The global garbage bags market is projected to have a moderate-paced CAGR of 5.8% during the forecast period. The current valuation of the market is US$ 8.1 Billion in 2022. The market value of the garbage bags market is anticipated to reach a high of US$ 13.6 Billion by the year 2032.
Introduction-
Garbage Bags Market is an indispensable part of the global waste management industry. The demand for Garbage Bags has been increasing rapidly, mainly due to the rise in urbanization and industrialization. With the rapid increase in population, waste generation has also increased, leading to the need for more efficient waste management solutions. Garbage bags play a crucial role in waste management, providing a convenient and hygienic way of disposing of waste.
Driven by the increasing waste generation the demand for garbage bags is expected to rise. Rising need for effective waste disposal right from households to commercial places is anticipated to boost the growth of garbage bags market in the years to come.
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Terdex GmbH, Novplasta, S.R.O, Extrapack Ltd., Dagoplast AS, International Plastic, Inc., MirPack TM, Pack-It BV, Achaika Plastic S.A, Plasta.It and Primax D.o.o. are prominent players in the garbage bags market. The garbage bags market is fragmented and the Tier 1 players in the market hold 15–20% share in the global garbage bags market.
As per the data by worldbank.org, the world generates 2.01 billion tons of municipal solid waste per annum, out of which 33% of waste is not managed in an environmentally safe manner. Waste generated per person every day is averaged at 0.7 kilogram but ranges from 0.1 to 4.5 kilograms every day.
Poorly managed waste is leading to landslides of waste dumps and is contaminating world’s ocean and land leading to clogged drains and flooding. Moreover, improper waste disposal is a threatening concern for human health as it transmits diseases and increases respiratory problems. These concerns have made hygiene practices such as proper disposal of waste increasingly crucial.
Besides this, expansion of service sector will continue aiding the expansion of the market. FMI has forecast the services segment to account for nearly 1/4th of the market by the end of 2031.
Key Takeaways Of Garbage Bags Market Study-
- Recovery will be slow and steady as garbage bags market expected to register 0.1% Y-o-Y growth in 2021
- Initiatives undertaken to encourage proper waste disposable will enable the U.S. account for nearly 85% of sales in North America in 2021
- Post COVID-19, growth in U.K. is likely to be hampered as the market is forecast to register negative Y-o-Y growth in 2021
- Negative growth is expected to persist in Germany in 2021, while France will showcase positive rise in the demand for garbage bags
- Despite sluggish growth in 2020–2021, Japan and South Korea markets are expected to bounce back, exhibiting impressive rise in sales 2022 onwards
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“With focus on sustainability rising, most companies are expected to shift away from plastic to eco-friendlier materials. An increasing number of companies are likely to offer recyclable solutions to keep pace with changes in consumer behaviour and preference” says an FMI analyst.
Market Drivers-
The following are some of the primary drivers behind the growth of the Garbage Bags Market:
- Increase in waste generation due to the rise in population and urbanization
- Growing awareness of environmental concerns and the need for sustainable waste management solutions
- Increase in industrialization and commercialization
- Technological advancements in the production of garbage bags
Market Challenges-
Despite the growth potential, the Garbage Bags Market faces several challenges that hinder its growth. Some of the significant challenges are:
- Lack of awareness about the benefits of eco-friendly garbage bags
- Availability of low-cost alternatives
- Strict regulations on the use of plastic materials
Key Segments in the Garbage Bags Market
By Material Type:
- Polyethylene
- Polypropylene (PP)
- Others
By Capacity:
- EPS
- PUR
- VIP
- PCM
- Others
By End-use:
- Services
- Healthcare
- Industrial Product & Construction
- Retail
- Hospitality
- Other
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