Promotion Bins Market Analysis, Forecast, and Assessment
Modern brands are required to come up with innovative promotional strategies to ensure that their product stand out. Increasing penetration of the internet has resulted in growing awareness among consumers regarding product specifications. The modern consumer actively screens out products. Promotion bins are one of the products used by several brands to enhance consumer appeal of the products on shelf. Promotion bins are designed to have a positive impact on the consumer’s subconscious and in many cases, successfully lead to impulse buying. Promotion bins are also preferred by brand owners and in retail stores as they require less floor space, and in turn enable more products to be accommodated. As a result, promotion bins are also used in grocery stores for displaying products.
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Global Promotion Bins Market: Dynamics
Retailers and wholesalers are majorly focusing on the display products that enhance the visibility of the newly launched products. The new launched products needs branding and differentiation from the older ones, and promotional bins fulfils the purpose by enhancing the way of presentation of the product. Thus, the promotion bins are used for displaying consumer goods in the retail shops. Food products such as fruits, vegetable, ready to eat meals and beverages are widely stored in the promotion bins. There rise in demand for ready to eat food products is proportionally increasing the demand for displaying products. Thus, food industry is fueling the growth of the promotion bins market.
Nowadays, packaging manufacturers are majorly focusing on reducing the cost of packaging products. The production cost of the promotion bins is lower as compared to the other point to purchase display products that are made up of paper and paperboard material. High cost of the promotion bins is restraining it’s demand in the market.
Global Promotion Bins Market: Segmentation
The global promotion bins market is segmented by product type, application type and end use.
On the basis of product type, global promotion bins market is segmented into:
- Single Storage Promotion Bins
- Multi Storage Promotion Bins
Multi storage promotion bins enable high consumer convenience and therefore has higher preference over its counter parts.
On the basis of application, type global promotion bins market is segmented into:
- Food & beverages
- Ready to eat meals
- Fruits & Vegetables
- Nonalcoholic drinks
- Consumers Goods
- Household and personal care
On the basis of end use, global promotion bins market is segmented into:
- Grocery Stores & Retailers
Global Promotion Bins Market: Key Players
Some of the key players of the global promotion bins market are Netwell Engineering Work Sdn. Bhd., Shenzhen Ruimei Display Industry Co., Ltd., Suzhou Hammers Display Equipment Co., Ltd., Wuxi Puhui Metal Products Co., Ltd and other promotion bins manufacturers.
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Global Promotion Bins Market: Regional Players
Global promotion bins market is segmented into seven regions including North America, Latin America, Eastern Europe, Western Europe, Middle East and Africa (MEA), Asia Pacific excluding Japan (APEJ) and Japan. In North America region the promotion bins market is expected to witness decline in the next decade. U.S. has witnesses a retail apocalypse. About 6,800 grocery stores and restaurants were closed in 2017. This has occurred due to financial crises and also traction towards the e-companies such Amazon, Filpkart in the region. Changing preference of the consumers in the region has highly impacted the retail sector, resulting in the decline of the growth of the promotion bins market. In Europe, grocery online sales is expected to grow at a fast pace. This has negatively impacted the sales of the promotion bins in the region. China holds the leading position in terms of production as well as consumption of promotion bins. The reason behind this is the increase in the buying power of the consumers in developing economies. It is expected that for the next decade Asia Pacific region will lead in terms of consumption of promotion bins.