Global Trash Can Market To Hit $5.3 Bn by 2031 at 4.9% CAGR: Allied Market Research
Increase in production of residential and commercial trash has resulted in massive demand for proper waste disposal solutions, thereby driving growth of the trash can market
PORTLAND, Ore., July 7, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Trash Can Market by Product Type (Pedal Trash Can, Sensor Trash Can, Open Trash Can, Others), by Material (Metal, Plastic, Others), by End User (Household, Commercial), by Distribution Channel (Hypermarkets/Supermarkets, Specialty Stores, Online Channels, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global trash can industry accrued nearly $3.3 billion in 2021, and is anticipated to reach $5.3 billion by 2031, registering a CAGR of 4.9% from 2022 to 2031.
Drivers, Restraints, and Opportunities
Increase in the production of residential and commercial trash has resulted in massive demand for proper waste disposal solutions, thereby driving the growth of the global trash can market. However, a large proportion of trash is disposed of as open dumping or landfills and this will adversely impact market growth. Contrarily, the reopening of manufacturing units with the launching of COVID-19 vaccines led to re-opening of waste management and waste recycling firms at full-scale capacities. This has enhanced product sales and created new opportunities for business expansion.
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Covid-19 Scenario
- COVID-19 pandemic outbreak has disrupted the trash can supply chain across the globe. Moreover, the pandemic's impact on the economy has been witnessed due to lockdowns globally, restrictions on labor mobility, ban on traveling, airline suspensions, and economic slowdown. This has severely affected the supply chain of the waste disposal industry globally.
- The trash can market faced several issues due to the rapid spread of the pandemic. These issues include lack of labor availability, crisis management, safety issues, reformation of business models, and other consequences. These factors retarded the market growth.
The Metal Segment to Retain its Dominant Status throughout the Forecast Timeframe
Based on material, the metal segment accounted for the highest market share in 2021, contributing to around half of the global trash can market, and is estimated to maintain its dominant status throughout the forecast timeframe. The growth can be attributed to the rise in popularity of metals for their toughness and surging availability.
The Household Segment to Maintain Its Leading Position By 2031
Based on end-user, the household segment held the highest market share in 2021, accounting for nearly three-fifths of the global trash can market, and is predicted to retain its leading position by 2031. This is due to the extensive use of the trash cans in the household segment for waste disposal. However, the commercial segment is expected to register the highest CAGR of 5.4% from 2021 to 2031, due to a surge in offices and mall constructions.
Asia-Pacific to Maintain Leading Position During the Forecast Period
Based on region, Asia-Pacific contributed the highest market share in terms of revenue in 2021, accounting for more than two-fifths of the global trash can market, and is predicted to continue its leading position by 2031. This is owing to the rise in waste disposal and availability of manual and automatic trash cans in the region. LAMEA is set to record the highest CAGR of 6.9% during the forecast timespan. This is attributed to increase in population and surge in the proportion of trash generated by households in the region.
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Leading Market Players
- Grahl Manufacturing
- Simplehuman
- Inter IKEA Systems B.V.
- Rev-A-Shelf
- ITouchless Housewares and Products Inc.
- Newell Brands
- Nine Stars Group USA Inc.
- Otto Environmental Systems North America, Inc.
- Tramontina
- Umbra
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