In its new market study, Future Market Insights (FMI) has forecasted that the global foodservice paper bags market will record healthy growth between 2020 and 2030, and will progress at a CAGR of 5.4%. Moreover, the study projects that the market will attain a global valuation of US$ 1.45 Bn by 2030.
In the recent past, rising concerns regarding alarming levels of pollution caused by plastic have compelled several nations to impose a ban on plastic materials. This is promoting foodservice providers to opt for sustainable packaging solutions, thus driving the demand for paper bags.
Along similar lines, the proliferation of online food delivery and the growing trend of on-the-way meals are positively influencing the adoption of paper bags in foodservice applications. As end-users seek packaging solutions that are strong and leakage-proof, manufacturers are emphasizing on innovation in product design.
“Market players are focusing on developing products with high tensile strength and better quality to gain an edge over their counterparts, plastic bags, which are stronger than paper bags,” remarks FMI analyst.
- Brown kraft-based paper bags are expected to account for more than 4/5th of market value, owing to their stiffness.
- Non-handle bags will remain the most sought type, capturing nearly 2/3rd of market value, backed by their convenience and low cost.
- On the basis of end-use, restaurants are poised to capture more than half of overall global value, ascribed to the rising trend of take-away.
- Europe is projected to spearhead the regional landscape of the market, capturing more than 1/3rd of market value.
- East Asia will prevail as the second most lucrative regions through the forecast period, holding a quarter of the market value.
COVID-19 Impact on Foodservice Paper Bags Market
The outbreak of COVID-19 is exhibiting a dual impact on the packaging industry and it clearly reflects in the demand for paper bags in the foodservice sector. As people across the world remain confined in their homes, packaged food has emerged as a solution for their food cravings.
With efficient online food delivery services in place, consumers are resorting to online orders. This will aid the demand for paper bags to sustain during the forecast period to an extent. However, the closure of restaurants and other food outlets coupled with limitations on the production front will pose a challenge to the steady growth of the market during the pandemic.
Who is Winning?
Key players in the market are focusing on producing sustainable products to comply with the existing norms on packaging methodologies. Along similar lines, traditional growth strategies such as acquisitions, mergers, and expansions will continue to shape the competitive landscape. On these lines:
- In 2019, Amcor launched a new recyclable packaging format that is capable of reducing carbon impact by 64%.
- In the same year, Westrock company completed acquisition of KapStone Paper and Packaging Corporation with an intention to expand its product portfolio.
For Information On The Research Approach Used In The Report, Ask Analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-12666
FMI’s report includes profiles of some of the most prominent names in the market including WestRock Company, Huhtamaki Oyj, Paperbags Limited, Novolex Holdings LLC, Ronpak Inc., The Mondi Group LLC, Amcor Ltd., Vegware Ltd., Stora Enso Oyj., Smurfit Kappa Group, International Paper Company, Georgia Pacific LLC, Welton Bibby And Baron Limited, Biopac (UK), United Bags Inc. and Global-Pak.
To Know More About Foodservice Paper Bags Market
A new market research report published by Future Market Insights (FMI) on the global foodservice paper bags market offers a blueprint of the market. It offers insights into demand trends and provides analysis of opportunities over the forecast period, 2020-2030. The report examines the market through four different segments – material, bag type, end-use, and region. The report also provides extensive assessment of pricing by different key market dynamics, life cycle analysis, and technologies that are being deployed in the supply and product adoption across several end-use industries.
About Packaging Division at Future Market Insights
The Packaging division at FMI provides an in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs & formats, FMI has an exhaustive market research database, serving clients with unique offerings and strategic recommendations. With a repository of 750+ reports, the team analyzed the packaging industry comprehensively in 70+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help