The worldwide multiwall bags market is supposed to add up to a market valuation of US$ 14.9 Bn continuously 2022, advancing at a CAGR of 4.4% by 2022-2032.
With the increasing sales of multiwall bags in recent years, the packaging business has seen substantial expansion. As per Future Market Insights (FMI), the multiwall bags market will grow by 4.4% between 2022 and 2032, reaching US$ 23 Bn by the end of the forecast period.
The need for multiwall bags is growing for packaging in fertilizer, textile, and cement industries. Furthermore, consumers are becoming more environmentally conscious, which has boosted the market for multiwall bags. Various layers of kraft paper are used to make multiwall bags.
To prevent contamination, the inner layer of the multiwall bags is specifically coated and laminated. Multiwall paper bags are becoming increasingly popular as a result of the ability to customize the product for promotional purposes.
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Since many organizations do not consider regular plastic for packaging, rise of organized retail such as supermarkets and hyper markets will create prospects for sales of multiwall bags. The consistently expanding need for grain crops is fuelling the demand for fertilizers, especially in emerging nations, which is driving multiwall bags sales.
Key Takeaways from Global Multiwall Bags Market
- Multiwall bags market value will surpass US$ 14. 9 Bn in 2022
- APAC is projected to continue dominating the global market for multiwall bags.
- Food sector to remain primary end user of multiwall bags.
- Demand for multiwall bags in the U.S. will grow by 3%.
- Multiwall bags sales in India will pick up by 5.9% CAGR in India between 2022 and 2032.
“Eco-friendly paper-based multiwall bags packaging is expected to gain traction across various industries due to consumer preference for biodegradable packaging material and increasing emphasis towards environmental protection,” – said an FMI analyst
Demand for Packed Food Creating Prospects for Multiwall Bags Sales
The global multiwall bag market is looking at steady growth owing to the rising demand for packaged food products. Another important element driving the multiwall bag market growth is the demand for creative and sustainable packaging solutions.
Furthermore, the steadily expanding need for grain crops is resulting in high demand for fertilizers, particularly in emerging nations, which is driving demand for multiwall bags and is likely to drive the market through the forecast period.
What Is The Impact Of COVID-19 On Global Multiwall Bags Market?
In 2020-2021, a significant slowdown was in the multiwall bags market was observed. The COVID-19 pandemic has wreaked havoc on the economy and slowed down production. During the first and second quarters of 2020, trade, travel, retail, and manufacturing operations were disrupted, and the production of packaging materials and the supply chain came to a halt.
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Several countries have however lifted trade restrictions following the containment of the pandemic. This is expected to help the market recover after a period of decelerating sales. The long-term impact of this situation could be significant, limiting growth in the market for multiwall sacks.
Flexible packaging goods like multiwall bags or sacks have been in high demand from industries such as food and beverage, agriculture, and healthcare to preserve hygiene and safeguard products from any damage.
During the second quarter of 2020, the food and beverage industry saw a surge in demand for packaged foods, resulting in increasing use of paper and plastic bags. Food, medical supplies, agriproducts, and consumer goods were all stockpiled as a result of the COVID-19 crisis.
Competitive Landscape
To strengthen their market position and expand their product portfolio, leading market players have been adopting various expansion tactics, including as mergers and acquisitions, technological breakthroughs, and new product releases.
Recent developments in market are:
- September 2020 – Metropolitan Tea, a leading provider of luxury tea products, has teamed up with ProAmpac, an American flexible packaging firm, to introduce a novel packaging solution made entirely of industrial compostable materials.
- October 2020 – New kraft paper-based bags have been added to the product portfolio of ND Paper, a prominent paper-based packaging manufacturer based in Hong Kong. The new bags can be used as multiwall bags or retail bags and are composed entirely of virgin fibre.
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Global Multiwall Bags Market By Category
By Material, Global Multiwall Bags Market is Segmented as:
- Plastic
- Paper
By Capacity, Global Multiwall Bags Market is Segmented as:
- Up to 5Kg
- 6Kg to 10Kg
- 11Kg to 25Kg
- Above 25Kg
By End use, Global Multiwall Bags Market is Segmented as:
- Food
- Chemical & Fertilizers
- Building & Construction
- Automotive
- Other End Use
By Region, Global Multiwall Bags Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
Related Links –
https://acatpg.mn.co/posts/24536378
https://globalsocials.mn.co/posts/new_basic
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