Wine Cork Market Development Trends of Analysis Report 2028

Wine Cork Industry Overview

The global wine cork market size was valued at USD 5.7 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 4.6% from 2022 to 2028.

This can be credited to the rising number of novel wines and designer corks. The demand for natural cork is on the rise owing to its ability to preserve wine for a longer time with good storage capability. There are also the latest types of cork available in the market such as synthetic, plastic, etc. which offer similar properties such as natural cork. All these factors are expected to boost market growth over the forecast period. The ongoing coronavirus crisis has resulted in unprecedented economic damage to various industries across both developed and emerging economies, and the wine cork industry is no exception.

Gather more insights about the market drivers, restrains and growth of the Global Wine Cork Market

A large number of people have lost their jobs, and several more are in the process of joining the unemployment population. As a result, a growing number of individuals are hesitant about spending resources on non-essential goods and services. Also, bars, restaurants, hotels, cruise ships, etc., have increasingly had to bear severe economic losses during this period. As such, these sectors are aiming to minimize the risk of future crises. The production of alcoholic beverages has been disrupted, causing the industry to suffer significant losses. With the reduction in wine production, the demand for wine corks has dropped significantly, thus becoming a major restraining factor for the market.

As respective lockdowns are currently being relaxed/lifted in most countries, in all likeliness, in a phase-by-phase process, manufacturers operating in this target market are expected to continue to face challenges related to labor shortages and hampered logistical set-ups. In addition, a new strain of the virus has been detected in many countries, resulting in countries such as China, the United Kingdom, Germany, etc., going into a mandatory lockdown phase once again. Rising wine consumption, especially among the young population, owing to rising income levels, changing lifestyles, and emerging socialization trends, is one of the important factors that is expected to boost revenue growth for the market.

Apart from this, inclination toward luxury and premium products also contributes to the market growth as moderate consumption of wine is associated with a reduced risk of heart disease, stroke, diabetes, and digestive tract infections. In addition, the increasing use of fine wine varieties in gourmet cooking to enhance the flavor, aroma, and taste of finished dishes is driving the market. As a result, their application is expanding in the bakery and confectionery sector for baking cakes, brownies, candies, etc. The growing popularity of wine tourism is expected to boost the sales of exotic and unique wines and provide lucrative opportunities for market players.

The biggest consumer of corks is the wine industry. The suitable size and type of wine cork to be fitted on the bottle are considered according to the type of wine to be stored in a bottle. The manufacturers are anticipated to sustain the strong customer relationships by ruling new product design launches of corks for a variety of wine bottles. Upward investment by key players to launch new products is further expected to boost the industry sales. Recent developments in the wine and wine accessories industry such as the adoption of sensors and the advent of various types of new wine stoppers are expected to drive the market demand over the forecast period. While rising usage of plastic or metal caps in various regions could hamper the market.

The market is undergoing a green revolution as numerous players are developing recyclable corks. This trend of recyclable corks is gaining momentum across the industry For instance, in 2019, Burlington Drinks, an independent U.K.-based beverage company, has launched a range of beverages that comprises recycled corks made from more than 90% recycled sugar cane. Cork recycling services are also being rolled out around the world to facilitate seamless recycling. RecycleBox, a cork recycling service launched by U.K.-based First Mile, is a classic example.

Browse through Grand View Research's Alcohol & Tobacco Industry Research Reports.

• Wine Market - The global wine market size was valued at USD 417.85 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 6.4% from 2021 to 2028. The rising adoption of wine among all age groups from the young generation to the old age population across the globe is the key factor for market growth.
• Fortified Wine Market - The global fortified wine market size was valued at USD 13.84 billion in 2021 and is expected to expand at 12.5% from 2022 to 2028. This can be credited to the health benefits offered and the premiumization of wine products.

Market Share Insights

• January 2022: ReCORK, one of the largest natural wine cork recycling programs in North America, has collected 110 million natural wine corks for recycling. Such developments highlight the growing influence of recyclable cork.

Key Companies profiled:

Some prominent players in the global wine cork market include

• Amorim Cork, S.A, Ltd.
• Jelinek Cork Group
• Waterloo Container Company
• C. Ribeiro, S. A.
• We Cork Inc.
• Elkem Silicones limited
• Precision Elite limited company
• Widgetco, Inc.
• Allstates Rubber & Tool Corp
• A. Silva Corks USA, LLC

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