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The global bags market is expected to grow by 3.9% CAGR between 2022 and 2032. As per Future Market Insights (FMI), plastic bags will account for 70% of sales in the global bags market. However, demand in the paper bags segment is poised to surge at a high pace.
The global bags market is expected to reach a valuation of US$ 33.5 Bn by the year 2022, accelerating at a CAGR of 3.9% by 2022-2032.
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The surging adoption of paper bags is attributable to the demand in various sectors. Besides this, the demand for both paper and plastic bags is expected to rise amidst rising number of shopping malls, complexes, and retail stores.
Furthermore, increasing consumer preference for packaged and processed food is boosting the market. Food-grade liners are used to line bags used to pack edible products, keeping the contents fresh for longer.
The increasing demand for bags can be attributable to macroeconomic factors such as rising disposable income and consumer spending power. In addition to this, product developments aimed at improving design and manufacturing processes are aiding market expansion.
By Material Type, Bags Market is Segmented as:
By Product Type, Bags Market is Segmented as:
By End User, Bags Market is Segmented as:
Manufacturers are working on introducing bags that are more efficient, reliable, and convenient. Other reasons such as the construction industry’s use of bags for cement packing, rising urbanization, and favorable government policies are expected to propel the market even further.
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However, government restrictions, prohibiting the use of plastic bags, on the other hand, may limit the growth of industrial plastic bags. Furthermore, plastic bags are non-biodegradable and, if not properly disposed of, may harm the environment. Paper bags, on other hand, face challenges of high manufacturing costs.
Key Takeaways from Global Bags Market
“After the COVID-19 outbreak, the global bag market is projected to recover and show considerable growth as sales resume in various industries. To capitalize on existing opportunities, bags manufacturers are expected to use non-biodegradable polymers, as their material of choice” says a FMI analyst.
Retail & Consumer Sector is the Key Driver of Global Bags Market
The retail & consumer sector is expected to account for maximum bags sales over the course of the assessment period. The bag market is rising at a breakneck pace, thanks to burgeoning retail businesses and a growing preference among customers for environmentally friendly packaging. Meanwhile, plastic carry bags are preferred by retailers because of their user-friendly, cost-effective, and easy-to-store features. Biodegradable carry bags are the current trend in the worldwide retail carry bag market.
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The key players in the plastic bags industry are concentrating on providing lighter-weight and more environmentally friendly bags. Some of these key players are Berry Global, Mondi Group, Ampac Holdings, LLC, International Plastics Inc., BioBag International AS, Smurfit Kappa, WestRock Company, Billerudkorsnas, Huhtamaki Oyj., Fischer Bag Company.
The post Bags Market Study: An Emerging Hint of Opportunity by 2032 appeared first on Future Market Insights.
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