PORTLAND, OREGON, UNITED STATES, September 15, 2022 /EINPresswire.com/ -- According to a new report published by Allied Market Research titled, “Wine Corks Market by Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2027,” The wine corks market size was valued at $20.8 billion in 2019, and is projected to reach $27.6 billion by 2027, growing at a CAGR of 7.4 % from 2021 to 2027. Europe dominated the market in 2019, accounting for nearly 48.2% of the total market share. The wine corks market exhibits an incremental revenue opportunity of $6.6 billion from 2019 to 2027.

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The wine corks market holds a substantial scope for the market growth. The market is currently in its maturity stage; however, its contribution to the global market is expected to increase significantly during the forecast period. Increase in demand for synthetic and new types of corks has enforced the market to produce innovative products made with various materials including polyethylene and rubber. Growth of the global population and rise in per capita income boost the market growth, thus increasing production of wines. Change in consumer behavior in the beverage and alcoholic drinks segment and preference of consumers for various new types of wines are expected to affect sales of wine corks in the coming years. Numerous players are entering the wine corks market with innovative corks. Emerging innovative cork types and corks produced by various other materials are expected to increase the market competition in the years to come.

Growth in population in developing countries, such as China and India, has increased the demand for alcoholic beverages and especially wine. This increase in population, coupled with per capita income has increased the demand for wines, further boosting the production of wines and indirectly production of wine corks. In emerging countries, per capita income is more as compared to the developed countries and hence, adoption of various wine flavors such as sparkling and fortified wines is eventually higher.

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Key Findings Of The Study

The natural corks products segment is expected to grow at a CAGR of 6.6% during the forecast period.
Asia-Pacific is anticipated to dominate the wine corks market growth, registering a CAGR of 9.0%
The offline segment is projected to contribute with highest market share during the forecast time period, with around 70% market share in 2027, and CAGR of 6.6%
The online distribution segment is anticipated to grow at very fast rate in the global wine corks market, with a CAGR of 9.5% during the forecast period.
The synthetic segment is estimated to grow at a CAGR of 9.4% during the forecast period.

The report offers detailed segmentation of the global wine corks market including type, distribution channel, and region.

Based on type, the natural segment contributed to nearly three-fourths of the market in 2019, and is estimated to maintain its lead throughout the forecast period. However, the synthetic segment is projected to grow at the largest CAGR of 9.4% from 2021 to 2027.

Based on distribution channel, the offline segment held the highest market share in 2019, accounting for nearly three-fourths of the global wine corks market, and is expected to maintain its leadership position during the forecast period. However, the online segment is projected to witness the fastest CAGR of 9.5% from 2021 to 2027.

Based on region, North America is projected to witness the largest CAGR of 9.8% during the forecast period. However, Europe accounted for the highest share in 2019, contributing to nearly half of the total market share, and is estimated to maintain its dominance in terms revenue by 2027.

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Leading players of the global wine corks market analyzed in the report include Precisionelite, J. C. Ribeiro, S. A., Waterloo Container Company, We Cork Inc., Amorim Cork, S.A, Ltd., Jelinek Cork Group, Zandur, M.A. Silva Usa, Llc, Widgetco, Inc., and Allstates Rubber & Tool Corp

Related Report :-

Red Wine Market : https://www.alliedmarketresearch.com/red-wine-market-A13400
Growlers Market : https://www.alliedmarketresearch.com/growlers-market-A16946
About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of 'Market Research Reports' and 'Business Intelligence Solutions.' AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

David Correa
Allied Analytics LLP
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