Global Wine Barrel Market Revenue Was Valued At $ 770.83 Million In 2017
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A wine barrel is traditionally made of oak wood staves, bound with metal or wooden hoops and is hollow and cylindrical in shape. These barrels are used for the storage of wines after their fermentation. The oak barrels are useful to elevate the aroma and flavor of the wine during the aging process. As these barrels help to increase the quality of the wine, the demand for them is rising steadily.
The wine barrel is a growing market owing to the ever-increasing demand for wine all over the world. Wine barrels are helpful for aging the wine as it makes them rich in quality and taste which is leading factor to the growth of the market. Also, the high prices of the barrels may hamper the market growth. According to the report, global revenue of wine barrel market was valued at $ 770.83 million in 2017, and is expected to generate value of $ 1152.65 million by end of 2025, growing at a CAGR of slightly above 5.16 % between 2017 and 2025.
Europe accounted for the largest market share of wine barrel market and is expected to remain dominant over the forecast period from 2017 to 2025. This is due to the rapidly growing parent market of wine in the Europe. North America is the second largest region to account for maximum market share of the overall wine barrel market and has also registered a significant growth rate in terms revenue due to increasing demand of wine.
Our analysts estimated that less than 5% of wine production uses a barrel. Of the major players of Wine barrels, TTF accounted for 23.38 % of the Global Wine barrels revenue market share in 2017. Other players accounted for 5.51%, 4.71%, including Oeneo and Nadalie.