The FIBC market is forecast to expand at 5.4% CAGR over the estimated period, as per FMI’s analysis. The industry’s size is predicted to reach a market value of US$ 7.5 billion in 2023.
Growth in developing economies is one of the vital factors, which is propelling international trade. The increase in exports and imports between countries that require quality packaging solutions in the international market is fueling market expansion over the upcoming years.
FIBC provides better product protection and is mostly used as an import and export packaging solution. The widespread popularity of FIBC packaging can be attributed to its ease of customization and lightweight, consequently fueling the market growth.
FIBCs are finding extensive applications in healthcare packaging. Pharmaceutical packaging has fast become a critical element of the drug delivery system. Healthcare packaging safeguards products from biological contamination, material damage, and unfavorable external influences to maintain the essential properties of healthcare products. Heavy investments in the healthcare industry are augmenting the sales of FIBC in the healthcare sector.
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Novel product innovations like creating FIBC variants to be used as a hygiene packaging solution bolstered market growth. The use of food-grade FIBC bags, developed using virgin polypropylene resins, helps in the prevention of any food spoilage and is best suited for storing large quantities of packaged products.
Top Highlights from the FMI’s Analysis of the FIBC Market:
- The Europe region acquired a massive share of 32.4% in the FIBC industry in 2022. Regional growth is expected to continue exhibiting an upward trajectory in the coming years.
- In the overall FIBC industry, North America gained a 24.9% market share in 2022.
- The United States FIBC industry is forecast to garner more than 18.9% value share in the year 2023.
- The German market is expected to procure a value share surpassing 5.6%% in 2023.
- The Japanese FIBC industry is projected to obtain a value share exceeding 8.1% in 2023.
- The India FIBC industry is forecast to expand at a CAGR of 6.9% over the forecast period.
- The Chinese FIBC industry is projected to accelerate at a CAGR of 5.7% over the estimated period.
- The United Kingdom is anticipated to expand at a CAGR of 3.1% from 2023 to 2033.
- Based on capacity, the ‘above 750 kgs’ segments gained 55.5% market share in 2022.
- Based on end-use, chemicals, and fertilizers acquired a 41.1% value share in 2022.
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Innovation Watch: Key Developments in the Market
- In May 2023, Packem Umasree commissioned a sustainable FIBC plant in Ahmedabad. This is the company’s first plant in India and is second to the one built in Brazil. The company manufactures 100% sustainable FIBCs or jumbo bags made of recycled PET. The Brazil unit of the company serves the local market, whereas the new plant in India is projected to cater to markets outside of Brazil. The company is expected to export a substantial proportion of the Ahmedabad plant’s output to Europe and North America.
- Global-Pak announced a new recycling program in September 2022. The corporation is working with PureCycle to process and recycle bulk bags. PureCycle deploys a solvent-based purification technology to process polypropylene waste into an extremely pure resin that can be constantly reused and recycled. One of the many products the company is interested in is used bulk bags.
Global FIBC Industry by Category
By Packaging Type:
- Q-bags
- Baffle Bags
- Circular Bags
- 6-panel
- Others
By Capacity:
- Upto 250 Kg
- 250 kgs – 750 Kgs
- Above 750 Kgs
By End User:
- Building & Construction
- Chemicals & Fertilizers
- Food Products & Agriculture
- Pharmaceuticals Products
- Mining
By Region:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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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