.
What are wine corks?
Wine corks are stoppers used to seal bottles of wine, ensuring that the contents are protected from external elements and preserving the wine's quality over time. They are typically made from the bark of the cork oak tree, which is found mainly in the Mediterranean region. Cork is an ideal material for wine stoppers due to its unique properties. It is lightweight, elastic, and impermeable to gases and liquids.
These characteristics allow the cork to expand and form a tight seal when inserted into the neck of a wine bottle. The elasticity of cork also enables easy removal and reinsertion, allowing wine enthusiasts to reseal unfinished bottles. Harvesting cork is a sustainable process that involves stripping the outer bark of the cork oak tree. The tree's bark naturally regenerates, making it a renewable resource. After harvesting, the cork bark is left to dry for several months to eliminate moisture and develop its physical properties. Despite alternative closures such as screw caps and synthetic corks gaining popularity, natural wine corks remain the most traditional and prestigious choice for sealing fine wines.
While screw caps and synthetic corks offer convenience and consistency in sealing, natural corks continue to be preferred by winemakers and consumers who appreciate their traditional appeal and potential contribution to the aging and development of certain wines.
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What are the growth prospects and trends in the wine corks industry?
The increasing demand for wine represents a significant factor driving the market growth across the globe. This, coupled with several wine enthusiasts and connoisseurs considering natural cork closures as a symbol of quality and tradition, particularly for premium and aged wines, is acting as a major growth-inducing factor. In line with this, the rising focus of winemakers to produce wines that benefit from controlled oxygen exposure often prefer natural corks is further contributing to the growth of the market.
In addition to this, natural cork closures allow for a small amount of oxygen to interact with the wine over time, which is enhancing the aging process and contributing to the development of complex flavors and aromas, thereby driving the demand for wine cork. The market is also driven by the rigid preference of consumers for the traditional experience of opening a wine bottle with a cork, along with the sound, ritual, and perceived authenticity associated with natural corks. Apart from this, the increasing use of natural cork closures aligns with the rising consumer demand for sustainable and eco-friendly products, which is facilitating the growth of the market.
Moreover, the increasing per capita income and the rise in the use of social platforms and increasing investments in research and development (R&D) in the industry for the development of wine machinery, including the implementation of sensors and the influx of numerous categories of new wine cork stoppers, are some of the other factors creating a positive outlook for the market.
Who are the key players operating in the industry?
The report covers the major market players including:
Wine Corks Key Companies:
- Allstates Rubber & Tool Corp.
- Amorim Cork
- Bangor Cork
- Corksribas
- Jelinek Cork Group
- A. Silva Usa Llc
- PrecisionElite limited company
- Waterloo Container Company
- WE Cork Inc
- WidgetCo Inc.
- Wine Enthusiast Companies
- Zandur
Market Segmentation:
The report has segmented the global wine corks market on the basis of type, distribution channel and region.
Breakup by Type:
- Natural
- Synthetic
Breakup by Distribution Channel:
- Offline
- Online
Breakup by Regional Outlook:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Explore Full Report Description At: https://www.imarcgroup.com/wine-corks-market
Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Industry Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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