PORTLAND, PORTLAND, UNITED STATES, September 17, 2021 /EINPresswire.com/ — A keg is a compact barrel that is used to store things such as beverages (both alcoholic and non-alcoholic), cooking oil, and chemicals. Beer, wine, spirits, and cider are all examples of alcoholic beverages. The biggest benefit of storing alcoholic beverages in kegs is that the original flavor and quality of the beer is preserved for a long time. Draught beer is typically served from kegs in order to maintain the drink's pressure. A growth in preference for flavored alcoholic beverages is expected to benefit the industry. An expanding consumer lifestyle, as well as higher per capita income, has fueled the increase in demand for premium products such as craft and draught varieties. Companies have been emphasizing on sustainability as a critical aspect in the whole packaging business, resulting in an increase in the use of recyclable and environmentally friendly materials. Steel kegs, as a result, are chosen above other product options.
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COVID-19 Impact analysis
• The COVID-19 pandemic forced a quick lockdown in many regions of the world to prevent the virus from spreading, resulting in the rapid closure of factories, shops, and other businesses. The global market for non-essential products has suffered from a rapid reduction in the demand and supply, as well as travel limitations.
• The pandemic has had a substantial negative impact on the economy as a result of less work being done, lower demand, and a shortage of factory workers. In addition, the travel ban has resulted in lack of raw materials, halting manufacturing.
• The need for huge beer kegs was dramatically reduced due to the lower consumption of alcoholic beverages during the lockdown. Furthermore, a growth in the storage of chemicals needed for medicine has boosted sales of the kegs used in this operation.
Top Impacting Factors
• The global kegs industry has expanded for a variety of reasons. Beer and other alcoholic beverages are being stored in kegs. When alcoholic beverages are stored in kegs, their flavor is preserved. As a result, large alcoholic beverage makers prefer to store their products in kegs.
• Apart from that, kegs are regarded as the greatest solution for storing non-alcoholic beverages. As a result, the increased popularity of both alcoholic and non-alcoholic beverages has indirectly benefitted the worldwide kegs industry.
• The world's population has rapidly increased. As a result, demand for cooking oil has expanded at a similar rate. As kegs are primarily used to transport cooking oil, the rise in demand for cooking oil is positively impacting the worldwide kegs market.
• Furthermore, the global kegs market is being fueled by the changing lifestyles, consumption patterns, and general higher standard of living and spending power of the world's population.
• As the cost of the raw materials used in the keg production process has continuously climbed over the last few years, keg producers are confronted with falling profit margins and low-cost competitors in the market.
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Kegs have Become More Popular as a Promising, Long-term Packaging Solution
Kegs are expected to have a bright future in the beverage sector as a packaging solution. Plastic kegs are recyclable and save money on return shipping. On the other side, the popularity of kegs has encouraged manufacturers to offer kegs on a lease basis, which has increased keg re-use and, as a result, adoption. Single-use kegs are cost-effective and efficient alternative to standard steel kegs, and they are expected to gain widespread usage in the near future. Furthermore, rise in consumer interest in craft ales is driving the growth of the microbrew market, which in turn has boosted the worldwide keg business. Legislative restrictions favoring lower package weight limits also is expected to encourage the use of kegs.
Eco-kegs are Likely to Level the Playing Field in Pricing
A thorough examination of the global kegs market reveals a highly consolidated market dominated by a few kegs providers. Companies are currently competing by offering an innovative product portfolio for various end-use sectors. Consumers are left with little options as a result of market consolidation, and are forced to purchase kegs at disproportionately high prices. Eco-kegs, on the other hand, may emerge in the coming years, reducing the overall supply of traditional kegs. The worldwide kegs market is expected to be driven by the introduction of new technology for improved keg palatability. In addition, rubber steel kegs have been introduced to the market for more ergonomic alcohol beverage handling.
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Source: EIN Presswire