“Global Wine Cork Market to reach a market value of USD 7.9 Billion by 2030 growing at a CAGR of 4.7%”
The Global Wine Cork Market size is expected to reach $7.9 billion by 2030, rising at a market growth of 4.7% CAGR during the forecast period. In the year 2022, the market attained a volume of 4,966.6 hundred units, experiencing a growth of 4.7% (2019-2022).
In countries such as Portugal, Spain, France, Italy, and Greece, cork oak forests are abundant, and cork harvesting has become an integral part of rural livelihoods and cultural identity. Therefore, the Europe segment captured $3,356.7 million revenue in the market in 2022. When it comes to wine manufacturing, Europe has a rich cultural legacy. Cork closures have been the go-to option for sealing wine bottles for generations. The enduring tradition of using cork closures in European winemaking contributes to the strong demand for cork in the region.
Cork closures are strongly associated with premium and high-quality wines in consumers’ minds. wine connoisseurs and collectors, who value the nuances of wine aging and appreciate the ritualistic experience of opening a bottle, often prefer wines sealed with cork closures. The tradition associated with cork closures appeals to this discerning segment of consumers seeking rare, limited-production wines for investment or enjoyment. Hence, the increasing premiumization of wine is driving the market’s growth.
Additionally, Wine consumption is no longer confined to traditional wine-producing regions. investment in the wine industry, both domestically and internationally, has fueled the expansion of wine production. Governments, private investors, and wine companies allocate resources to develop vineyards, establish wineries, and improve infrastructure. This investment is increasing wine production and, eventually, wine consumption. Hence, the increasing wine consumption is propelling the growth of the market.
However, Consumers are becoming more aware of cork taint and its potential impact on wine quality. cork taint can compromise wines’ quality and aging potential, particularly those intended for long-term cellaring and aging. Wines affected by cork taint may lose complexity, freshness, and fruitiness over time, diminishing their value and appeal to wine enthusiasts and collectors. In conclusion, increasing cork taint concerns among consumers are hampering the market’s growth.
On the basis of distribution channel, the market is segmented into offline and online. In 2022, the online segment attained a 28.69% revenue share in the market. Online shopping offers unparalleled convenience and accessibility for consumers purchasing wine cork closures. With mobile phones, consumers can browse cork closures from various brands and suppliers without time or location constraints.
Based on type, the market is bifurcated into natural and synthetic. In 2022, the natural segment garnered 86.45% revenue share in the market. Consumers increasingly associate natural cork closures with authenticity, tradition, and craftsmanship in winemaking. Natural cork closures have a long-standing history in the wine industry and are perceived as the traditional choice for sealing premium and high-quality wines.
Free Valuable Insights: Global Wine Cork Market size to reach USD 7.9 Billion by 2030
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the Asia Pacific region generated 12.46% revenue share in the market. The Asia Pacific region is experiencing a significant increase in wine consumption, driven by changing consumer lifestyles, growing affluence, and evolving culinary preferences. As disposable incomes rise and Western dining trends become more prevalent, there is a growing appreciation for wine culture and consumption across Asia Pacific countries.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 5.5 Billion |
| Market size forecast in 2030 | USD 7.9 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 4.7% from 2023 to 2030 |
| Quantitative Data | Volume in Hundred Units, Revenue in USD Billion, and CAGR from 2019 to 2030 |
| Number of Pages | 201 |
| Number of Tables | 469 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Distribution Channel, Region |
| Country scope |
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| Companies Included | Elkem ASA (Bluestar Elkem International Co., Ltd. S.A.), Zandur, Amorim Cork, S.A. (Corticeira Amorim), M.A. Silva Corks, USA, Allstates Rubber & Tool Corp., WidgetCo, Inc., WE Cork Inc., J.C. Ribeiro, Jelinek Cork Group |
By Distribution Channel (Volume, Hundred Units, USD Billion, 2019-2030)
By Type (Volume, Hundred Units, USD Billion, 2019-2030)
By Geography (Volume, Hundred Units, USD Billion, 2019-2030)
This Market size is expected to reach $7.9 billion by 2030.
Ongoing technological innovation in cork closures are driving the Market in coming years, however, Increasing cork taint concerns among consumers restraints the growth of the Market.
Elkem ASA (Bluestar Elkem International Co., Ltd. S.A.), Zandur, Amorim Cork, S.A. (Corticeira Amorim), M.A. Silva Corks, USA, Allstates Rubber & Tool Corp., WidgetCo, Inc., WE Cork Inc., J.C. Ribeiro, Jelinek Cork Group
In the year 2022, the market attained a volume of 4,966.6 hundred units, experiencing a growth of 4.7% (2019-2022).
The Offline segment is leading the Market, By Distribution Channel in 2,022; there by, achieving a market value of $5.4 billion by 2,030.
The Europe region dominated the Market, By Region in 2,022, and would continue to be a dominant market till 2,030; there by, achieving a market value of $4.7 billion by 2,030.
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