The global plastic bag market size is expected to increase from US$ 24,673.5 million in 2023 to US$ 34,424.5 million by 2033. Sales of plastic bags are predicted to rise at a Compound Annual Growth Rate (CAGR) of 3.4% throughout the forecast period. In 2022, the total market value of the global plastic bag industry reached US$ 23,745.9 million, with a year-on-year growth of 3.9% projected for 2023. These figures highlight a steady expansion in demand for plastic bags, driven by their widespread use in various sectors such as retail, packaging, and food service industries.
Polyethylene (PE) remains the most widely used material among plastic bag manufacturers. This is attributable to its flexibility, durability, low cost, and other attractive features. The target segment is set to thrive at a 3.1% CAGR through 2033.
The healthcare and pharmaceutical sectors are also experiencing significant growth globally, driven by the increasing demand for medications, surging chronic diseases, and the need for innovative treatments. This will likely create new growth opportunities for plastic bag manufacturers.
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As per data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), the overall production of pharmaceuticals increased by over 50% in the last ten years. This growth is consequently having a positive impact on the market for plastic bags. Several manufacturers have also started providing sustainable plastic bags for pharmaceutical and healthcare applications owing to the evolving scenario of healthcare-based regulations.
“The surging demand for convenience packaging solutions, driven by population growth and high disposable income, is positively influencing the plastic bag market. Besides this, the growing food service and healthcare sectors will positively impact plastic bag sales through 2033,” Says Lead Analyst at FMI.
Business Growth Drivers:
- Convenience and Versatility: Plastic bags are lightweight, durable, and versatile, making them convenient for packaging various products across industries such as retail, food, and healthcare.
- Cost-effectiveness: Plastic bags are relatively inexpensive to produce compared to alternatives like paper or cloth bags, making them a cost-effective choice for businesses.
- Consumer Demand: Despite growing awareness about environmental issues, consumer demand for convenient packaging solutions remains high, especially in emerging markets where disposable incomes are rising.
- Innovation and Technological Advancements: Advances in plastic manufacturing technologies have led to the development of eco-friendly options such as biodegradable and compostable plastics, which cater to environmentally conscious consumers and regulatory requirements.
- Globalization and Urbanization: Increasing urbanization and globalization have spurred the demand for packaged goods, further driving the growth of the plastic bag market, especially in developing regions where infrastructure development is ongoing.
- Regulatory Environment: While regulations regarding plastic usage are becoming stricter in many regions, they often target single-use plastics like straws and cutlery rather than plastic bags, allowing the market to sustain growth in certain segments.
Industry Restraints:
- Environmental Concerns: The most significant restraint facing the plastic bag market is the growing concern over environmental pollution caused by plastic waste. Governments and environmental organizations are pushing for reduced plastic usage and stricter regulations, leading to bans on single-use plastics in various jurisdictions.
- Shift Towards Alternatives: Increasing awareness of environmental issues has led consumers and businesses to shift towards alternative packaging options such as paper, cloth, and biodegradable plastics, impacting the demand for traditional plastic bags.
- Volatility in Raw Material Prices: The plastic bag industry is sensitive to fluctuations in raw material prices, particularly petroleum-based resins like polyethylene. Price volatility can affect profit margins and operational costs for manufacturers.
- Reputation Risk for Businesses: Businesses using traditional plastic bags face reputation risks due to heightened environmental awareness among consumers. Negative publicity related to plastic pollution can impact brand image and consumer loyalty.
- Regulatory Pressure: Governments worldwide are implementing regulations aimed at reducing plastic waste, including bans, taxes, and extended producer responsibility (EPR) schemes. Compliance with these regulations can pose challenges for businesses operating in the plastic bag market.
- Competition from Sustainable Alternatives: The rise of sustainable packaging alternatives, such as reusable bags, paper bags, and biodegradable plastics, presents intense competition for traditional plastic bag manufacturers, compelling them to innovate and adapt to changing consumer preferences.
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Key Takeaways from the Plastic Bag Market Study-
- The global plastic bag market is projected to reach a valuation of US$ 34,424.5 million by 2033.
- By bag type, the garbage bag segment is set to hold a market share of 36.1% in 2033.
- Based on material, the polyethylene segment is expected to total US$ 21,137 million by 2033.
- By end-use, the retail segment is anticipated to hold a share of around 42.4% in 2033.
- The United States plastic bag market value is set to reach US$ 4,215.7 million by 2033.
- Sales of plastic bags in Japan will likely rise at a 3.9% CAGR between 2023 and 2033.
- Plastic bag demand in India is projected to increase at a CAGR of 4.3% during the forecast period.
Competition Analysis
Plastic bag manufacturers can exploit this shift and expand into the developing and emerging regions through acquisitions and facility expansions. Collaboration with local partners and distributors is another key strategy for manufacturers to establish a strong market presence in the regions.
Key Players Are:
- Berry Global Group, Inc.
- Bischof & Klein GmbH & Co. KG
- Novolex Holdings, Inc.
- International Plastic Inc.
- AEP Industries Inc.
- ProAmpac LLC
- CeDo Ltd.
- Amcor Plc
- Sonoco Products Company
- Mondi Plc
- Reynolds Consumer Products Inc.
- Transcontinental Inc.
- RKW Group
- 3M
- Thantawan Industry Plc.
- Flair Flexible Packaging Corporation
- Inteplast Group
- Dagöplast AS
- Allstate Plastics LLC
- Novplasta s.r.o.
Recent Developments in the Plastic Bag Market
- In August 2023, Reynolds Consumer Products, through its brand Hefty, announced the launch of the Ultra Strong line of lemon-scented waste bags for consumers.
- In June 2023, Novolex Holdings announced the launch of new products under its Hilex brand of ProWAVE recyclable and reusable tote bags for packaging in supermarkets, restaurants, and retailers.
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Plastic Bag Market Outlook by Category
By Bag Type:
- Zipper Bags
- T-shirt Bags
- Gusseted Bags
- Slider Bags
- Garbage Bags
- Others
By Material:
- Polyethylene (PE)
- Polypropylene (PP)
- Polyethylene Terephthalate (PET)
- Polylactic Acid (PLA)
- Others (PVC, PS)
By Distribution Channel:
- Direct Sales (Manufacturers)
- Distributors
- Bricks & Mortar Stores
- E-retail
By End-use:
- Retail
- Healthcare
- Personal Care & Cosmetics
- Homecare & Toiletries
- Electrical and Electronics
- Food Service
- Industrial
- E-Commerce
- Chemical & Fertilizers
- Commercial
- Hotels & Cafes
- Full Service Restaurants
- Quick Service Restaurants
- Venues & Catering
- Mobile Food Vendors
- Bakery & Patisserie
- Institutional
- Schools & Colleges
- Offices
- Hospitals
- Airports & Railways
- Household
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.
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