New York, US, May 09, 2022 (GLOBE NEWSWIRE) -- Wine Packaging Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “Wine Packaging Market Information by Container, Bulk Packaging, Closure, Accessories and Region - Forecast till 2026”, the market is estimated to grow at a CAGR of 5.5% CAGR to reach USD 3810.48 Million by 2026.
Market Scope:
Wine packaging is transforming. Consumers choose this as people like to drink wine at sporting events, get-togethers with friends, and music festivals. These people are dropping the conventional wine bottle and buying wine packaged in small bag boxes, pouches, and cans.
Competitive Analysis
The global wine packaging market has prominent players such as:
- Exal Group (U.S.)
- Gerresheimer Moulded Glass GmbH (Germany)
- Amcor Limited (Australia),
- Owens-Illinois Group Incorporated (U.S.)
- Ardagh Group SA (Ireland)
- Multi-Color Incorporation (U.S.)
- Avery Dennison Corporation (U.S.)
- Maverik Enterprises Incorporated (U.S.)
- Ball Corporation (U.S.)
- Enoplastic SPA (Italy)
- CCL Industries Incorporated (Canada)
- Hoover Container Solutions Incorporated (U.S.)
- Encore Glass Incorporated (U.S.)
- G3 Enterprises Incorporated (U.S.)
- Smurfit Kappa Group (Ireland)
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Market USP Covered
Market Drivers
The global market for wine packaging has registered enormous growth in the last few years. The market's growth is mainly attributed to the awareness regarding the health benefits of consuming wine. Furthermore, the growth in the variety of wines across the global market is boosting the market's growth over the coming years. Moreover, the growing preference Wine packaged in plastic bottles, aluminum goblets, aluminum cups, aluminum cans, and aseptic cartons is likely to offer lucrative opportunities to worldwide market players.
Market Restraints
On the other hand, the growing environmental concerns related to the raw materials used to make the new generation of packaging are likely to impede the market's growth. In addition, keeping the prices affordable is the major challenge market players worldwide face.
Browse In-depth Market Research Report (111 Pages) on Wine Packaging: https://www.marketresearchfuture.com/reports/wine-packaging-market-1327
COVID-19 Impact
The COVID-19 pandemic has impacted a majority of the market sectors in recent times. The unique nature of the virus scares governments and public health officials across the globe. The issue was that some people, particularly the asymptomatic ones, may get it again soon after having recovered. COVID-19 also led to long-term health issues in some of the people retrieved.
Various governments across the globe imposed partial or complete shutdowns in order to curb the spread of the disease, which led to the disruption of the supply chain networks worldwide. At the same time, the wine packaging market had some opposite impact on the pandemic and thrived at a substantial rate in recent times as the effect of lockdowns and quarantines worldwide led people to consume more wine than usual. The market players are facing raw materials price increases given the scarcity. The players face difficulty finding enough skilled laborers in the post-pandemic hiring time.
Segment Analysis
The global market for wine packaging has been divided into various segments based on bulk packaging type, container, closure, accessories, and region.
Based on the container, the global wine packaging market is divided into the bag in a container, glass bottles, bags in a container, plastic bottles, and others. Among all, the glass bottles sub-segment is likely to register the maximum share in the global market over the assessment era. Producers prefer to pack most of the wine in glass bottles as they don't react with the wine. Consequently, there are no worries regarding buyers drinking foul-tasting wine. Glass bottles are used to preserve wine for many years.
Based on bulk packaging type, the global market for wine packaging is split into drums, flexitanks, IBCs, and others. Out of all, the flexitanks sub-segment is likely to account for the largest market share over the assessment era. It is the fastest-growing sub-segment across the market. Wine packagers love flexitanks as they can simply be transported carrying massive quantities of long wine distances.
Based on closure, the global wine packaging market is split into synthetic corks, aluminum screw caps, natural corks, and others. Among all, the natural cork sub-segment is likely to grow at the fastest pace over the assessment timeframe. The growth of the sub-segment is attributed to the fact that it has been the conventional closure way, and therefore, consumers prefer it.
Based on accessories, the global market for wine packaging is divided into labels, boxes & carriers, and others. Out of all, the boxes and carriers' sub-segment is likely to register the maximum growth over the coming years. the growth of the segment is mainly credited to the fact that it is easier to transport packages or bottles of wine short or long distances.
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Regional Analysis
The global wine packaging market is analyzed across five major regions: Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
As per the MRFR reports, the North American region is projected to secure the top position in the global wine packaging market over the coming years. the preference to drink wine among the consumers across the region is crucial for propelling the regional market's growth. The regional market has a wide sale of international and domestic wines. Furthermore, the growing investments in research and development to develop innovative and new flavors of wine are also likely to catalyze the regional market's growth over the assessment timeframe.
The wine packaging market for the European region is projected to register substantial growth over the forecasted era. The regional market's growth is mainly credited to the changing tastes and preferences of the millennial population across the region.
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