Reusable Barrels Market Research, 2031
The global reusable barrels market size was valued at $163.7 million in 2021, and is projected to reach $248.9 million by 2031, growing at a CAGR of 4.1% from 2022 to 2031. A barrel is a hollow, cylindrical object that may be used repeatedly. Originally, hoops made of wood or metal were used to hold the planks of the barrel together. Additionally, fiber and metal materials are used to construct the reusable barrel. Wooden barrels are extensively used in wine industry to produce tastes such as vanilla, clove, smoke, and coconut. After completion of service life of barrels in various beverage processing industries, barrels can be reused in applications such as furniture and fuel & oil storage.
The reusable barrels can be used for food industry application such as storing and transporting goods such as spices, jute, pulses, cashews and oils in bulk. Barrels are also the safest containers for shipments. Long-term quality and flavor preservation of alcoholic beverages is facilitated by the use of reusable barrels. Thus, such factors are anticipated to drive the growth of the reusable barrels market.
In addition, when it is properly sealed, it also protects the material against harmful UV rays, dust, moisture, and any pests that might be around the storage area. Barrels are the ideal containers due to their storage reliability for industrial operations. Furthermore, plastic/fiber drums can be made to keep products secure in harsh weather conditions and give durability, reusability, and leak-proof security. Reusable barrels are often used as furniture and decoration. Such factors are expected to augment the reusable barrels market growth.
The key issue that is projected to limit market expansion is the fluctuating pricing of raw materials used in the manufacturing of barrels. This is anticipated to hinder the growth of the reusable barrels market. For instance, in June 2022, CRISIL an Indian analytical company forecasted that steel imports would reduce by around 40% to 12 million tons in FY 2023, due to duty-related measures taken by the government. Thus, all such factors are expected to hinder the growth of the reusable barrels industry.
Furthermore, during the outbreak of the COVID-19 pandemic, the construction, and manufacturing industries were majorly affected. Manufacturing activities were halted or restricted. Manufacturing and transportation activities, along with their supply chains, were hampered on a global level. This led to decline in manufacturing of barrel as well as their demand in the market, thereby restraining the growth of the reusable barrels market. Conversely, industries are gradually resuming their regular manufacturing and services. This is expected to lead to the re-initiation of reusable barrels companies at their full-scale capacities, which is expected to help the reusable barrels market to recover.
The market for reusable barrels is being driven by consumers' preference for sustainable and green storage products that can be recycled and used again. In order to create environment friendly, economically viable storage solutions that don't compromise the level of protection provided to the stored goods, these manufacturers 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 reusable barrels market is segmented into Material, Process and Application. 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 applications, it is further classified as beverage, furniture & home décor, fuel & oil storage, and other. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By material, in 2021, the wood segment dominated the reusable barrels market in terms of revenue and plastic & fiber segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of process, the recycle segment led the market in 2021, in terms of revenue, and the reuse segment is anticipated to register the highest CAGR during the forecast period. On the basis of application, the beverage segment led the reusable barrels market in 2021, in terms of revenue, and the furniture & home decor segment is anticipated to register the highest CAGR during the forecast period. Region wise, Europe held the largest reusable barrels market share in 2021, and Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
The major players profiled in the reusable barrels market forecast report includes 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
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the reusable barrels market analsyis from 2021 to 2031 to identify the prevailing reusable barrels market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the reusable barrels market overview assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global reusable barrels market trends, key players, market segments, application areas, and reusable barrels market outlook.
Reusable Barrels Market Report Highlights
Market Size By 2031
USD 248.9 million
CAGR of 4.1%
2021 - 2031
Key Market Players
Rocky Mountain Barrel Company, Country Connection, Red Head Barrels, Mystic Barrels, Midwest Barrel Company, Jones Barrel Company, Asian Barrels, O'Bryan Barrel Co, Inc., Kentucky Bourbon Barrel, Kelvin Cooperage
The global reusable barrels market witnessed a huge demand in Europe followed by Asia-Pacific. The highest share of the Europe market is attributed to increasing demand for reusable barrel in the beverage sector.
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. Moreover, 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. Reusable barrels were used in the wine industry, delivering tastes such as vanilla, clove, smoke, and coconut. Such instances and a rise in the living standard of the population are also driving the growth of the market. In addition, consumer preference for environmentally friendly and sustainable storage solutions that can be recycled and reused is driving the market for reusable barrels.