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
The increase in demand for durable beverage storage solutions and the beverage industry’s growth drive the market’s growth. Furthermore, various advantages of barrels, such as cost-effectiveness, positively influence market growth. On the other hand, fluctuating prices of raw materials can restrain the market’s growth. However, rising environmental awareness is anticipated to provide lucrative growth opportunities for the 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-thirds 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 recycling segment held the largest market share during the forecast period
By process, the recycling segment contributed to the highest share in 2021, accounting for around two-thirds 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.
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 the 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 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. The rapid growth of the food and beverage industry in Asia-Pacific is expected to propel the market growth.
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