With global revenues increasing 4.4% year over year in 2020–2021, the market for wine barrels saw explosive expansion. According to a recent FMI forecast, the market value of wine barrels is expected to reach US$ 5.7 Bn in 2029 and rise between 2022 and 2029.
According to recently revealed data from market research of wine barrels, global sales of the French oak and American oak categories are expected to grow at a CAGR of 5.1% and 4.4%, respectively, between 2022 and 2029 while maintaining a market value of US$ 3.5 Bn in 2022.
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The global wine barrel market will register a healthy CAGR during the forecast period, 2019–2029. The demand for wine barrel continues to rise on broader accessibility, owing to rising consumption of wine and related products due to health benefits as these help enhance mental health and heart condition and protect against formation of cancer cells in human body.
Key Takeaways — Wine Barrel Market Study
- Since the last decade, the wine barrel market has become fruitful in Europe, especially in France, Germany, and Italy, due to strong sales of spirit and wine barrel in the U.S. market.
- The USA is still prominent in the wine market, with the latest figures showing the country with substantial wine consumption of ~33 million hectoliters.
- Highly expensive French oak wine barrels and stainless steel wine barrel are alternatives that limit market growth for wine barrels.
- The stable demand for oak wood wine barrel is projected to suffer from an increase in stringent regulations against cutting of trees and frequent forest fires.
- In spite of the high cost of French oak wine barrel, the demand for the same is expected to increase at a CAGR of ~5% during the forecast period.
- As compared to developing economies, the sales of the wine barrel are anticipated to be higher in countries of North America and Western Europe.
Emergence of Stainless Steel Barrels and Tanks as Alternative
Over the last few years, stainless steel wine barrels are precisely design and develop by manufacturers to meet the need of winemakers in all stages of development, fermentation, maturation, and storage of wine. The actual duration in the usage of oak wine barrel by winemakers is three to five years. Once the functional properties of the barrel reduces, winemakers have to dispose used barrels. However, stainless steel barrels are portable, durable, reusable, easy to clean, and maintain.
From the profitability point of view, winemaking is getting costlier day by day. Therefore, wineries are aging their wine in stainless steel barrels and tanks progressively. When the less oaky wines are needed, winemakers use oak wine barrel alternatives in the form of chips, powder, and blocks. Stainless steel is considered as sustainable alternatives to wine barrel as it is one of the world’s most widely recycled material.
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Wine Barrels Market By Category
By Oak Type :
- French Oak
- American Oak
- Eastern European Oak
By Toast Level Type :
- Light Toast
- Medium Toast
- Medium Plus Toast
- Heavy Toast
By Capacity :
- Barrique
- Hogshead
- Puncheon
- Others
By Region :
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific
- Middle East and Africa (MEA)
- Japan
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What to Expect in Our Report?
(1) A complete section of the Global Wine Barrel market report is dedicated for market dynamics, which include influence factors, market drivers, challenges, opportunities, and trends.
(2) Another broad section of the research study is reserved for regional analysis of the Global Wine Barrel market where important regions and countries are assessed for their growth potential, consumption, market share, and other vital factors indicating their market growth.
(3) Players can use the competitive analysis provided in the report to build new strategies or fine-tune their existing ones to rise above market challenges and increase their share of the Global Wine Barrel market.
(4) The report also discusses competitive situation and trends and sheds light on company expansions and merger and acquisition taking place in the Global Wine Barrel market. Moreover, it brings to light the market concentration rate and market shares of top three and five players.
(5) Readers are provided with findings and conclusion of the research study provided in the Global Wine Barrel Market report.
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