According to the report published by Allied Market Research, the global wine corks market garnered $20.8 billion in 2019, and is projected to reach $27.6 billion by 2027, manifesting a CAGR of 7.4% from 2021 to 2027. The report offers an extensive analysis of changing market dynamics, top winning strategies, key segments, product performance, value chain, and competitive scenario.
Surge in new product launches, increase in R&D activities in the wine accessories such as implementation of sensors in wine machinery, and rise in utilization of social media for marketing fuel the growth of the global wine corks market. On the other hand, massive increase in number of millennial consuming wine and advent of different types of wine stoppers create new opportunities in the next few years.
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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
Covid-19 Scenario:
- There has been a ban on import and export activities. So, business structures and strategies in the wine sales cycle have been changed to adapt to changing scenario. R&D activities have been disrupted due to lockdown and unavailability of infrastructure.
- Owing to close down of the hospitality and restaurant sector during the lockdown, the sale of wine has been reduced considerably.
- Local, national, and international events have been canceled or postponed to prevent gathering of people and curb the spread of coronavirus. Major events such as Divinum Switzerland have been cancelled.
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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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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 domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.