Global Wine Cork Market Report and Forecast 2024-2032

Global Wine Cork Market Outlook

The global wine cork market stood at a value of around USD 27.75 billion in 2023. The market is further expected to grow at a CAGR of 7.4% in the forecast period of 2024-2032 to reach USD 52.76 billion by 2032.

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Rising Demand for Natural Corks Due to Rising Environmental Concern to Bolster the Growth of the Industry

Based on type, natural corks are likely to account for a significant share in the market, owing to the low environmental impact of the product. The natural cork is obtained from a tree and conforms to the environmental guidelines by the government. The product also has the ability to catalyse the evolution of wine, owing to the presence of polyphenols, which evolve and allow the wine to establish its colour. Meanwhile, the synthetic cork segment is likely to witness a moderate demand in the forecast period, owing to the easy manufacturing capabilities and enhanced hygiene.

Rising Sales through Offline Stores to Augment the Wine Cork Industry

On the basis of distribution channel, the offline segment accounted for a significant share and is likely to witness a significant growth over the forecast period. This can be attributed to the easy and quick access to the wine, coupled with the anticipated growth of the wine and beer shops. Meanwhile, the online segment is likely to witness a robust growth over the forecast period, owing to the ease of delivery and the availability of diversified brands of wine on the online platforms.

Europe Accounts for a Significant Share in the Market

Europe accounted for a significant share in the market, owing to the traditional European culture of consuming wine during family gatherings, wedding ceremonies, house parties, and others. Over the forecast period, the growing popularity of wine among youth is likely to propel the demand for high-quality wines, thereby propelling the demand for corks. Cork is derived from the bark of Quercus Suber, also known as the cork oak tree. The majority of these trees grow in Portugal and Spain. This factor will further aid the market in Europe. Meanwhile, the North America cork market is anticipated to flourish over the forecast period, owing to the growing trend of online liquor shopping in the region. The major wine manufacturers are likely to witness increased sales of cork, owing to the rising demand for wine from online platforms.

Wine Cork: Market Segmentation

Wine cork is defined as a natural or synthetic elastic tough outer tissue of the cork oak stopper used to seal wine bottles. A cork contains 80% air which allows the wine to breathe and evolve. Corks have been used to seal wine bottles for thousands of years.

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Based on type, the market is divided into:

• Natural
• Synthetic

On the basis of distribution channel, the industry is segmented into:

• Offline
• Online

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Demand for Alcoholic Beverages to Boost the Growth of the Wine Cork Industry

The global wine cork industry is driven by the increasing demand for alcoholic beverages globally. The thriving food and beverages industry across the continents, owing to the growing population, rising popularity of wine, and the development of wine and beer shops in the emerging economies, is significantly contributing to the market growth. Cork is an essential component of the wine bottle as it sustains the oxidation process to help the wine evolve. The market will further be propelled by the rising awareness about the benefits of wine consumption, which include lowering of bad cholesterol, healthy heart, reduced risk of cancer, and skin glow, among others. The emergence of the e-commerce sector is likely to provide impetus to the market.

Key Industry Players in the Global Wine Cork Market

The report gives a detailed analysis of the following key players in the global wine cork market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• PrecisionElite
• Waterloo Container Company
• J. C. Ribeiro, S. A.
• Amorim Cork, S.A.
• We Cork Inc.
• Jelinek Cork Group
• Widgetco, Inc.
• M.A. Silva USA, LLC.
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report