PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1357999
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1357999
The global wine packaging boxes market is estimated to surpass US$ 2.86 Billion by the end of 2030 in terms of revenue, exhibiting a CAGR of 7.4% during the forecast period (2023 to 2030).
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 1.74 Bn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 7.40% | 2030 Value Projection: | US$ 2.86 Bn |
As the pandemic forced restaurants and bars to close all over the country and restricted consumers from dining in hotels and restaurants, more wine than ever before was ordered online last year as consumers were left to dine in their own homes. The mandatory stay-at-home orders forced many consumers to buy wines online, thus having a wide selection of wines across regions without being bound by the limited wine selection on the shelves of their local retail shops. The e-commerce sector will register positive growth as more wineries invest in digital marketing strategies. According to a report published by 'The Direct-to-Consumer Wine Shipping Report' in 2023 in collaboration with Sovos Ship Compliant and Wines Vines Analytics, direct-to-consumer (DtC) was the most utilized sales channel as they don't have wholesalers and retailers to share their profit margins with. The report analyzed shipment data from more than 1,100 U.S. wineries to consumers for each month and marked a shipment number of around 40 million over the course of the year 2020.
The Direct-to-Consumer channel did face difficulties and irregularities due to the pandemic like any other sector, but it also benefited from home isolation orders. Most of the wine bottles are made of glass and need to be handled with care before, during, and after the shipment, and here's when packaging boxes come into play. The increasing shipment activities have bolstered the production of packaging boxes. According to the same report, around 8.39 million cases of wine were shipped to consumers for the year 2020 in the US which was 27% more than the previous year, which led 'DtC' to be the most dominant sales channel. The average price of the bottled wine shipped in 2020 also decreased by 9.5%, which is around $37.72 per bottle, which further led to the increased demand for wines and its shipment activities and also caused a reduced visitation to wineries and restaurants favoring stay-at home orders.