Cork Stoppers Market Overview
The Cork Stoppers Market size was estimated at $1,980 million in 2020, projected to grow at a CAGR of 5.8% during the forecast period 2021-2026. Cork stoppers are highly efficient bottle closures that have been used since ancient times. The cork stoppers fulfill the requirements for a bottle sealant and usually used to plug wine, sparkling wine, premium spirit bottles as well as lab vials/flask, thereby avoiding any leakage. Unlike the case in crown cap the crock stoppers 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 these factor are predicted to drive the cork stoppers market during the forecast period 2021-2026.
Geographically, Europe region held 93.2% of the total market share in 2020 since most the cork forest are located Portugal and Spain.
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 cork stoppers market during the forecast period 2021-2026.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the cork stoppers market will be provided in the report.
Cork Stoppers Market Segment Analysis – By Product
By Product, the natural segment accounted for the largest cork stoppers market share and is projected to grow at a CAGR of 4.6% 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 sparkling 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 cork stoppers market.
Cork Stoppers Market Segment Analysis – By Application
Wine accounted for the largest cork stoppers market share in 2020 owing to the increasing demand for wine across the globe and is projected to grow at a CAGR of 4.8% during the forecast period 2021-2026 owing to its health benefit along with innovation in flavor, improved production and more advanced distribution networks. These crucial factors are predicted to drive the demand for cork stoppers for wine application.
While the premium spirits producers, and the cooking oil manufacturers are anticipated to generate significant growth as well as investment opportunities for cork stoppers industry throughout the globe. The rising income, which has led to higher expenditure along with the increasing customer inclination towards consumption of toasted, premium aged and sparkling wines is further anticipated to capitalize the cork sale of stoppers for premium spirits application during the forecast period 2021-2026.
Cork Stoppers Market Segment Analysis – By Geography
Based on geography, Europe dominated the cork stoppers market with a region share of 93.2% in 2020 followed by APAC. Most 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. Moreover countries like China and Australia which are already established aged wine market are predicted to be the prospective markets for cork stoppers.
Cork Stoppers Market Drivers
Increasing Demand of Wines and Premium Spirits with Cork Stoppers
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 wines and premium spirits with cork stoppers 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 cork stoppers is increasing which acts as a driver for the cork Material market during the forecast period.
Cork Stoppers Market Challenges
High Cost of the Product
High cost associated with the product serves as a major setback for the growth of the cork stopper 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 cork made out of wood are at right risk of drying out that could deteriorate the taste and the fragrance of the product inside.
Due to the Covid-19 outbreak, the 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. Covid-19 pandemic is also having a huge impact on wine and premium spirits industry. The production of wine and spirits has been disruptively stopped, contributing to a major loss in the industry. With the decrease in production of wine and spirits, the demand for cork stoppers have significantly fallen, thereby acting as a major restrain to the market.
Cork Stoppers Market outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the cork stoppers market. Key companies of this market are Nomacorc, Cork Supply, Corticeira Amorim, MaSilva, Lafitte, Rich Xiberta, Portocork America, Advance Cork International., Stanimirov Cork Industry Ltd., CorkLink Group., CP Lab Safety., Barnacork S.L., Jelinek Cork Group., Bangor Cork., and Widgetco, INC.
January 2021: Amorim, the world’s leading producer of cork products, announced today 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.