PUBLISHER: Allied Market Research | PRODUCT CODE: 1225141
PUBLISHER: Allied Market Research | PRODUCT CODE: 1225141
The Reusable Barrels Market valued for $163.7 million in 2021 and is estimated to reach $248.8 million by 2031, exhibiting a CAGR of 4.1% from 2022 to 2031. The original construction of a barrel is made of hollow cylindrical wooden planks joined by hoops made of wood or metal. Additionally, fiber and metal materials are used to construct the reusable barrel.
The reusable barrels can be utilized in the food business for bulk storage of items such as spices, jute, lentils, cashews, and oils. Additionally, barrels are the most secure shipping containers. Reusable barrels help to preserve the flavor and quality of alcoholic beverages over time. Therefore, it is projected that these reasons will fuel the market for reusable barrels. Additionally, when it is correctly sealed, the product is shielded from damaging UV rays, dust, moisture, and any pests that may be present near the storage location. Due to its storage durability for industrial activities, barrels make the best containers. Additionally, durable, reusable, and leak-proof plastic/fiber barrels can be created to keep items safe in adverse weather situations. Such factors are driving the growth of the reusable barrels market.
The primary factor that is anticipated to restrict the market growth is the fluctuating cost of the raw materials required to make barrels. This is expected to impede the market for reusable barrels from expanding. For instance, CRISIL, an Indian analytical firm, predicted in June 2022 that duty-related government actions would cause steel imports to fall by about 40% to 12 million tons in FY 2023. Therefore, it is anticipated that all these problems will impede market expansion.
Consumer preference for environmentally friendly and sustainable storage solutions that can be recycled and reused is driving the market for reusable barrels. In order to create environment friendly, economically viable storage solutions that don't compromise the level of protection provided to the stored goods, many manufacturers of reusable barrel are investing in R&D activities and technologies. Such strategies are expected to offer lots of opportunities and are anticipated to drive the growth of the reusable barrels market.
The global reusable barrels market is segmented into material, process, application, and region. On the basis of material, it is classified into plastic & fiber, wood, and metal. By process, it is segregated into recycle and reuse. On the basis of application, it is further classified as beverage, furniture & home decor, fuel & oil storage, and other. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Competition analysis
The major players profiled in the reusable barrels market include 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, and Jones Barrel Company.
Key Benefits For Stakeholders
By Material
By Process
By Application
By Region