LONDON--(BUSINESS WIRE)--Technavio's latest report on the global honeycomb packaging market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
The global honeycomb packaging market is growing due to factors, such as rising automotive sales in emerging economies and growing global e-commerce sales. One of the factors for the growing automotive and e-commerce sales is the rising disposable income of the consumers.
Shakti Jakhar, a lead analyst from Technavio, specializing in research on packaging sector, says, "There are certain market impeding factors, such as the growing stock keeping unit proliferation and rising demand for alternatives. Due to the growing SKU proliferation, it becomes a challenge for the companies to design various types of packaging, such as packaging dividers for various packages or die-cuts for various shapes."
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The top three emerging trends driving the global honeycomb packaging market according to Technavio research analysts are:
- Rising trend of using lightweight packaging materials
- Rising popularity of ship from store
- Growing innovation in protective packaging market
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Rising trend of using lightweight packaging materials
There is an increased focus on using lightweight packaging to reduce the weight of packaging. This is done to use less packaging material and reduce the cost. Hence, lightweight container board was developed. Due to reduced weight, the shipping cost is also reduced. This is because generally shipping services providers charge companies according to the weight of the package.
"Lightweight container board is corrugated board with base weight less than around 24 to 28 lbs per thousand square feet. The manufacturing process of lightweight containerboard requires a different corrugating process than the regular corrugated board," according to Shakti.
Rising popularity of ship from store
There is an increased demand from the consumers due to the rise in e-shopping. To meet the consumer demand, companies are coming up with omnichannel approaches. One of the methods of omnichannel is ship from store. Ship from store is the fulfillment process by which retailers use the stock in any of the retail stores to complete an order, which was received from any channel, such as online order.
The ship from store strategy allows companies to use the stocks available in retail outlets. This strategy also decreases the chances of having clearance sales at a later time due to the non-selling of the products. This way companies can increase their profits as they sell the item at markup price instead of discounted price later in a sale.
Growing innovation in protective packaging market
Many protective packaging companies are coming up with innovate solutions to reduce the environmental impact of protective packaging. IPC, one of the global manufacturers of temperature control materials, manufactured an eco-friendly product named Ecoliner. Ecoliner is made of ultra-insulating recycled cotton sandwiched by the eco-friendly plastic liner.
The regulatory bodies for packaging are also encouraging these types of biodegradable materials. Hence, honeycomb packaging companies will also need to come up with new innovative ideas to reduce the space occupied by the protective packaging material at the warehouse. At the same time, it must be environment-friendly.
- DS Smith
- Smurfit Kappa Group
- Packaging Corporation of America
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