The worldwide wine cork market is anticipated to reach a value of US$ 59.3 million in 2022 and grow at a CAGR of 4.5% to reach US$ 92.2 million by the year 2032, according to research from Future Market Insights. Sales of wine corks are forecast to increase, with the top 5 nations expected to control between 45 and 50 percent of the market by the end of 2022.
Based on the material, it is anticipated that the wood sector will continue to dominate the other types of wine cork materials. Convenience and greater product protection are to blame for this. The wood industry is predicted to generate an additional opportunity worth US$ 13.2 Mn between 2022 and 2032.
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How Is The Wine Cork Market’s Sales Growing With The Increasing Demand For Natural Cork?
The bark of a tree is used to make natural cork, which is a product of nature. Because of how the natural cork can change in size depending on the size of the wine bottle. Additionally, different corks for the same wine that is packed have varied flavours and aromas. As opposed to other corks, natural cork is better at imparting a good flavour to wine since it can transfer oxygen and because it contains microspores on it.
Natural cork is made up of cellular structures and is elastic. Older quality wines have typically employed natural corks for their personalised appearance
Why is the U.S. Considered the Most Attractive Market for the Wine Cork Market?
FMI analysis states that the U.S. wine cork market is estimated to create an incremental opportunity of US$ 4.7 Mn during 2022-2032. Consumers in the U.S. are more inclined towards the consumption of wine. Factors such as increased shelf life of the wine through the customized cork or natural cork and consumer preference for the packed and properly sealed wine bottles are augmenting the sale of the wine cork.
According to the data provided by The National Association of American Wineries, the given data represents wine industry generates over $276 billion for the US economy and the wine industry boosts the American economy.
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Competitive Landscape
The key players operating in the wine cork market are trying to focus on increasing their sales and revenues by expanding their capabilities to meet the growing demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet the customer needs.
Also, the players are focusing on upgrading their facilities to cater to the demand. Some of the recent key developments in the by the leading players are as follows –
- In July 2022, Diam Bouchage designs Diam Bouchage has definitively resolved the problem of cork-tasting wine as the Daim cork allows the wine manufacturer to choose how their wine matures in bottle through the controlling oxygen time. The company provides the innovative cork that enhance the taste of wine.
- In April 2022, Labrenta acquires the 100% of the Portuguese Anacorks as this Portuguese company is focusing on sustainable material from which wine cork are manufactured and mostly the products are appreciated by customers as it is reducing the carbon foot prints in environment.
Wine Cork Market By Category
By Material, Wine Cork market is segmented as:
- Plastic
- Metal
- Glass
- Wood
By Process, Wine Cork market is segmented as:
- Natural
- Synthetic
By Distribution Channel, Wine Cork market is segmented as:
- Offline
- Online
By Region, Wine Cork market is segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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