What is Wine Corks Market?
The global wine corks market is expected to grow at a healthy pace during the forecast period, according to the AMA study. Increasing global wine production & sales propelled by growing preferences for premium wines among the consumers is expected to be one of the major factors aiding into the growth for the market. However, the market is expected to witness a decline in the growth during FY 2020 but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
The market study is being classified by Type (Agglomerate Cork, Champagne Cork, Regular Cork, Synthetic Cork, Screw Cap, Vino-Lok, Zork and Others) and major geographies with country level break-up.
Allstates Rubber Inc. & Tool Corporation (United States), Amorim Cork Composites S.A. (Portugal), Bangor Cork (United States), Elkem Silicones (France), Helix Packaging (Australia), Jelinek Cork Group (Canada), M.A. Silva USA, LLC (United States), Waterloo Container (United States), WidgetCo, Inc. (United States) and Wine Enthusiast Companies (United States) are some of the key players profiled in the study.
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Wine Corks market throughout the predicted period.
Analyst at AMA have segmented the market study of Global Wine Corks market by Type, Application and Region.
On the basis of geography, the market of Wine Corks has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
- Increasing Global Wine Production & Sales
- Rising Preferences for Premium Wines Among Consumers
- Rising Demand for Recyclable Corks
- Opportunities in the Asia Pacific Region
- Short-term Challenges due to Reduced Operations Across Different Industries & Economic Crisis caused by COVID-19 Pandemic Leading to Demand & Supply Gap in the Market
Stringent Government Regulations Regarding Lock-Down of Cities & Shutting Down of Operations Across Different Industries Across the World Due to the COVID-19 Pandemic is Impacting the Demand for Wine Corks
Analyst CommentSince the COVID-19 virus outbreak in December 2019, the disease has spread to more than 200 countries across the world along with the World Health Organization declaring it a public health emergency. The impact of the COVID-19 has already hit many industries and will affect the wine corks market in FY 2020. The outbreak of COVID-19 has brought effects on many aspects, like scheduled public transportation cancellations; downfall in the real estate sector; travel bans and quarantines; closed operations across hotels & restaurants; banning of public gatherings & events; large slow-down in the supply chain of different markets; stock market unpredictability; declining business assurance, and uncertainty in the future market dynamics.
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