The global octabins market is experiencing substantial growth potential and is expected to surpass a valuation of US$ 377 million by 2022. This growth is primarily attributed to the increasing demand for alternatives to traditional bulk packaging solutions like big-bag and metal containers. Future Market Insights (FMI) anticipates that sales of octabins will maintain a steady upward trajectory, with a robust compound annual growth rate (CAGR) of 5.5% projected over the forecast period from 2022 to 2026.
One of the key drivers propelling the octabins market is the shift in consumer preference towards sustainable packaging solutions, particularly in regions like the U.S., China, India, and other countries. This change in attitude is boosting the demand for octabins, which are considered more eco-friendly and versatile for bulk packaging needs.
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Asia Pacific, excluding Japan, is expected to dominate the global octabins market, accounting for approximately 33.4% of sales in 2022. Manufacturers are also innovating in response to industry requirements, offering double and triple wall corrugated boards for octabins. For instance, DS Smith launched a 5-litre octagonal box made of cardboard with a flexible plastic interior in June 2022.
Interestingly, the market for bulk bags is experiencing fluctuations, with a 10 basis share point (BPS) decline in H1-2022 compared to H1-2021. However, a surge of 20 BPS change is projected when comparing the H1-2022 outlook period, indicating evolving market dynamics and the growing appeal of octabins as a bulk packaging solution.
The leading manufacturers are making provisions for cost-effective packaging solutions as an alternative for dispatching products in small containers and sacks. This will also benefit in shipping and labor cost savings. Several companies are working towards developing octabins for the purpose of robotic packaging lines as well as cool chain uses for frozen foods.
In order to widen the product portfolio, manufacturers are also working towards developing octa bins in a way that it holds the potential for transport proficiency, extension of shelf-life, and product promotion. Benefits such as flexibility in sizes and provision of printing and producing according to consumer needs will help the manufacturers in optimizing their entire supply chain, by also generating significant savings. Besides, environment-friendly, reduction in load weight, carbon emissions and shipping costs are also factors leading to increasing demand for octa bins.
The report specifies that revenues from global octabins market will increase at a healthy 5.4% CAGR during the projected period, 2022-2026. The report additionally anticipated that global sales of octabins will account for revenues worth nearly US$ 467.4Mn by 2026-end.
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Base Discharge Octabins to Create Opportunities for Global Market in the Forthcoming Years
Base discharge octabins are nearly similar to standard octabins but the benefit to this product is that, it holds base discharge from the bottom of box or container. Manufacturers are taking efforts in increasing their product range for base discharge octabins as this product help in eliminating manual handling and are also easily available off-shelf. Companies are also strategizing in advancing octabins with base discharge system in a way that they are a perfect alternative to flow bins.
Food Industry to Increase the Usage of Octabins Which Will Drive Production Sales
Octabins are considered as standardized and large containers and are used on a large scale in the food industry for the storage of vegetables and other dry products. In food industry, usage of plastic pallets for lifting octabins is made obligatory. However, preferences of manufacturers are shifting towards wooden pallets due to factors such as hygiene regulations and cost-efficiency. Apart from this, in every heavy-duty and light industries, usage of octabins are increasing at a rapid pace.
Notable Points from Octabin Market Report for the Forecast Period, 2022-2026
- On the basis of revenue, APEJ will continue to be the largest market for octabin, followed by North America.
- Based on product type, standard octabins are expected to remain significantly larger than rest of the segments.
- The lion’s share in the global market for octabin is contributed by food industry.
- Customized products will observe the fastest growth during the review period.
Chief market players blocked in by the report includes Quadwall, Europac, IBC International, DS Smith, Rondo Ganahl AG, International Paper, Mondi Group and Smurfitt Kappa.
Octabins Market:
By Product Type:
- Standard octabins
- Base discharge octabins
- Self-assembly octabins
- Telescopic octabins
- Free flow base octabins
By End Use:
- Food industry
- Consumer Goods
- Chemical industry
- Others
By Capacity:
- Standard
- Customized
By Region:
- North America
- Europe
- Latin America
- Asia Pacific excluding Japan (APEJ)
- Japan
- Middle East & Africa
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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.
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