VALLEY COTTAGE, New York, September 5, 2018 /PRNewswire/ --
As the consumption of beer and other alcoholic beverages elevates, the global demand for kegs is projected to increase, rather steadily, in the coming years. As per a recent market analysis by Future Market Insights, the global kegs market, which was valued at US$ 753.4 Mn in 2017, is estimated to expand at a CAGR of 4.2% during the forecast period 2018-2028, reaching the value equating US$ 1,167.6 Mn by 2028. Extensively used for the safe transportation of alcoholic beverages and non-alcoholic beverages, in 2017, the alcoholic beverage industry accounted for more than 60% of the global kegs market.
Moreover, the global consumption of steel kegs, in terms of units, for storage and shipment of beer is projected to remain at an all-time high through 2028, considering it to be the most appropriate, cost-effective and reliable for fermented beverages, also ensuring preservation of original taste and organoleptic characteristics. Lucrative commercial avenues associated with draught beer consumption, is expected to favorably impact the global kegs market in the coming years.
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Kegs to Find Increased Adoption as a Promising, Sustainable Packaging Solution
Kegs, as a packaging solution in the beverages industry, is projected to enter a promising future. Plastic kegs are recyclable and eliminate expensive return logistics. On the other hand, popularity of kegs is also pushing manufacturers to provide keg on lease, increasing re-use of kegs, thereby its adoption. Economical and an efficient alternative, single-use kegs are likely to witness immense adoption in the coming, compared to the traditional steel kegs. Moreover, growing consumer interest in craft ales is pushing the microbrew market, in turn, fuelling the global kegs market. Legislative regulations supporting reduced weight limits apropos of packaging, will also spur kegs adoption.
A Highly Consolidated Kegs Market Driving Global Pricing; Substitutes like Eco-Kegs Likely to Smoothen Pricing
Thorough analysis of competition in the global kegs market shows fairly highly market consolidated, dominated by few kegs providers. Currently, companies are competing through offering innovative product portfolio for different end-use industries. Market consolidation leaves few choices for consumers, forcing them to buy kegs at comparatively high costs. However, in the coming years, the world could witness the emergence of eco-kegs, reducing overall supply of conventional kegs. The introduction of new technology for better palatability of the kegs is also projected to drive the global kegs market. Rubber Steel Kegs are also introduced in the market for ergonomic handling of alcohol beverages.
Preview Analysis Kegs Market Segmented By Material - Plastic, Tin, Stainless Steel; By Capacity - Up to 20 Litre, 20 Litre to 40 Litre, 0 Litre to 60 Litre, Above 60 Litre: https://www.futuremarketinsights.com/reports/kegs-market
Key players in the global kegs market American Keg Company, NDL Keg Inc, Shinhan Industrial Co, Ltd, Ningbo BestFriends Beverage Containers Co. Ltd, Blefa GmbH, Schaefer Container Systems, Petainer UK Holdings Ltd, Ardagh Group S.A, Julius Kleemann GmbH & Co KG, The Metal Drum Company.
The growth in kegs market is mainly contributed by countries in North America-the region witnessing lucrative rise in the market share by 2028. Western Europe is anticipated to be the most attractive market for kegs market during the forecast period, considering substantial purchases made by Germany, France and Italy. Also, Mexico is expected to be at the forefront, spearheading the growth of the kegs market by 2028. Increased alcohol consumption such as beer and wine, is the predominant factor driving the kegs market, globally. Albeit lucrative growth, North America kegs market, is projected to suffer some setbacks in the coming years, owing to rise in steel prices.
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SOURCE Future Market Insights