Global Wine Corks Market to Reach US$ 27.6 Billion by 2032, Propelled by Rising Wine Consumption

April 12, 2023 | Packaging

IMARC Group's latest report, titled "Wine Corks Market Report by Type (Natural, Synthetic), Distribution Channel (Offline, Online), and Region 2024-2032," finds that the global wine corks market size reached US$ 17.6 Billion in 2023. Wine corks or stoppers are essential components for preserving the quality of the wine. They are typically made from cork, rubber, or other materials and are used to regulate the physical and chemical properties of the wine. The primary functions of wine corks include controlling moisture, preventing spillage, and regulating oxidants to prevent the growth of microorganisms. There are several types of wine corks available in the market, including natural, synthetic, screw caps, and plastic caps. Natural wine corks are considered the best choice for old and premium wines, as they prevent leakage and flavor extraction from the bottle. At present, wine corks find extensive applications for sealing premium wine bottles as they possess exceptional properties such as high compressibility, moisture resistance, and impermeability to liquids, which aid in prolonging the aging of wine and enhancing its taste and flavor.

Global Wine Corks Market Trends:

The rising wine consumption among the young population due to inflating income levels represents the primary factor driving the market growth. Moreover, the increasing consumer preference for luxury and high-quality products owing to rising awareness about the benefits of moderate wine consumption, including reduced risks of heart diseases, stroke, diabetes, and digestive tract infections, is positively influencing the market growth. Additionally, the expanding use of premium wine variants in gourmet cooking to enhance the flavor, aroma, and taste of finished dishes is propelling the market growth. Besides this, the rising use of wine corks in the confectionery sector for making chocolates, candies, baking cakes, and brownies has catalyzed market growth. Furthermore, the increasing number of bars, hotels, and restaurants serving wines and the easy availability of premium wines through specialty stores and online retail channels are contributing to the market growth. Other factors, including the growing popularity of wine tourism, rising sales of exotic and unique wines, changing lifestyles, and emerging socialization trends, are also anticipated to create a positive market outlook. Looking forward, IMARC Group expects the market to reach US$ 27.6 Billion by 2032, expanding at a CAGR of 5% during 2024-2032.

Market Summary:

Based on the type, the market has been bifurcated into natural and synthetic. At present, natural corks represent the largest market segment.
On the basis of the distribution channel, the market has been classified as offline and online. Currently, offline accounts for the majority of the market share.
Region-wise, Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others) holds the leading position in the market. Other major regions include North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others) and Middle East and Africa.
The competitive landscape of the market has also been examined, with some of the key players being Allstates Rubber & Tool Corp., Amorim Cork, Bangor Cork, Corksribas, Jelinek Cork Group, M.A. Silva USA LLC, PrecisionElite limited company, Waterloo Container Company, WE Cork Inc, WidgetCo Inc., Wine Enthusiast Companies, and Zandur.

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
Units	US$ Billion
Segment Coverage	Type, Distribution Channel, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	Allstates Rubber & Tool Corp., Amorim Cork, Bangor Cork, Corksribas, Jelinek Cork Group, M.A. Silva Usa Llc, PrecisionElite limited company, Waterloo Container Company, WE Cork Inc, WidgetCo Inc., Wine Enthusiast Companies and Zandur
Customization Scope	10% Free Customization
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Global Wine Corks Market to Reach US$ 27.6 Billion by 2032, Propelled by Rising Wine Consumption

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