Between 2022 and 2032, there will be a 3.9% CAGR in the worldwide bags market. Plastic bags will account for 70% of sales in the worldwide bag market, predicts Future Market Insights (FMI). However, the market for paper bags is anticipated to grow rapidly.
Paper bag use is rapidly expanding, which is attributed to industry-wide demand. In addition, with the expansion of shopping centres, complexes, and retail businesses, it is anticipated that demand for both paper and plastic bags will increase.
The market is also being helped by consumers’ growing desire for packaged and processed foods. To keep the contents of bags used to package edible products fresher for longer, food-grade liners are utilised.
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The rise in consumer spending power and disposable income are macroeconomic factors that can be linked to the rising demand for bags. Additionally, new improvements that aim to enhance design and production procedures are promoting market expansion.
Bags that are more effective, dependable, and practical are currently being developed by manufacturers. Additional factors such the use of bags in the construction industry for packing cement, growing urbanisation, and favourable government policies are anticipated to drive the market even more.
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
- Sales of bags are expected to total US$ 49.2Bn by the end of 2032.
- The U.S. will continue leading bags sales in North America. The U.S. bags market will total US$ 5.7Bn in 2022.
- Plastic bags will continue holding dominance, accounting for 70% of sales within the market.
- Retail & consumer will emerge as the leading end user, exhibiting growth at a CAGR of 4.3% during the forecast period.
- During the forecast period, the India bags market is expected to grow at a CAGR of 5.8%.
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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.
Global Bags Market Landscape
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.
Global Bags Market Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for global bags market by Material Type (Plastic Bags, Paper Bags, and Textile Bags), by Product Type (T-Shirt Bags, Gusseted Bags, Lay Flat Bags, Garbage/Refuse/Trash Bags, Woven Bags, and Other Bags), By End Use (Retail & Consumer, Institutional Services, Industrial End-Use, and Household) & Region
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Global Bags Market by Category
By Material Type, Bags Market is Segmented as:
- Plastic
- Paper
- Textile
By Product Type, Bags Market is Segmented as:
- T-Shirt Bags
- Gusseted Bags
- Lay Flat Bags
- Garbage/Refuse/Trash Bags
- Woven Bags
- Other Bags
By End User, Bags Market is Segmented as:
- Retail & Consumer
- Grocery Products
- Food & Beverage
- Clothing & Apparel
- Others
- Institutional Services
- Hospitality
- Healthcare
- Others
- Industrial End Use
- Household
By Region, Bags Market is Segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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