Global Cork Stoppers Market: Overview
The global cork stoppers market has witnessed impressive growth over the past few years owing to increase in the consumption of premium wine. A cork stopper is a standard grade narrowing stopper that is usually used to plug wine/spirit bottles as well as lab vials/flask, thus avoiding any leakage. Cork stoppers are moisture resistant and are also chemically inert. Several kinds of cork stoppers ranging from premium natural cork, agglomerated cork or the mixtures of two or more materials are manufactured based on the requirement. The natural cork stoppers are best suited for the ageing of premium wines which allows the right amount of oxygen in contact with wines thus adding the desired flavor and aroma to the wines.
Global Cork Stoppers Market: Drivers & Restraints
Rising demand for wine across the globe joined with improved production is one of the crucial factors that drive the demand for cork stoppers during the forecast period. The premium wineries producers, and the cooking oil manufacturers are anticipated to generate significant growth as well as investment opportunities for cork stoppers manufacturers/players across the globe. The growing customer inclination towards consumption of premium aged and toasted wines is anticipated to stimulate the sales of cork stoppers market globally by the end of 2027. Also, key economies are witnessing rising income, which has led to higher expenditure and change in consumption patterns. However, substitutes for cork stoppers such as synthetic cork, screw cap, vino-lok, zork, etc. are likely to hamper the growth of the cork stoppers market during the forecast period.
Global Cork Stoppers Market: Segmentation
The global cork stoppers market is segmented as follows
On the basis of product type, the global cork stoppers market is segmented into:
- Natural cork stopper
- Colmated cork stoppers
- Champagne/Sparkling wine cork stoppers
- Agglomerated cork stoppers
- Technical cork stoppers
- Bar top cork stoppers
- Multi-Piece cork stoppers
On the basis of container used, the global cork stoppers market is segmented into:
- Polyvinyl chloride (PVC)
- Other material container
On the basis of applications, the global cork stoppers market is segmented into:
- Premium spirits
Global Cork Stoppers Market: Regional Overview
Geographically, the global cork stoppers market is segmented into seven regions, namely North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East and Africa (MEA).
The cork stoppers market in North America and European nations is expected to grow at a steady rate as these regions are projected to be the largest markets for the consumption of premium aged wines and other spirits in this region. In terms of production statistics, countries like Italy, France, Spain, etc. in Western Europe accounts for more than 30% of the global wine production and thus this region provides a broader scope of opportunities for the growth of cork stoppers market. The APAC region is estimated to be the most lucrative market with reference to growth in cork stoppers market. Countries like Australia, China, etc. have an established aged wines market and are prospective markets for cork stoppers. Likewise, growing end-use industries across Latin America and Middle-East & African region is likely to increase the demand for cork stoppers in the near future. Overall, the global cork stoppers market is expected to show a healthy CAGR during the forecast period.
Global Cork Stoppers Market: Key Players
Some key players that currently operate in cork stoppers market across the globe are Advance Cork International., Stanimirov Cork Industry Ltd., CorkLink Group., CP Lab Safety., Barnacork S.L., Jelinek Cork Group., Bangor Cork., Widgetco, INC., and many more.
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