Beer Kegs Market Gain Impetus due to the Growing Demand over By 2022
Posted: Sep 08, 2019
The global beer kegs market size is expected to reach USD 62.1 billion by 2025, according to a new report by Grand View Research, Inc., registering a 4.6% CAGR over the forecast period. The market is driven by increasing consumption of beer among young consumers. An analysis conducted by Gallup, Inc., previously known as American Institute of Public Opinion, pertaining to alcohol consumption habits of Americans showed that close to 70.0% of men between the age of 18 and 29 preferred beer over other alcoholic beverages. This trend has continued over the years and has served as a key factor driving the market.
Rising inclination for flavored alcoholic beverages is a trend that is likely to benefit the market. This, along with growing demand for premium products such as craft and draught variants, is fueled by evolving consumer lifestyle and increased per capita income. The rising trend of on-premise sales is also expected to fuel market growth. Kegs help in maintaining the authentic quality and flavor of alcoholic beverages over long durations. Draught beer is mostly served through kegs in order to maintain its pressure, and therefore, the product witnesses greater demand from on-trade sales.
Steel as a raw material held the dominant share of 84.7% in the market owing to its largescale production in the industry, higher durability, and favorable recycling properties. Steel kegs are used for transportation and storage as it helps in blocking gases and ultraviolet rays, thereby preserving the quality and flavor of beer.
Asia Pacific is expected to exhibit the highest CAGR of 5.1% from 2019 to 2025 on account of increasing production and consumption of beer in the region, majorly driven by countries such as India, China, and Singapore. Moreover, intensifying presence of breweries producing craft and draught beer are adding to product demand. Another factor driving the market is rising number of leading companies investing in sustainable packaging solutions and producing environment-friendly kegs. For instance, the unique DLC kegs produced by Petainer are some of the most eco-friendly variants introduced in Japan.
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Further key findings from the report suggest:
The global beer kegs market was estimated at a valuation of USD 45.2 billion in 2018, thanks to increasing disposable incomes and changing lifestyle of consumers
In terms of revenue, Europe accounted for the maximum share in the global market owing to increased preference for craft beer
Plastic as a raw material is expected to register a CAGR of 4.6% due to rising importance of and focus on sustainability packaging solutions. The steel segment accounted for a revenue-based share of 84.7% in 2018
The market is highly competitive in nature with main players being American Keg Company, LLC; NDL Keg Inc.; Shinhan Industrial Co, Ltd; Ningbo BestFriends Beverage Containers Co. Ltd; Blefa GmbH; Schaefer Container Systems; and Petainer UK Holdings Ltd.
Grand View Research has segmented the global beer kegs market on the basis of raw material and region:
Beer Kegs Raw Material Outlook (Revenue, USD Billion, 2015 - 2025)
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting