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It is anticipated that the global market for rain barrels would see a boom, growing at a CAGR of 5.7% between 2022 and 2030 to reach US$ 3.3 billion. The need for rain barrels to store rainwater is expected to increase significantly over the course of the forecast period due to steady demand from well-known industries such as industrial chemicals, petroleum and lubricants, drinks, and paints, inks, and dyes.
The demand for rain barrels has been fueled by the growing need for access to clean, safe drinking water and more environmentally friendly methods of keeping it. Additionally, the market will benefit from technology developments like heat sealing and thermoforming aimed at enhancing rain barrel functionality. Manufacturers are displaying a stronger preference for biodegradable packaging as a result of the increased emphasis on recycling. The sales of plastic rain barrels are increasing as a result.
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“Global warming and changing climatic condition is increasing the need for rain water preservation, which is accelerating the sales of rain barrels,” remarks the FMI analyst.
Rain Barrels Demand Analysis (2015 to 2021) Vs Market Outlook (2022 to 2030)
According to the WHO, nearly 1.1 billion people all across do not have access to safe and clean drinking water, while 2.6 billion people lack basic sanitation facilities. Major uses of water include individual, domestic, agricultural, household, and industrial. To support the growing requirements of the population, one needs to conserve and use water sustainably.
Climate change and global warming are also playing a major role in increasing demand for water and creating water shortage plants in many parts of the world. Effective water management is required to keep water hygienic and safe to use. Rainwater harvesting is an effective way of water conservation that could be carried out easily at home to enhance the volume of water for usage. Rainwater could be later used for watering plants, cleaning gardens, and lawns.
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Key companies operating in rain barrels market profiled by FMI include
In 2021, ORBIS Corporation offered new frame work for inbound food and beverage applications to protect the product during the transportation process by utilizing full pallet loads of beverage products.
Algreen Products Inc. are focusing on developing sustainable and green products such as castilla rain barrel, Athena rain barrel, cascata rain barrels and others at affordable prices to generate the revenue prospects for upcoming years.
Key Segments Covered in Rain Barrels Industry Research
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The post Rain Barrels Market is expected to reach US$ 2 Bn in 2022, likely to surge at a vigorous 5.7% CAGR appeared first on Future Market Insights.
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