The jumbo bags market is poised for significant growth, with Future Market Insights (FMI) predicting it to reach a value of US$6.1 billion by 2023. In the following decade, the market is projected to maintain a compound annual growth rate (CAGR) of 4.2%, surpassing $9.9 billion by 2033.
The widespread production and use of plastic products have led to a significant environmental challenge. It is estimated that around 70% of plastic products degrade quickly, leading to soil and groundwater pollution. In response to this issue, governments worldwide have implemented stringent regulations pertaining to plastic waste management, creating a demand for effective solutions.
Jumbo bags, also known as flexible intermediate bulk containers (FIBCs), provide a sustainable and eco-friendly alternative in the packaging industry. These large, sturdy bags are typically made from woven polypropylene or other durable materials, allowing for the safe storage and transportation of bulk goods. Jumbo bags offer advantages such as reusability, recyclability, and reduced environmental impact compared to traditional plastic packaging options.
In North America and Europe, industries have shown a growing preference for recyclable plastic packaging due to an increased understanding of responsible plastic waste disposal. This shift presents significant opportunities for established packaging manufacturers to develop and produce large, recyclable bags.
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To summarize, the giant bags market is set for substantial growth, with a projected value of US$6.1 billion by 2023 and a continuous expansion at a CAGR of 4.2% until 2033. The rising emphasis on recycling and the demand for sustainable packaging create favorable prospects for industry players to capitalize on this market.
Key Takeaways from the Jumbo Bags Market Study:
- The chemicals & fertilizers segment is expected to hold over 45% of the market share in the forecast period based on end-use.
- Type C jumbo bags are projected to reach US$1.4 billion by the end of 2033.
- The U-panel design of jumbo bags is forecasted to experience a 0% CAGR over the next ten years.
- The 200 kg to 750 kg capacity segment is anticipated to exhibit a BPS fluctuation of +140 bps by 2033.
- South Asia and East Asia, collectively, are expected to generate incremental opportunities worth 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.
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.
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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.
Factors Driving Jumbo Bags Consumption in the USA, China, and Germany
- USA: High Consumption of Jumbo Bags in Construction Projects The USA showcases maximum consumption of jumbo bags, reaching over US$ 1 billion in the next ten years. The booming construction industry and infrastructure development projects, such as California High-Speed Rail and Sound Transit 3, require large quantities of raw materials. This drives the demand for jumbo bags as they are preferred for transporting construction materials.
- China: Lucrative Jumbo Bags Manufacturing Hub China is the second-largest market for jumbo bags and is expected to expand significantly during the estimated period. The country’s dominant chemical production and export industry contribute to the massive consumption of jumbo bags. China exports chemicals and fertilizers, requiring durable and strong bulk bags for safe transportation. The cost advantages, including lower production costs and raw material availability, make China an attractive manufacturing hub for jumbo bags.
- Germany: Skyrocketing Jumbo Bags Sales Driven by Chemical and Pharmaceutical Industries Germany’s jumbo bags market size outpaces other European countries due to high demand from the chemical and pharmaceutical industries. Germany is the largest exporter of pharmaceutical products in the European Union. The expansion of the pharmaceutical industry, investments in research and development, and increasing exports of medicinal and pharmaceutical products drive the demand for jumbo bags. Additionally, Germany’s significant role in meeting global chemical demand further boosts sales in the jumbo bags industry.
Key Benefits for Jumbo Bags Market:
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building.
- Major countries in each region have been mapped according to their individual revenue contribution to the global/regional market.
- It outlines the current trends and future scenario of the market from 2023 to 2033 to understand the prevailing opportunities and potential investment pockets.
- The profiles of key players along with their key strategic developments are enlisted in the report.
- The key drivers, restraints, and opportunities and their detailed impact analyses are elucidated in the study.
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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
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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