Octabins Market Projected to Achieve 5.5% CAGR in Sales from 2022 to 2026: Shift towards Sustainable Packaging Amplifies Demand

The global octabins market is set to exceed US$ 377 million by 2022, propelled by a rising demand for alternatives to larger bulk packaging solutions like big-bag and metal containers. Future Market Insights (FMI) anticipates a 5.5% Compound Annual Growth Rate (CAGR) for octabins sales over the 2022-2026 forecast period. A pronounced shift towards sustainable packaging solutions in regions including the U.S., China, and India is expected to drive octabins demand.

FMI's projections indicate that Asia Pacific excluding Japan will lead the global octabins market, capturing around 33.4% of sales in 2022. The market's dynamics are subject to a spectrum of industry considerations, alongside notable influences such as the prevalent preference for bulk packaging across various sectors.

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Recent strides in the market encompass innovations like manufacturers offering double and triple wall corrugated boards for octabins to meet industry-specific requirements. In June 2022, DS Smith introduced a novel 5-litre octagonal box composed of cardboard and a flexible interior plastic bag.

According to FMI's analysis, the bulk bags market is predicted to decline by 10 basis share points (BPS) in H1-2022 compared to H1-2021. Conversely, when comparing the projected and actual H1-2022 outlook period, a surge of 20 BPS change has been identified.

The rising octabins market owes its ascent to attributes such as complete recyclability, metal-free closure options, branding printability, ease of assembly, and robust performance in cold chain logistics, among others. Additionally, the growth of packaging industries, access to enhanced packaging materials, diverse shapes and designs, and expanding applications across multiple sectors contribute to the flourishing octabins market.

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.

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.

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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 Category

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

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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.

This release was published on openPR.