Market players are focusing on utilizing materials such as recyclable plastics, wood, and others to develop eco-friendly and reusable beverage crates.
DUBAI, UAE / ACCESSWIRE / January 12, 2021 / Future Market Insights: As per FMI the global beverage crates market will grow at a robust CAGR of 6.3% over the forecast period, 2020-2030. The market is primarily driven by growing demand for convenient methods of transporting and storing bottles and cans of drinks. Moreover, surging demand for non-alcoholic and alcoholic drinks is fueling demand for beverage crates.
"The beverage crates market will foresee a rise in demand after a temporary period of letup owing to COVID-19 outbreak. Growth trends are likely to stay positive as both high potential and developed markets recover all over the world. For instance, in China reopening of the food service sector will drive the East Asia market. Similarly, steadily increasing demand from the U.S. food sector is likely to assist overall growth of the market." states the FMI analyst.
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Beverage Crates Market - Important Highlights
- East Asia to foresee lucrative growth prospects in contrast to other regions, followed by Europe.
- HDPE remains majorly preferred material type due to its high demand from beverage industry.
- Nestable and stackable remains key beneficiary among other product type categories.
- High demand of alcoholic drinks will generate growth prospects in the market.
Beverage Crates Market - Drivers
- Rising focus on sustainability is likely to spur growth in the market.
- Steady expansion of the beverage industry is encouraging sales over the assessment period.
- High demand for HDPE will further boost the market growth in the foreseeable years.
Beverage Crates Market - Restraints
- Poor UV resistance, high mould shrinkage, prone to stress cracking, along with others limits their usage in the global market
- Higher cost, heavy weight, and more complex process cycles in production of crates creates challenges for the market.
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COVID-19 Impact on Beverage Crates Market
The market got highly impacted by the COVID-19 outbreak, particularly amid the first half of 2020. Several constraints such as shortage of labors, non-operational manufacturing units, along with others have prompted a drop in the market growth. While the food & beverages sector got battered on the onset of the pandemic, it is gradually recovering and anticipates to grow further. With the world adjusting to the ‘new normal,' the market also has begun to recover steadily and will grow exponentially via 2030.
Competitive Landscape
Leading companies operating in the global beverage crates market include Supreme Industries Limited, DS Smith Plc, Schoeller Allibert Services B.V., TranPak, Inc., Rehrig Pacific Company, Inc., Ravensbourn Plastics Ltd, IPL Plastics Inc., Zhejiang Zhengji Plastic Industry Co. Ltd., Craemer UK Ltd, Palcon LLC and Myers Industries, Inc. The global market is extremely competitive. With the aim of sustaining their positions, the market players are emphasizing on enhancing the qualities of their products.
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About the Study
The study offers readers a comprehensive assessment of the beverage crates market. Global, regional and national-level analysis of the latest trends influencing the market is covered in this FMI report. The study provides insights 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 key regions (North America, Latin America, Europe, China, Asia Pacific, Middle East & Africa).
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About Future Market Insights
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, the global financial capital, and has delivery centers in the 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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SOURCE: Future Market Insights