The Wine Corks Market size was estimated at $16.80 billion in 2020 and is projected to grow at a CAGR of 5.7% during the forecast period 2021-2026. Wine Corks are highly efficient bottle closures that have been used since ancient times. The Wine Corks fulfill the requirements for a bottle sealant and usually used to plug still wine and sparkling thereby avoiding any leakage. The natural wine crock have mechanical properties that allow them to be placed and compressed against the neck thereby properly sealing the bottle to prevent the seepage of air inside however, the tiny pores allow minute amount of oxygen to interact with the liquid inside this transforms the aroma and flavor of the liquid over time. Moreover these corks are chemically and physically stable for a long time and can maintain their property at different condition. Hence these factors are predicted to drive the Wine Corks Market during the forecast period.
Wine Cork Market Segment Analysis – By Product
By Product, the Natural Cork segment accounted for the largest market share and is projected to grow at a CAGR of 5.4% during the forecast period 2021-2026 owing to the ease of availability and characteristics that is possess as a result it the most appropriate material for the conservation of still wine and premium spirits over the years. The micro pores in the cork allow for equally micro oxidation of the wine thereby improving the aging process. However the synthetic crock stopper that are made of are made of plastics is predicted to grow at the fastest CAGR since these corks are not prone to TCA taint. Moreover, these corks provide predictable oxygen transfer rates along with a tight seal and since they’re not made from wood, synthetic corks don’t deteriorate or dry out results thereby boosting the Wine Corks Market.
Wine Cork Market Segment Analysis – By Distribution Channel
Traditional Offline Retail accounted for the largest market share in 2020 owing to the more advanced distribution networks. The traditional offline retail segment accounted for over half of the global wine cork market and is project to maintain its dominance in the coming years. However due to growing cases of Covid-19 and various restriction imposed by the government organization around the world the online segment is projected to witness the fastest CAGR of 19.5% from 2021 to 2027 for the Wine Corks Market.
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Wine Cork Market Segment Analysis – By Geography
Based on geography, Europe dominated the Wine Corks Market with a region share of 52.2% in 2020 attributed mainly since majority of wine is consumed and produced in the region. Also, most of the cork forest are located Portugal and Spain thereby propelling the growth in this region. According to the world’s top export document Portugal and Spain accounted for whopping 79.8%. However, Asia Pacific is set to be the fastest growing region during the forecast period 2021-2026 owing to the high population and increasing demand for wine. Countries like China and Australia which are already established aged wine market are predicted to be the prospective markets for Wine Corks.
Wine Corks Market Drivers
Increasing Demand for Wines with Wine Corks
The wine cork is made from bark, which makes it a renewable resource and it can be formed in the shape of a wine bottle, making it an incredibly appealing way to seal wine. Consumers often prefer to buy Wine particularly the Still Wine and the Sparkling wine with Wine Corks as the cork allows optimum control of oxygen transfer through the closure. The elastic property of the cork is determined by its moisture content. The cork remains fairly elastic for insertion into the bottle within moisture content. Also, the cork stopper has peculiar qualities, which interact beneficially with wine. Moreover, the cork stopper has unique capacities such as impermeability and resistance, which allows managing micro-oxygenation and ensures a successful maturation and aging of the wine, while preserving its essence. Thus, the demand for Wines with Wine Corks is increasing which acts as a driver for the market during the forecast period 2020-2025.
Wine Corks Market Challenges
High Cost of the Product
High cost associated with the product serves as a major setback for the growth of the Wine Cork market during the forecast period 2020-2025. Natural cork accounted for the major market share, depending upon the type, quality, and brand the corks can up to 3 times when compare to the screw caps. Moreover, Wine Cork made out of wood are at the right risk of drying out that could deteriorate the taste and the fragrance of the product inside.
Due to the Covid-19 outbreak, the Wine Cork material end-use industries are facing issues such as delays in receiving cork material from the manufacturers due to the restriction on import and export of commodities. In addition, there are delays in receiving raw material, which is further resulting in delayed shipments to the customer. Also, the shipment orders are being heavily affected due to the non-availability of vessels and blank sailing, which is further leading to decreased storage stock of wineries. The COVID-19 pandemic is also having a huge impact on the wine industry. The production of wine has been disruptively stopped, contributing to a major loss in the industry. With the decrease in the production of wine, the demand for Wine Corks has significantly fallen, thereby acting as a major restrain to the market.
Wine Corks Market Landscape
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Wine Corks Market. Key companies of this market are Jelinek Cork Group, Wine Enthusiast Companies, Widgetco, Inc., Amorim Cork Composites S.A., Bangor Cork Inc., Keval Import Export Private Limited, Waterloo Container Company, M.A. Silva USA, LLC, Helix Packaging, Precision Elite limited company, Elkem Silicones limited, Allstates Rubber Inc. and Tool Corporation.
In January 2021, Amorim, the world’s leading producer of cork products, announced the launch of Naturity and Xpür, technologies designed to remove detectable TCA from natural corks and to create a new segment of micro-agglomerated stoppers, respectively.
Geographically, Europe region held 52.2% of the total market share in 2020 since most the cork forest are located Portugal and Spain.
The online distribution segment is anticipated to accelerate at fastest growth rate in the wine corks market, with a CAGR of 19.5% during the forecast period 2021-2026.
The mechanical properties that allows minute amount of air to interact with the liquid inside thereby transforming the aroma and flavor of the liquid over time is a major driving force for the Wine Corks Market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the Wine Corks Market will be provided in the report.
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