The global multiwall bags market is on a trajectory of steady growth, with a projected average Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. By 2023, the market is expected to reach a revenue of approximately US$ 15.57 billion, and it’s anticipated to surpass US$ 24.42 billion by 2033.
According to an analysis by FMI, plastic multiwall bags are the preferred choice, holding a dominant share of nearly 73.9% in the global multiwall bags market. The overall sales of multiwall bags are forecasted to exhibit substantial growth, hitting the US$ 24.42 billion mark by 2033.
The plastic bags segment is poised for significant growth, driven by increasing demand for lightweight, cost-effective, and convenient packaging solutions. This demand surge is primarily attributed to the extensive use of plastic bags in industries such as food and grains, pharmaceuticals, and retail. Over the forecast period, the global plastic multiwall bags market is expected to expand steadily at a 4.6% CAGR.
Asia Pacific is projected to be a key growth driver for the multiwall bags market, owing to factors like a growing working population, a robust global economy, and increasing local demand for ready-to-eat and convenience food products. These dynamics make Asia Pacific a promising region for the multiwall bags industry’s expansion in the coming years.
Core Concepts in the Multiwall Bags Industry
- Market Size in 2023: US$ 15.57 billion
- Future Growth: The market is expected to grow at a 4.6% CAGR through 2033.
- Historical Performance (2018-2022): Expanded at a 2.2% CAGR.
- Target Market: Primarily the food sector.
- Key Material Type: Plastic, holding around 70.6% of the market share.
Key Takeaways:
- The United States market leads the multiwall bags market in terms of market share in North America. The United States region held a market share of 18.3% in 2023. The growth in this region is attributed to the expanding outlets, attractive creative packaging, and sustainable packaging. North America region held a significant market share of 27.1% in 2022.
- Germany market is another successful market in the Europe region. The market holds a market share of 4.3% in 2022. The growth is attributed to the bans on plastic packaging and growing awareness around carbon emissions. Europe region held a market share of 24.7% in 2022.
- India’s multiwall bags market booms at a CAGR of 6.0% during the forecast period. The market’s growth is attributed to proliferating packaged food sales along with the focus on promoting paper bags.
- China’s market also thrives at a CAGR of 5.6% between 2023 and 2033. The growth is caused by the high penetration of innovative ideas.
- Based on material type, the plastic segment held the leading market share of 70.6% in 2022.
- Based on end-use type, the food segment performed well as it held a leading market share of 38.3% in 2022.
Market Landscape:
- Sonoco Products Company,
- Novolex,
- Wellform Packing Group Co., Ltd.,
- Inteplast Group,
- ProAmpac LLC,
- Berry Global, Inc.,
- Nihon Matai Co., Ltd.,
- Gilchrist Bag Manufacturing LLC,
- Alpha Poly Corporation,
- Mondi Group,
- Klabin,
- Ross & Wallace Paper Products, Inc.,
- Cromwell Polyethylene Ltd.,
- Segezha Group LLC,
- Seevent Plastics Ltd.,
- Wooderson Packaging Ltd.,
- LC Packaging International BV,
- PH DOBIS Sp. z o.o.,
- Muscat Polymers Pvt. Ltd.,
- Detpak
Demand for Packed Food Creating Prospects for Multiwall Bags Sales
The global multiwall bag market is looking at steady growth owing to the rising demand for packaged food products. Another important element driving the multiwall bag market growth is the demand for creative and sustainable packaging solutions.
Furthermore, the steadily expanding need for grain crops is resulting in high demand for fertilizers, particularly in emerging nations, which is driving demand for multiwall bags and is likely to drive the market through the forecast period.
Purchase Now to Access Segment-specific Information and uncover Key Trends, Drivers, and Challenges: https://www.futuremarketinsights.com/checkout/14352 Global Multiwall Bags Market By Category
By Material:
- Plastic
- Paper
By Capacity:
- Up to 5Kg
- 6Kg to 10Kg
- 11Kg to 25Kg
- Above 25Kg
By End use:
- Food
- Chemical & Fertilizers
- Building & Construction
- Automotive
- Other End Use
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
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