The wine bottle closure market is projected to grow at a CAGR of 6.43% to reach US$4.642 billion by 2025, from US$3.194 billion in 2019.
Increasing consumption of wine among the women population due to its health benefits and its popularity
The consumption and popularity of wine are rising among the population, particularly more in the women individuals as compared to men as wine is able to help them able to relax and relieve them from anxiety and stress as they are involved in rigorous household work and chores.
In addition, several health benefits are attached to the consumption of wine that is making it so popular, which include, improved gut health, lesser risk of cancer and dementia, lesser chances of vision loss, control blood pressure, promotes good heart health among others.
Product Offerings, Acquisitions, and Launches by Major Market Players in the Wine Bottle Closures Market Space
The offering and launch of better and advanced varieties of wine bottle closures with enhanced features such as excellent material quality and label durability among other properties by existing and new players in different markets are estimated to lead to increased adoption and propel the market growth further over the forecast period.
Some of the examples of product offerings are as follows:
Corks are necessary and the most preferred type of wine closures, as they are able to aid the wine in retaining its properties.
Corks are an essential part of the wine bottle and the most preferred type of wine closure as they are effectively able to preserve the different properties of wine over time and also ensure that the wine is able to develop and age perfectly in the bottle. In addition, they are able to prevent the entry of oxygen in the bottle, which can cause the wine to spoil and also prevent the entry of bacteria and the formation of mold inside the bottle. This the usage of corks is increasing as wine bottle closures and contributing to the market share cork type wine closures hold.
The European region holds a considerable chunk of the market share owing to the increasing production and consumption of wine and Asia Pacific region to show promising growth over the forecast period
The European region is expected to hold a considerable share over the forecast period owing to the fact the there is increasing production and consumption of wine in the countries such as Spain and Italy , specifically, among the high income and middle-income population due to the culture of consuming wine for different occasional, ceremonial and recreational purposes. In addition, Portugal and Spain are among the leading producers of premium and high-quality corks. In conjunction, Amorim Cork, which is one of the leading cork producing companies that are based in Portugal contributes to the provision of natural and technical corks.
The Asia Pacific region is estimated to show promising growth over the forecast period, which is attributable to the fact that wine prodiction is growing considerable in the region. Moreover, there are new corks that are being launched in Australia and New Zealand. For example, Jet Technologies and Vinventions have collaborated in order to launch a new type of cork, which is biodegradable and is called the SUBR F7, that has enhanced features like being TCA and glue-free and being derived plant-based materials.
Moreover, some new wineries and vineyards are opening up in different parts in India in order to ram the wine production and cater to the gradually rising demand. For example, Vidarbha Wineries, which is based in Nagpur, announced that they have started their operations by marketing their port wine bottles. Sula Vineyards, which is among the famous wineries in India, located in Nashik launched its new festive sparkling win in November 2018.