PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350338
PUBLISHER: Coherent Market Insights | PRODUCT CODE: 1350338
Global reusable barrels market was valued at US$ 141.9 Mn in 2022, exhibiting a CAGR of 6.0% in terms of revenue, over the forecast period (2023 to 2030) to reach US$ 226.7 Mn by 2030.
Report Coverage | Report Details | ||
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Base Year: | 2022 | Market Size in 2023: | US$ 141.9 Mn |
Historical Data for: | 2018 to 2021 | Forecast Period: | 2023 - 2030 |
Forecast Period 2023 to 2030 CAGR: | 6.00% | 2030 Value Projection: | US$ 226.7 Mn |
Packaging is an important element of any product's lifecycle since it protects the product from damage such as contamination, leakage, and other issues throughout shipping, use, and storage. The barrel is the oldest type of packaging, and it is considered rigid bulk packaging. Reusable barrels are commonly used in the chemical and breweries industries, as well as in the food industries. They're also utilized for product protection and transportation. Furthermore, as reusable barrels come in a variety of shapes and sizes, they can be used for a variety of industrial packaging applications. Over the forecast period, the global reusable barrels market is expected to grow at a fast rate.
A growing preference for flavored alcoholic beverages is expected to benefit the global reusable barrels market. An expanding consumer lifestyle and higher per capita income are fueling the global reusable barrels market growth, as well as a growing desire for premium products such as craft and draught varieties. Reusable barrels aid in the preservation of alcoholic beverages' original quality and flavor over long periods. As the draught beer is typically served from reusable barrels to maintain pressure, on-trade sales of the product are more popular.
On the other hand, strict rules & regulations regarding the usage of reusable barrels is hampering the market growth. The new amendment allows scotch whisky producers to use a wide variety of casks for maturation, including those previously used to age agave spirits, calvados, barrel aged cachucha, shochu, and baijiu, as well as some other fruit spirits. This new amendment is expected to hamper as the distillers have a wide range of options for used barrels apart from bourbon aged barrels.