The global canvas bags market is set for significant growth, with an expected market value of USD 1,051.17 million in 2023. Over the forecast period from 2023 to 2033, it is projected to reach a market value of USD 1,740 million, reflecting a substantial Compound Annual Growth Rate (CAGR) of 5.1%. During the historical period from 2018 to 2022, the market displayed a CAGR of 3.9%, indicating a considerable acceleration in growth.
Get a Sample PDF of the Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-11469
key factors:
1. Environmental Friendliness: Canvas is a natural fabric known for its high degree of environmental friendliness. Canvas bags are increasingly replacing plastic bags, particularly for carrying groceries. They are biodegradable and have a minimal environmental impact in both production and use. The reusability and recyclability of canvas bags are key drivers of market growth.
2. Affordability: Canvas bags are notably affordable, making them a popular choice for industries and brands as corporate gifts. They are cost-effective, enabling both larger and smaller advertisers and businesses to incorporate them into their promotional strategies.
3. Sustainability: As consumers and businesses prioritize sustainability and environmentally friendly practices, the demand for canvas bags, which align with these values, is growing. The versatility and durability of canvas bags make them a reliable choice for everyday use.
4. Promotional Utility: Canvas bags are frequently used as promotional items, given their affordability and customizability. Brands and companies use them to provide practical gifts to collaborators, colleagues, and event attendees, enhancing their brand presence.
The convergence of environmental awareness, affordability, and versatility has made canvas bags a preferred choice for various applications, from grocery shopping to corporate gifting. This trend is expected to persist and drive significant market expansion throughout the forecast period.
One of the most important features of canvas bags is their higher level of affordability. Due to this reason, industries and brands generally use canvas bags as corporate gifts for their collaborators, colleagues, or event attendees. Canvas is an easy-on-pocket fabric which is making it highly affordable even for smaller advertisers and businesses and advertisers.
On the regional end, North America is expected to dominate the canvas bags market by accumulating 34.2% market share by end of the forecast period. Factors such as increasing preference from men and women for canvas bags to carry products and rising disposable income are augmenting market growth in this region.
Likewise, Asia Pacific canvas bags market is expected to reflect fastest CAGR of 6.2% during the projected period. will have the largest share of the market. This region is anticipated to garner around 32% market share by end of 2033.
Flourishing retail sectors in developing countries such as India and China, as well as increasing rate of working women in the global workforce are key factors responsible for growth in this region.
Countries like China have been major importers of canvas and tote bags. Increased shopping and altered lifestyle are also anticipated to contribute to the demand for canvas bags during forecast period. Popularization of new fashion trends, social media influences, and a rising young population are also some key factors expected to fuel growth in the forecast period.
Request Report Methodology: https://www.futuremarketinsights.com/request-report-methodology/rep-gb-11469
Market Dynamics:
The adoption of tote bags is rapidly growing amongst women attributing to its wide usage and variety. Furthermore, canvas bags are reusable, washable, foldable and easily storable. The consumer concerns regarding the environment and hazards of use of plastics has led to higher adoption of canvas bags. Canvas bags are made up of recycled materials comprising of organic cotton and recycled polyester.
This is likely to augment the market demand for canvas bags. In addition, canvas bags are used by manufacturers or brand owner for marketing their brand and increasing its awareness amongst the customers. Printing on the surface on the canvas bags is economical and hence, it is widely used for marketing campaigns.
Many NGOs also use canvas bags to promote a cause or increase awareness on a specific topic. Moreover, canvas bags are highly economical and are popular amongst the customers by satisfying quality for value expectations. These factors might impact the market demand for canvas bags positively.
Government support and initiatives such as banning plastics or penalty and fines for using plastic bags has led to creation of strong demand for canvas bags. For instance, violators who use single use plastic would be implied for a fine of $500.
In addition, manufacturers are designing lavish patterns and shapes which is likely to attract large number of customers. This is anticipated to rise the women preference for using canvas bags which is likely to hike the demand for canvas bags in the years to come.
Market Segmentation:
By Type:
- Backpack
- Canvas Sling bag
- Canvas Tote bag
- Grocery bag
- Gift bag
- Others (Beach bag, etc.)
By weight:
- Less than 5 oz
- 6 to 10 oz
- 11 to 15 oz
- 16- 20 oz
- More than 20 oz
By End use:
- Shopping ( Grocery, Retail)
- Travelling
- Office
- Schools/ Colleges
- Others ( Gym, Sports)
Ask An Analyst: https://www.futuremarketinsights.com/ask-the-analyst/rep-gb-11469
Queries Solved
- What is the size of the overall Canvas Bags Market in the Packaging Industry and its segments?
- What are the key segments and sub-segments in the market?
- What are the key drivers, restraints, opportunities, and challenges of the Canvas Bags Market in the Packaging Industry, and how they are expected to impact the market?
- What are the attractive investment opportunities within the Canvas Bags Market in the Packaging Industry?
- What is the Canvas Bags Market in the Packaging Industry size at the regional and country level?
- What are the key market players focusing on?
- What are the strategies for growth adopted by the key players in Canvas Bags Market in the Packaging Industry?
- What are the recent trends in Canvas Bags Market in the Packaging Industry? (M&A, partnerships, new product developments, expansions)?
- What are the challenges to the Canvas Bags Market in the growth of the Packaging Industry?
- What are the key market trends impacting the growth of the Canvas Bags Market in the Packaging Industry?
Author
Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show – Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube