Reusable barrels Market to Reach $ 248.9 million, Globally, by 2031 at 4.1% CAGR: Allied Market Research

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Feb 01, 2023, 08:45 ET

The growth of global beverage industry is one of the major driving factors of the market.

PORTLAND, Ore., Feb. 1, 2023 /PRNewswire/ -- 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 report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, Restraints, and Opportunities-

Increase in demand for durable beverage storage solutions and growth of beverage industry drives the growth of the market. Furthermore, various advantages of barrels such as cost effectiveness positively influences the market growth. On the other hand, fluctuating prices of raw materials can restraints the growth of the market. However, rising environmental awareness, is anticipated to provide lucrative growth opportunities for the market.

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Covid-19 scenario-

Restrictions on manufacturing activities during the COVID-19 lockdowns, restricted the growth of the reusable barrels market.
However, growth of food and beverage industry in 2022, has fueled the recovery of the reusable barrels market.

The wood segment is expected to maintain its dominance during the forecast period -

By material, the wood segment held the major share in 2021, holding around two-third of the global reusable barrels market revenue. The plastic and fiber segment is expected to showcase the highest CAGR of 4.8% during the forecast period, attributed to the cost efficiency of plastic and fiber barrels.

The recycle segment held the largest market share during the forecast period-

By process, the recycle segment contributed to the highest share in 2021, accounting for around two-third of the global reusable barrels market revenue. The reuse segment would also showcase the fastest CAGR of 4.3% throughout the forecast period. This is attributed to the extended usability of metal and plastic barrels.

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The beverage segment is expected to dominate the market during the forecast period-

By application, the beverage segment accounted for nearly half of the global reusable barrels market share in 2021, and is expected to rule the roost by 2031. The furniture and home decor segment would also display the fastest CAGR of 4.3% throughout the forecast period. This is attributed to rising awareness regarding reusing of barrels.

Asia-Pacific garnered the major share in 2021-

By region, Europe garnered the highest share in 2021, accounting for nearly half of the global reusable barrels market revenue in 2021, and is projected to retain its dominance by 2031. The Asia-Pacific region would also portray the fastest CAGR of 5.6% during the forecast period. Rapid growth of food and beverage industry in Asia-Pacific is expected to propel the market growth.

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Leading Market Players-

Red Head Barrels
Midwest Barrel Company
Kentucky Bourbon Barrel
Kelvin Cooperage
O'Bryan Barrel Co, Inc.
Country Connection
Mystic Barrels
Asian Barrels
Rocky Mountain Barrel Company
Jones Barrel Company

The report analyzes these key players in the global reusable barrels market. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

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