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The wine cork industry has been driven by the increased consumption of wine worldwide. This can be attributed to the numerous health benefits associated with wine intake including improved antioxidant intake, reduced risk of cardiovascular disorders, and decreased risk of hypertension and diabetes, among others. In addition, the age-old tradition of sealing wine bottles with the cork obtained from the oak tree is important to sustain the oxidation process of wine so that the drink can age till the time of consumption. Over the forecast period, the increasing demand for synthetic and new types of corks is likely to propel the industry growth. The market is estimated to be further aided by the penetration of improved technology in the process of wine cork manufacturing. These processes include extrusion moulding, injection moulding, or a combination of extrusion and injection moulding, among others.
In January 2021, Corticeira Amorim launched Naturity and Xpür, technologies designed to remove detectable Trichloroanisole (TCA) from natural wine corks and to make a new segment of micro agglomerated stoppers, respectively. TCA can contaminate the wine, causing musty aroma and flavour. This innovative step is considered as one of the greenest and efficient anti-TCA technology, without any artificial elements used, which is likely to bring revolution and support the global demand for wine corks. Furthermore, the growing availability of a wide range of wine corks across online portals such as Amazon (NASDAQ: AMZN) and Alibaba (NYSE: BABA) is expected to support the market growth in the forecast period.
In terms of region, North America is likely to account for a significant share in the market, owing to the thriving food and beverage sector, along with the growing popularity of wine among the youth. The rising consumption of wine in countries like the United States and Canada is likely to support the sales of wine cork in the region. Meanwhile, Europe is expected to witness a significant demand for corks, owing to the traditional wine-drinking culture in countries like Portugal, Spain, and France, among others. Furthermore, a large number of oak trees in Portugal are propelling the production of cork in the region.
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The major players in the global wine cork market are PrecisionElite, Waterloo Container Company, J. C. Ribeiro, S. A., Amorim Cork, S.A., We Cork Inc., Jelinek Cork Group, Widgetco, Inc., and M.A. Silva USA, LLC., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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