The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including Global Wine Packaging Market.
It was estimated prior to this unanticipated outbreak Global Wine Packaging Market will reach CAGR of 2.5% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
Global Wine Packaging Market Insights
Global Wine Packaging Market is likely to witness a timid CAGR of 2.5% during the forecast period. Factors such as the increasing demand for wine in different varieties of labels and packaging and the growing demand in online sales of wine are expected to lead to some regulations evolving for safely handling of enclosed products, are eventually accelerating the growth of the market during the forecast period.
Market Share Analysis
Global Wine Packaging Market Share: By Product Type
Based on the product type, the market is segmented as glass bottles, plastic bottles, bag in box, closures, and others. Glass Bottle is estimated to account for the largest share of the market during the forecast period, both in terms of value and volume. Some studies on white wine packaging for both plastic and glass bottles resulted in indicating that plastic bottles’ quality was acceptable for three months, whereas glass bottle’s quality was acceptable for at least six months. The increasing demand for varieties in packaging and sizes of wine bottles offering better convenience and economy are driving the growth of the market during the forecast period.
Global Wine Packaging Market Share: By Region
In terms of regions, North America is estimated to be the leading region in the market. The growth is attributed to the continuous surge in domestic consumption and production of wine along with international exports in the USA during the forecast period. Furthermore, the attractive wine market in the USA has led to various efforts made by the government for manufacturing wine locally, due to which the local manufacturers of wine packaging providers are providing new product innovations in order to attract customers, and also the wine manufacturers are looking towards consumers that use wine on a regular basis, instead of an occasional drink to toast, fueling the growth of the regional market. Europe and Asia-Pacific are also expected to offer substantial growth opportunities during the forecast period.