Reusable Barrels Market to Reach $ 248.9 million, Globally, by 2031 at 4.1% CAGR: Allied Market Research
Allied Market Research
4 min read
Allied Market Research
The global reusable barrels market is driven by the increase in demand for durable beverage storage solutions, growth of the beverage industry, and various advantages of barrels such as cost effectiveness.
Wilmington, Delaware, Nov. 16, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Reusable Barrels Market by Material (Plastic & Fiber, Wood, and Metal), Process (Recycle and Reuse), and Application (Beverage, Furniture & Home Decor, Fuel & Oil Storage, and Other), And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global reusable barrels market was valued at $163.7 million in 2021, and is projected to reach $248.8 million by 2031, registering a CAGR of 4.1% from 2022 to 2031.
The global reusable barrels market is driven by the increase in demand for durable beverage storage solutions, growth of the beverage industry, and various advantages of barrels such as cost effectiveness. However, fluctuations in the prices of raw materials hamper the growth of the market. Nevertheless, rising environmental awareness is expected to offer new growth opportunities for the market.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2021–2031
Base Year
2021
Market Size in 2021
$163.7 million
Market Size in 2031
$248.9 million
CAGR
4.1%
No. of Pages in Report
210
Segments covered
Type, Grade, End User Industry, and Region.
Drivers
The growth of the global beverage industry is one of the major driving factors of the market.
Opportunities
Beverage, furniture, fuel & oil storage industry
By Material
Plastic and fiber, Wood, Metal
The wood segment is expected to maintain its dominance during the forecast period -
Based on material, the wood segment garnered the major share in 2021, generating around two-third of the global reusable barrels market revenue. The plastic and fiber segment, however, is anticipated to witness the highest CAGR of 4.8% during the forecast period, owing to the cost efficiency of plastic and fiber barrels.
The recycle segment held the largest market share during the forecast period-
Based on process, the recycle segment accounted for the highest share in 2021, holding around two-third of the global reusable barrels market revenue. The reuse segment is expected to garner the fastest CAGR of 4.3% throughout the forecast period, due to the extended usability of metal and plastic barrels.
The beverage segment is expected to dominate the market during the forecast period-
Based on application, the beverage segment contributed to nearly half of the global reusable barrels market share in 2021, and is projected to dominate by 2031. However, the furniture and home decor segment is estimated to showcase the fastest CAGR of 4.3% throughout the forecast period, owing to surge in awareness regarding reusing of barrels.
The Asia-Pacific region garnered the major share in 2021-
Based on region, the Asia-Pacific region held the fastest CAGR of 5.6% during the forecast period, owing to rapid growth of food and beverage industry in Asia-Pacific. At the same time, Europe dominated with the highest share in 2021, holding nearly half of the global reusable barrels market revenue in 2021, and is estimated to retain its dominance by 2031.
The report analyzes these key players in the global reusable barrels market. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
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