Wine Barrel Market moving ahead with a CAGR of 4.8% during the forecast period 2022-2029

The wine barrels market is estimated to value at US$ 4.1 billion in 2022 and is projected to reach US$ 5.7 billion by 2029, at a CAGR of 4.8% during the forecast period. In terms of demand, wineries and spirit producers are prominent users in the global wine barrel market. In developing markets, newly entered brands are assisting consumers in finding unknown wine and beverage alcohol products as well as locally generated flavors to create a remarkable growth of the wine barrel market.

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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.

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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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This release was published on openPR.