What's driving the Wine Packaging Market Growth?

According to Market Research Future (MRFR), the global wine packaging market size is expected to acquire 5.5% CAGR from 2017 to 2023 (forecast period). The report examines the impact of the COVID-19 pandemic on the global wine packaging market and provides a reliable estimate of the expected volatility in demand over the forecast period.

As the name indicates, wine packaging refers to the packaging of wine in order to provide protection, adequate support, and tampering resistance to the product. The different materials used in the wine packaging industry include glass, plastic, metal, paper, and paperboard.

Market Dynamics

Packaging manufacturers across the globe are very focused on improvising the distribution process via economies of scale. These economies of scale are mainly monitored across wine packaging manufacturers to optimize the assets available to manufacturers. Globally, wine packaging manufacturers are highly concentrating on offering ecological solutions such as sustainable packaging and environmentally friendly packaging. Moreover, the increasing need to increase the packaging safety issues among the consumers is propelling the demand for ancillary wine packaging like carton partitions, trays, racks, boxes, and barrels, among others.

The wine packaging industry is unswervingly allied to the wine manufacturing industry. The wine market has seen remarkable growth in recent years and is expected to continue to expand over the assessment period due to a variety of wine-related benefits, namely, taste and health benefits. Health-conscious people have emerged as one of the largest consumers globally, contributing to greater wine production, steadily driving the wine packaging industry. In addition, wine is known as a favored drink on several occasions, due to the high availability of its extensive selection catering to a variety of audiences. However, increasing strict government regulations and environmental issues related to some of the packaging raw materials could act as a constraint on the growth of the market. In comparison to these factors, packaging firms and wine producers are quite focused on new material innovations in order to comply with current environmental standards.

Wine packaging manufacturers are very much in agreement to minimize costs and reduce weight by making various efforts to produce several designs and introducing new technology to meet different customer preferences. These innovations are generating opportunities for the innovative wine packaging industry. Wine packaging manufacturers have been recognized for the use of different packaging materials to appeal to a wide variety of markets, while not sacrificing on the eminence of wine contained inside the package. All these factors are anticipated to pave the path for modernization in the manufacturing process and product differentiation, which is likely to push the wine packaging market over the forecast period.

Market Segmentation

The global wine packaging market has been segmented into container, bulk packaging type, closure, and accessories.

Based on containers, the global wine packaging market has been segmented into glass bottles, plastic bottles, bag in box container, and others. Among these, the glass bottles are expected to dominate the wine packaging market by 2023. Widespread use of glass bottles for wine packaging due to advantages such as glass in non-reactive to wine, which is the perfect material for longer duration shortage.

Based on the bulk packaging type, the global wine packaging market has been segmented into IBCs, flexitanks, drums, and others. Flexitanks led the market in 2016 and is expected to be the fastest-growing bulk packaging type segment for wine packaging. Flexitanks are the ideal medium for high distance transport and high-volume storage.

Based on the closure, the global wine packaging market has been segmented into natural corks, synthetic corks, aluminum screw caps, and others. Natural cork demand from high-end wine producers and a stronger cultural preference for natural cork over other closure systems are expected to fuel the natural cork closure segment in the global wine packaging industry.

Based on the accessories, the global wine packaging market has been segmented into boxes & carriers, labels, and others. Considering the importance of packaging, the boxes & carriers segment holds a maximum market share in the global wine packaging market and will expand at an exponential pace in the coming years. The Boxes & Carriers segment finds full use in the final packing of the wine container. The growing customer preference for attractive exterior packaging creates a lucrative demand for boxes & carriers in the global wine packaging market.

Regional Analysis

Region-wise, the global wine packaging market has been segmented into prominent regions such as North America, Europe, Asia Pacific, and the Rest of the World.

The global consumption of wine packaging raw materials and the manufacturing of wine containers are highly intended in North America and Europe. Increasing wine consumption in North America and Europe is driving the subsequent wine packaging market. Simultaneously, the rise in wine consumption in major Asia Pacific countries with evolving lifestyles and alcohol consumption patterns is a significant driver for increasing wine packaging in the region.

Key Players

The key participants of the global wine packaging market are Amcor Limited (Australia), Ball Corporation (U.S.), Ardagh Group SA (Ireland), Avery Dennison Corporation (U.S.), CCL Industries Incorporated (Canada), Exal Group (U.S.), G3 Enterprises Incorporated (U.S.)., Multi-Color Incorporation (U.S.), Hoover Container Solutions Incorporated (U.S.), Encore Glass Incorporated (U.S.), Enoplastic SPA (Italy), Maverik Enterprises Incorporated (U.S.), Owens-Illinois Group Incorporated (U.S.), Gerresheimer Moulded Glass GmbH (Germany), and Smurfit Kappa Group (Ireland) are among others.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/wine-packaging-market-1327

Be the first to comment

Please check your e-mail for a link to activate your account.