Wine Corks Market to Reach $27.6 Bn, Globally, by 2027 at 7.4% CAGR: Allied Market Research

Prime determinants of growth Prime determinants of growth Rise in number of product launches, R&D activities in the wine and wine accessories industry such as adoption of sensors in wine machinery, rise in social media usage, and surge in per-capita income drive the growth of the global wine corks market. Contrarily, considerable surge in number of millennials consuming wine and emergence of various types of new wine stoppers present new opportunities in the coming years. ...

Prime determinants of growth

Rise in number of product launches, R&D activities in the wine and wine accessories industry such as adoption of sensors in wine machinery, rise in social media usage, and surge in per-capita income drive the growth of the global wine corks market. Contrarily, considerable surge in number of millennials consuming wine and emergence of various types of new wine stoppers present new opportunities in the coming years.

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Covid-19 Scenario

The natural segment to maintain its leadership position during the forecast period

Based on type, the natural segment accounted for nearly three-fourths of the global wine corks market in 2019, and is projected to maintain its leadership position during the forecast period. This is due to better options over synthetic type and preferred for aging wines for a long periods. However, the synthetic segment is expected to witness the highest CAGR of 9.4% from 2021 to 2027, owing to lower cost involved in manufacturing as compared to natural corks.

The offline segment to maintain its dominance in terms of revenue throughout the forecast period

Based on distribution channel, the offline segment accounted for the largest market share in 2019, holding nearly three-fourths of the global wine corks market, and is projected to maintain its dominance in terms of revenue throughout the forecast period. This is due to offline strategy being a primary strategy of businesses for B2B marketing scenario. However, the online segment is estimated to manifest the largest CAGR of 9.5% from 2021 to 2027, owing to rise in e-commerce sales, improvements in logistics services, ease in payment options, and the facility to enter new international markets.

North America to grow at the fastest rate

Based on region, North America is expected to portray the fastest CAGR of 9.8% during the forecast period. This is due to industrial development and increase in consumption that offers opportunity for market players to expand businesses. However, Europe contributed to the highest market share in 2019, holding nearly half of the global wine corks market, and is projected to continue its lead status by 2027. This is due to rise in consumption of wine that encourages winery growers to expand their manufacturing units.

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