The giant bags market is poised to reach a value of US$6.1 billion by 2023, with a projected compound annual growth rate (CAGR) of 4.2% from 2023 to 2033. By 2033, it is expected to surpass US$9.9 billion.
Plastic products have become ubiquitous in our daily lives, leading to a significant increase in production worldwide. Unfortunately, approximately 70% of these plastic products end up as waste, contributing to soil and groundwater pollution when not disposed of properly.
In response to this environmental challenge, governments have implemented stringent regulations for plastic waste management. Recycling plastic has emerged as a practical and viable solution to tackle the issues associated with growing plastic waste.
Industries in North America and Europe are actively embracing recyclable plastic packaging, driven by an increasing awareness of responsible plastic waste disposal.
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This shift in consumer preferences presents lucrative opportunities for prominent packaging manufacturers to develop and produce large-sized recyclable bags that cater to market demand. By capitalizing on these market trends, companies can contribute to sustainable practices and offer environmentally-friendly packaging solutions.
Key Takeaways from Jumbo Bags Market Study
- By end use, the chemicals & fertilizers segment would hold more than 45% of share in the forecast period.
- Type C jumbo bags would reach US$ 1.4 billion by the end of 2033.
- U-panel design of jumbo bags would expand at a CAGR of 0% in the next ten years.
- By capacity, the 200 kg to 750 kg segment would show a BPS fluctuation of +140 bps by 2033.
- South Asia and East Asia would together create incremental opportunities of US$ 1.2 billion in the forecast period.
“Increasing demand for flexible packaging formats in the chemicals & fertilizers industry would push the market. Jumbo bags offer water-proof, versatile, and bulk packaging. Such ideal protection added with cost and space efficiency is provided by jumbo bags. It would bolster sales in the next ten years,” says an analyst.
Ability of Jumbo Bags to Reduce Transportation Cost Would Fuel Sales
Manufacturers have shifted toward flexible packaging. Inclination toward jumbo bags or bulk bags is due to better protection of materials that are transported. Ease of procurement would also push sales.
Empty jumbo bags can be easily stored due to their high flexibility. They can be transported even without pallets. They are low cost and can be conveniently handled.
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On the other hand, filled jumbo bags have a low package-to-product weight ratio. Empty jumbo bags are compact and lightweight. It reduces transportation cost. Due to these factors, high preference for jumbo bags in bulk goods transportation is countered.
China, India, Bangladesh, and other emerging Asia Pacific countries are key producers of jumbo bags. But, consumption of these bags is low in these regions.
Rising economic growth and industrialization would propel demand. Need from industries to transport goods through low-cost flexible intermediate bulk containers would rise.
Rising shift toward flexible packaging from rigid packaging would drive jumbo bags demand. Jumbo bags are used for transportation of chemicals & fertilizers, food & agriculture products, and cement in Asia Pacific.
Surging Price of Raw Materials and Labor Shortage May Hamper Production
Jumbo bags or flexible intermediate bulk containers are made from raw materials such as polypropylene and polyethylene. It is estimated that raw materials account for around 60 to 70% of the total manufacturing cost of jumbo bags. Fluctuation in prices and unavailability of raw materials are key constraints in maintaining competitive prices of jumbo bags.
Production of jumbo bags is a labor-intensive process. Lack of adequate skilled manpower hampers production of jumbo bags in emerging economies of Asia Pacific.
Jumbo bags manufacturing industry is an export-oriented sector. Fluctuation of the forex market leads to decreasing firm’s revenue from exports. It further affects the firm’s profitability. It is a leading restraint in the production of jumbo bags in emerging economies.
Competitive Landscape: Jumbo Bags Market
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 prominent players in the jumbo bags market.
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Jumbo Bags Market Outlook by Category
By Bag Type:
- Type A
- Type B
- Type C
- Type D
By Capacity:
- Less than 200 kg
- 200 kg to 750 kg
- 750 kg to 1500 kg
- Above 1500 kg
By Design:
- U-Panel Bag
- Four Side Panel
- Baffle
- Circular/ Tabular
- Cross Corner
By End Use:
- Building & Construction
- Chemicals & Fertilizers
- Food Products & Agriculture
- Pharmaceuticals
By Region:
- North America
- Latin America
- Europe
- Middle East & Africa
- East Asia
- South Asia
- Oceania
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