Wine Corks Market to Reach $27.6 Bn, Globally, by 2027 at 7.4% CAGR: Allied Market Research
According to the report, the global wine corks industry generated $20.8 billion in 2019, and is estimated to reach $27.6 billion by 2027, witnessing a CAGR of 7.4% from 2021 to 2027.
- According to the report, the global wine corks industry generated $20.8 billion in 2019, and is estimated to reach $27.6 billion by 2027, witnessing a CAGR of 7.4% from 2021 to 2027.
- Rise in number of product launches, R&D activities in the wine and wine accessories industry such as adoption of sensors in wine machinery, rise in social media usage, and surge in per-capita income drive the growth of the global wine corks market.
- Contrarily, considerable surge in number of millennials consuming wine and emergence of various types of new wine stoppers present new opportunities in the coming years.
- However, Europe contributed to the highest market share in 2019, holding nearly half of the global wine corks market, and is projected to continue its lead status by 2027.