Riding the Wave of Convenience: Global Beverage Crates Market Poised to Reach $543.9 Million by 2030 with a 4.9% CAGR

The Beverage Crates Market is poised for a notable CAGR of 4.9% from 2022 to 2030, culminating in a valuation of approximately US$543.9 million. These crates, pivotal in beverage packaging, are gaining prominence for their convenience and supply chain efficiency. Anticipating increased preference for user-friendly, environmentally sustainable designs, the market is set to witness innovations that align with customer needs.

Despite growth prospects, challenges arise from factors like inadequate UV resistance, high mold shrinkage, and susceptibility to stress cracking. Future insights underscore a comprehensive analysis of the market's dynamics, highlighting the evolving landscape shaped by both industry trends and constraints.

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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 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.

Key Segments Covered in Beverage Crates Industry Research

Beverage Crates Market by Material Type:

HDPE (High-density polyethylene)
PP (polypropylene)
Others

Beverage Crates Market by Product Type:

Nestable and Stackable
Collapsible

Beverage Crates Market by Application:

Alcoholic Drinks
Beer
Wine
Spirits
Other Alcoholic Beverages
Non-alcoholic drinks
Fruit juices
Carbonated drinks or soda
RTD beverages
Bottled water
Tea & coffee
Milk Products

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 2021. With the world settling down to the 'new normal,' the market also has started recovering steadily and is expected to grow exponentially through 2030.

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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.

For instance,

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 2022
TranPak, Inc. launched its new extensive range of beverage crates such as VersaCrate 6,7", Macro Bin 26 Solid, and others in the year 2021

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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

This release was published on openPR.