The global paper-based consumer bags market is expected to grow significantly, according to Future Market Insights research. The market is projected to reach a valuation of US$ 4.9 billion by 2032, expanding at a CAGR of 4.7% from its estimated valuation of US$ 3.1 billion in 2022. The top 5 companies are anticipated to hold a market share of approximately 15-20% by the end of 2022.
The 1-5 kg capacity segment is expected to drive growth in the paper-based consumer bags market due to the increasing number of consumers for shopping. This segment is projected to grow 1.9 times the current market value during the forecast period.
In 2021, the paper-based consumer bags market revenue totaled US$ 3.0 billion. With the rising number of young consumers worldwide, the market is estimated to reach US$ 4.9 billion by 2032, growing at a CAGR of 4.7% throughout the forecast period.
The market for paper-based consumer bags is poised for lucrative growth, with sales expected to rise from 2022 to 2032. It is projected to generate an incremental growth opportunity of US$ 1.9 billion, indicating strong market potential.
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The increasing demand for eco-friendly packaging, particularly among fashion brands, is expected to drive the demand for paper-based consumer bags. The market is predicted to expand 1.7 times its current value during the forecast period.
Key Takeaways:
- The global paper-based consumer bags market is set to reach US$ 4.9 billion by 2032, growing at a CAGR of 4.7%.
- The 1-5 kg capacity segment presents a growth opportunity, driven by the increasing number of consumers for shopping.
- The top 5 companies are expected to hold a market share of 15-20% by the end of 2022.
- The market revenue was US$ 3.0 billion in 2021, and it is estimated to reach US$ 4.9 billion by 2032.
- The demand for eco-friendly packaging, particularly in the fashion industry, is a significant driver for the paper-based consumer bags market.
- The market has a strong potential for incremental growth, with an estimated opportunity of US$ 1.9 billion.
- The projected growth indicates a market expansion of 1.7 times its current value during the forecast period
Competitive Landscape
The key players operating in the paper-based consumer bags market are trying to focus on increasing their sales and revenues by expanding their capabilities to meet the growing demand. The key players are trying to adopt a merger & acquisition strategy to expand their resources and are developing new products to meet customer needs. Also, the players are focusing on upgrading their facilities to cater to the demand. Some of the recent key developments by the leading players are as follows –
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- In May 2022, Smurfit Kappa Group plc, an integrated manufacturer of paper based packaging products, announced the acquisition of Atlas packaging. Atlas packaging is an independent corrugated packaging provider.
- In April 2022, WestRock Company, a leading provider of differentiated paper and packaging solutions, announced a partnership with Recipe Unlimited to implement a suite of recyclable paperboard packaging.
- WestRock Company
- Hutamaki Oyj
- Novolex Holdings LLC
- Ronpak Inc.
- Mondi Group
- Amcor Ltd
- International Paper Company
- Smurfit Kappa Group
- Welton Bibby And Baron Limited
Regional Analysis:
India and US: Driving Demand for Paper-based Consumer Bags
India’s Paper Industry Propels Demand for Paper-based Consumer Bags India is expected to dominate the South Asia paper-based consumer bags market, accounting for 56% of the market share between 2022 and 2032. The Indian Paper Manufacturers Association (IPMA) reports that India contributes 5% to the global paper production industry. With a per capita paper consumption of 15 kg, there is a significant growth opportunity for the paper-based consumer bags market in India.
US Market Augments Demand for Paper-based Consumer Bags The US market for paper-based consumer bags is projected to expand at a CAGR of 3.4% during the forecast period, driven by the increasing consumption of packed food in the country. The National Retail Federation (NRF) notes a 6.7% growth in US retail sales in 2020, highlighting the robust retail sector. The demand for self-appealing, convenient, cost-effective, and lightweight packaging solutions contributes to the positive growth outlook for the paper-based consumer bags market in the US.
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Paper-based Consumer Bags Market by Category
By Material, Paper-based Consumer Bags Market is Segmented as:
- Brown Kraft Bags
- White Kraft Bags
By Bag Type, Paper-based Consumer Bags Market is Segmented as:
- Sewn Open Mouth Bags
- Pinched Bottom Open Mouth Bags
- Pasted Valve Bags
- Pasted Open Mouth Bags
- Flat Bottom Bags
By Capacity, Paper-based Consumer Bags Market is Segmented as:
- Less than 1 Kg
- 1-5 Kg
- Above 5 Kg
By Region, Paper-based Consumer Bags Market is Segmented as:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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