As per the FMI survey, during the historical period between 2018 and 2022, the overall market had a consistent annual average growth rate of 3.7%. In the year 2022, the net worth of total counter bags sold globally reached an impressive US$ 1,370.8 million.
The worldwide consumption of counter bags is expected to sum up to a value of US$ 1,428.4 million in the current year 2023. Counter bags are used often for delivery and takeout due to the expansion of the retail and hospitality industries which is driving up the demand.
In recent years, the market is also growing because of the increasing need for food and beverage packaging over proliferating online food delivery services.
The rising trend of counter bags from 2023 to 2033 is anticipated to continue at a strong CAGR of 4.2%. Following this promising CAGR, the whole market value is expected to grow to an astounding US$ 2,155.4 million by the end of the year 2033.
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Traditional plastic bags are composed of polyethylene (PE) or polypropylene (PP) due to their affordability and robustness, which constitute a sizable portion of the overall market. On top of that, certain counter bags are made to be repeatedly used, which lessens the demand for single-use bags and encourages sustainability.
These days, demand from customers and legislation has led to a spike in the production of sustainable and eco-friendly counter bags manufactured from recyclable materials. However, manufacturers of eco-friendly bags may face difficulties as a result of fluctuating raw material costs, which can impact manufacturing costs and profit margins.
Key Takeaways from the Global Counter Bags Market Study Report by FMI
- According to FMI estimates, the global market could experience an absolute dollar growth of US$ 727 million over the next ten years.
- Currently, the demand for counter bags is high in the North America region followed by Europe’s market.
- As the retail sector is expanding fast in Asia Pacific countries, counter bags are becoming popular in the region. China, for instance, is poised to witness a high growth rate in the production and export of counter bags in the coming days.
Competitive Landscape for the Counter Bags Market Players
Newly emerging market players may show their dedication to environmental management and sustainability by marketing their eco-friendly counter bags. This can also improve their brand’s recognition and draw in customers aiding them in competing at a global level.
Recent Developments by the Counter Bags Manufacturing Industries
- Sealed Air Inc. announced in January 2023 to acquire Pactiv Evergreen Company, a top producer of counter bags with extensive distribution channels. With this acquisition, Sealed Air might increase the range of products it offers and attract new clients and increase its market dominance in the long run.
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- Sterilite Company, an established counter bag supplier in the global market, announced the introduction of a new range of antimicrobial counter bags in October 2022. The antimicrobial ingredient used in this new range of counter bags helps to stop the transmission of germs and protects food and other goods from infection.
About Future Market Insights Inc. (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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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