Beverage Crates Market Gaining Traction with the Surge in Demand for Nestable Products: FMI
The beverage crates market is expanding steadily owing to the rise in demand in various applications such as bottled water, beer, wine, fruit juices, and others. A recent study by Future Market Insights (FMI) states that the global beverage crates market is expected to grow at 6.3% CAGR during the forecast period between 2020 and 2030.
Beverage Crates Market
A recent market report published by FMI on the beverage crates Market provides global indu...
The increase in demand for high-density polyethylene (HDPE) is expected to further propel the growth of the market in the coming years. As HDPE products are very safe due to their excellent chemical resistance and good low temperature impact properties, they are highly required in production of beverage crates for both alcoholic and non-alcoholic drinks.
According to FMI, East Asia will continue to hold the leading share in the global market for beverage crates. COVID-19 has resulted in temporary decline in growth of the global food & beverages industry causing sales of beverages crates to decelerate. However, it is poised to recover steadily as sales pick up with the recovery of the food & beverages sector.
Studies reveal that COVID-19 has accelerated the trend towards sobriety. An Opium survey revealed that around 14 million people in the U.K. are trying to either reduce or stop drinking alcoholic beverages during lockdown. Consequently the non-alcoholic segment is exploding, which will continue creating lucrative prospects for growth of the beverage crates market.
FMI offers a thorough analysis of the global market along with information on growth drivers, restraints, and potential.
Some of the key takeaways from the report are highlighted below-
- HDPE will remain highly preferred material used for making beverage crates
- The demand for nestable and stackable beverage crates will continue rising through the forecast period
- The rise in application of beverage crates in alcoholic drinks is expected to propel growth of the market during the forecast period
- East Asia will dominate in the global beverage crates market. China is expected to emerge as the most lucrative market for beverage crates in the region
- Europe will emerge as another lucrative region in the global market
“The demand for beverage crates is expected to rise after a temporary period of lull due to COVID-19 outbreak. Growth trends will remain positive as both developed and high potential markets recover around the world. Reopening of the food service sector in China, for instance, will give impetus to the East Asia market. Likewise, steadily rising demand from the U.S. food sector will aid overall expansion of the market in the coming years,” said an FMI analyst.
COVID-19 Impact Analysis
The beverage crates market got highly affected due to the outbreak of the novel coronavirus, especially during the first half of this year. Various restraints such as non-operational manufacturing units, shortage of labors, and others have led to decline in the growth of the market.
Though the food & beverages industry got battered in the onset of the pandemic earlier in this year, it is recovering slowly and forecast to grow further. According to the National Statistics of the United States, the food & beverages segment in the United States is projected to reach US$ 18,702 million by 2020. With the world settling down to the ‘new normal,’ the market also has started recovering steadily and is expected to grow exponentially through 2030.
Who is Winning?
The key players in the global beverage crates market are operating amid cut-throat competition. In order to sail through the highly competitive environment, they are launching more varieties of quality products.
- Supreme Industries Limited launched its new range of nestable and stackable crates such as NS CRATE SCH, NS CRATE SSP, NS CRATE STP, NS CRATE NESTING, NS CRATE STACKING, and others in the year 2020
- TranPak, Inc. launched its new extensive range of beverage crates such as VersaCrate 6,7”, Macro Bin 26 Solid, and others in the year 2020
More Valuable Insights on Beverage Crates Market
In the latest report by Future Market Insights, we offer an unbiased analysis of the global beverage crates market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2020-2030. In order to understand the global market potential, its growth and scopes, the market is segmented on the basis of material type (HDPE (High Density Polyethylene), PP (Polypropylene)), product type (nestable and stackable, collapsible), application (alcoholic drinks (beer, wine, spirits, other alcoholic beverages), non-alcoholic drinks (fruit juices, carbonated drinks/soda, RTD beverages, bottled water, tea & coffee, milk products), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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