The worldwide compostable & biodegradable trash bags market is estimated to grow at a CAGR of 7.8% through 2028 in the industrial end-use segment.
Nearly 35% of the demand for compostable & biodegradable refuse bags is likely to come from the industrial segment. The retail & consumer category is estimated to provide an additional potential of US$ 97.3 Mn by 2028, with a CAGR of 8.1%, whereas the capacity type exceeding 1.5 mils is expected to grow at an annual rate of 8%.The compostable & biodegradable refuse bags market is valued at US$ 295 Mn in 2022. The market is anticipated to show a modest CAGR of 8% during 2022-2028 to reach US$ 467 Mn at the end of the forecast period.
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Country-wise Insights
Why is China Emerging as Lucrative Market for Compostable & Biodegradable Refuse Bags?
As per FMI, China is expected to dominate the Asia Pacific Excluding Japan (APEJ) compostable and biodegradable refuse bags market during the forecast period. Increasing government efforts to reduce plastic usage, growing consumer inclination towards ecofriendly products and the presence of leading market players are some of the factors driving the China market.
China is the largest producer of plastic waste in the world. According to the World Population Review, plastic waste production in China reached around 59,079741 tons in 2021. This in turn is prompting the government to take strict measures to reduce the consumption.
Why are Sales of Low Capacity (7-20 Gallons) Bags Rising?
With rising disposable income, sophisticated life standard and growing awareness, majority of the households today use refuse bags to collect and transport waste products. Different types of refuse bags are being employed across houses, offices, and other industries. However, low capacity (7-20 gallons) compostable and biodegradable refuse bags are more preferred over others.
Low-capacity bags are less expensive and more convenient for waste storage applications across homes and offices. They can be easily handled and disposed. Rapid urbanization is anticipated to boost the sales of low capacity (7-20 gallons) refuse bags during the forecast period.
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In this report, we have discussed individual strategies followed by these companies in terms of enhancing their product portfolio, creating new marketing techniques, mergers and acquisitions. The ‘Competitive Landscape’ is included to provide report audiences with a dashboard view and company share collectively.
Key players operating in the global market for compostable & biodegradable refuse bags include Mondi Group, Sphere Group, Vegware Global, VICTOR Güthoff & Partner GmbH, Cedo Ltd., BioBag International AS, PLAST-UP, Polybags Ltd, Clondalkin Group Holdings B.V., Plastiroll Oy Ltd, The Biodegradable Bag Company Ltd, QUICKPACK Haushalt + Hygiene GmbH, MIRPACK, TM, The Compost Bag Company, SIMPAC, TERDEX GmbH, Pack-It BV, Cromwell Polythene Ltd, Flexopack SRL, Virosac SRL among others.
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