The bag market is estimated to be worth US$ 34.1 billion in 2023 and is projected to be valued at US$ 50.3 billion in 2033. between 2023 and 2033, the industry is expected to register a growth rate of 3.9%. Bags are one of the most cost-effective packaging solutions available. They are economical to produce, lightweight, and efficient for containing and transporting a wide range of goods. This cost-effectiveness makes them attractive to businesses, driving the market demand.
The surge in online shopping has revolutionized the bag market, reshaping its landscape and driving significant growth. E-commerce platforms offer consumers unparalleled convenience and accessibility to a wide array of bag options, ranging from handbags to backpacks and tote bags. This accessibility has not only expanded the market but also empowered consumers to find bags that align with their specific needs and preferences. As a result, the bag market continues to thrive, propelled by the transformative impact of e-commerce on consumer behavior and shopping habits.
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Key Takeaways
- In 2022, the bag market was valued at US$ 34.1 billion.
- Based on material type, the plastic segment is expected to account for a share of 71.8% in 2023.
- Based on end users, retail and consumer segments account for a market share of 56.4%
- Global bag demand in China is predicted to account for a CAGR of 5.7% through 2033.
- Bags in the United States is expected to account for a CAGR of 2.5% between 2023 and 2033.
- Japan is projected to expand by a value CAGR of 2.9% between 2023 and 2033.
- By 2033, the bag market in India is anticipated to record a CAGR of 6.4% during the forecast period.
“The bag design and technology advancements are a major trend expected to augment the market growth. The increasing demand for customizable packaging is a major factor accelerating the market growth.” says an FMI analyst.
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Competitive Landscape
Market actors have reshaped the product in such a way that consumers are drawn to acquire bags. The key players in the plastic bags industry are concentrating on providing lighter-weight and more environmentally friendly bags.
Some of the market’s major companies are Berry Global, Mondi Group, Ampac Holdings, LLC, International Plastics Inc., BioBag International AS, Smurfit Kappa, WestRock Company, Billerudkorsnas, Huhtamaki Oyj., Fischer Bag Company.
- Mondi Group Inc. has announced ambitions to expand its paper-based MailerBAG line in order to replace plastic packaging in e-commerce with a recyclable solution created from socially sourced renewable materials.
- Coveris Holdings has announced the acquisition of Norwich-based flexible packaging production and trading company Four 04 Packaging. The company hopes to specialize in biodegradable bags for fresh food and vegetables as a result of this acquisition.
Valuable Insights Available
Future Market Insights offers an unbiased global bag market analysis, providing historical data from 2018 to 2022 and forecast statistics between 2023 and 2033.
To understand opportunities in the bags market, the market is segmented based on Material Type (Plastic, Paper, Textile) By Product Type (T-shirt bags, Gusseted Bags, Lay Flat Bags, Garbage/Refuse/Trash Bags, Woven Bags, Other Bags) by End-User (Retail and Consumer, Institutional Services, Industrial End Use, Household) Region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, the Middle East, and Africa).
About the Packaging Division at Future Market Insights
The packaging team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations with the objective of providing authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 billion+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis of key trends including competitive landscape, profit margin, and research development efforts.
Bag Market by Category
By Material Type:
- Plastic
- Paper
- Textile
By Product Type:
- T-Shirt Bags
- Gusseted Bags
- Lay Flat Bags
- Garbage/Refuse/Trash Bags
- Woven Bags
- Other Bags
By End User:
- Retail & Consumer
- Grocery Products
- Food & Beverage
- Clothing & Apparel
- Others
- Institutional Services
- Hospitality
- Healthcare
- Others
- Industrial End Use
- Household
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East and Africa
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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