Future Market Insights (FMI) delivers key insights into the jumbo bags market in its report. According to the study, the global jumbo bags market is estimated to grow by 1.5x between 2020 and 2030 in terms of revenue. By 2021, therefore, the market’s valuation is expected to surpass US$ 5.8 Bn.
The rising demand from chemicals & fertilizers industry will remain a chief contributor. FMI has even predicted the industry to account for over four of every ten jumbo bags sold globally. Among various types of jumbo bags available, Type C and U-panel bags will remain highly sought-after in terms of bag type and design, respectively.
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Key Takeaways of Jumbo Bags Market Study
- The global bags market is expected to exhibit positive growth 2022 onwards after temporary period of lull following COVID-19 outbreak
- The U.S. will remain a key market, accounting for over 80% of jumbo bags sold in North America
- After registering negative growth, the U.K. market will set on path of recovery exhibiting 1.7% Y-o-Y growth in 2022
- Demand from Germany and France also is expected to pick up at a positive pace post 2020
- Japan and South Korea will remain key markets in East Asia
“Increase in demand for flexible packaging formats especially in the chemicals & fertilizers industry is aiding overall expansion of the market. Market players are therefore focusing on production of ideal jumbo bags with features such as water-proof, versatile, and improved strength for bulk packaging,” said an FMI analyst.
Demand for Flexible Packaging Aiding Growth
Manufacturers of several end-use industry have shifted towards flexible packaging which is aiding jumbo bags sales. The inclination towards jumbo bags or bulk bags or Flexible Intermediate Bulk Containers (FIBCs) is due to better protection they offer to materials that are packed within and transported. Besides this, the ease of procurement of jumbo bags has been identified as a key growth driver. Moreover, empty FIBCs or jumbo bags can be easily stored due to their flexibility and can be transported even without pallets at low cost. Among other features, convenient handling offered by jumbo bags has made them highly sought after across various industries.
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Surge in Price of Raw Materials and Labor Shortage to Hamper Production
Jumbo bags are generally made from raw materials such as polypropylene and polyethene. It is estimated that raw materials account for approx. 60-70% of the total manufacturing cost of jumbo bags. Fluctuation in prices and availability of raw materials are major constraints in maintaining competitive prices of jumbo bags for Asia Pacific manufacturers.
Production of jumbo bags is a labor-intensive process. Lack of adequate skilled manpower hampers the production of jumbo bags or FIBCs in emerging economies of Asia Pacific.
Jumbo bags manufacturing industry is an export-oriented sector. The fluctuation of the forex market leads to a decrease in the firm’s revenue from exports, which affect the firm’s profitability. This is a major restraint in the production of the jumbo bags in emerging economies.
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Who is winning?
Berry Global Group, Inc., Greif Inc., Conitex Sonoco, AmeriGlobe L.L.C, PT. WIHARTA KARYA AGUNG, BAG Corp., Halsted Corporation, Intertape Polymer Group., Emmbi Industries Ltd., LC Packaging International BV, Rishi FIBC Solutions Pvt. Ltd., Langston Companies Inc., Jumbo Bag Ltd., Bulk Lift International and Sackmaker J&HM Dickson Ltd. are some of the leading players in the jumbo bags market.
Why are Key Players Investing Million Dollars in Asian Market?
China is the world’s largest producer of chemicals, contributing 35.8% of global chemical sales in 2019. Of the various end-use industries that use jumbo bags, chemical industry is a major segment. With high growth in the chemical industry, the demand for jumbo bags is also rising across the world. In 2019, global chemical industry value accounted for US$ 3,938.5 Bn. The global chemical production grew by 1.2% in 2020, much slower than in 2019. However, production stoppages in consumer industries and weaker final demand will likely have a significant negative impact on chemical growth globally but particularly in China.
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