NEWARK, Del: Wine packaging will gain traction due to growing alcohol consumption across the world. Future Market Insights opines, sales ofwine packaging are expected to surge at a CAGR of 5.4% between 2022 and 2032
In recent years, modern businesses have witnessed the needs of exporting goods produced in their country, along with importing goods that are high in demand to their country. Preference for most trending products is rising among end users, improving the demand for international products that are most consumed in the global market. In the domestic and international markets there is high demand for wine and other alcoholic beverages.
For instance, in 2021 Italy, Spain, and France were the top three wine producers in the world, the demand for wine produced in Italy is highest across the globe. The demand for wine packaging for transportation is rising due to the increase in international trade of wine.
Wine packaging is considered a highly material-intensive business. Over the last few years, several trends were observed in wine packaging, such as bottle wraps, twist-off corks, laser-cut labels, shrink-wrap sleeves, thinner eco-glass, etched glass, paper bottles, stacked singles, and special cases and cans for smaller wine bottles.
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Manufacturers are increasingly using innovative materials such as wood veneer, metal, cork, and rubber to make wine bottles stronger, recyclable, and resealable . Wine packaging manufacturers are focusing on reducing their environmental footprint and formulating highly eco-friendly and sustainable solutions for packaging.
Key Takeaways from Wine Packaging Market
* Based on material, the glass segment is projected to hold 34% of the market share by the end of 2032, owing to its various properties such as it 100% recyclable, keeping the flavour and aroma intact.
* The bag-in-box and cans segments together are expected to create a cumulative incremental opportunity of US$ 780 Mn over the next decade.
* By sales channel, the online retail segment is estimated to be at a CAGR of 5.6% during 2022-2032 due to the expansion of e-commerce industry
* Europe is estimated to dominate the wine packaging market over the forecast period.
* With increasing production of wine in the U.S., North America is expected to hold 1/3rd value share of the global wine packaging market.
"Global wine packaging market is continuously evolving with the incorporation of innovative packaging. Manufacturers are coming up with the latest innovative product designs for various wine packaging product types such as bottles, bag-in-box, cans, boxes, and others. Wine packaging manufacturers are focusing on producing sustainable packaging solutions to capitalize on growing preference for environment-friendly packaging." -says FMI analyst.
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Innovation and Customization in Wine Packaging to Push the Sales in the Market
In wine packaging, innovation is critical as manufacturers must combine attractive packaging with protective materials, appealing to customers while keeping the wine containers safe through the shipping and handling process. The wine packaging industry flourishes by catering those latest demands and producing a suitable packaging solution.
Key packaging producers are coming up with attractive wine packaging aesthetics, mainly used for gifting purposes, and packing premium quality of wines. While some wine packaging manufacturers are focusing on innovation in wine packaging. Customization makes the product stand out, reinforces the brand image, and gives additional information to the consumer.
Hence, key players are customizing glass bottles to help the brands stand out and gain competitive edge. Customization and innovation helps in retaining customer loyalty, hence boosting the wine packaging market.
Wine Packaging Market Landscape
Owens-Illinois Group, Ardagh Group, Scholle Corporation, Liqui-Box Corp, All American Containers, TricorBraun Inc., Smurfit Kappa Group, Mondi Plc, Frugalpac Limited, among others are the prominent players in the global wine packaging market. The Tier 1 players in the market hold 20-25% in the global wine packaging market.
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Wine Packaging Market by Category
- Paper and Paperboard
By Product Type:
- Barrels & kegs
- Others (Cartons, etc.)
By Sales Channel:
- Online Retail
- Offline Retail
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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