By 2022, it is anticipated that the global bag market will be worth US$ 33.5 billion, growing at a CAGR of 3.9% from 2022 to 2032. In 2022, plastic bag sales will meet 70% of the market’s demand globally, according to FMI. However, growing public awareness of the harm that plastics use does to the environment is motivating many to switch to paper bags for commercial and industrial packaging purposes. Paper bags are particularly in demand in the retail and food service industries.
Demand is probably going to increase in the retail and consumer areas, including food and beverage, grocery items, and clothing and apparel. As a result, over 2022, the market for bags in the retail and consumer segments will increase by 4.3%.
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What is the Impact of COVID-19 on the Global Bags Market?
As various lockdown restrictions were structured early in the 2020s, the global bag market expanded at a moderate rate. Owing to curtailed production and ongoing international pressures, the market fell substantially in the first half of 2020. Bag demand recuperated after several months in response to the growing demand for essential commodities caused a large increase in e-commerce.
The market is expected to grow steadily in the coming years. The market for bags is estimated to grow in 2021-2022 by 4% annually. It is expected that the construction of distribution networks to handle rising manufacturing activity, especially in developing countries, will drive the market. A successful outcome is likely to boost sales of higher-priced bags.
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.
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Some of the key developments:
- Coveris Holdings has announced the acquisition of Initial Packaging Ltd, which will be used to develop and extend bag packaging for security, logistics, and diagnostic applications.
- By 2025, Berry Global hopes to have developed 100 percent recyclable lightweight plastic bags. In order to reduce their carbon impact, they are also working to optimize their manufacturing methods.
- 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.
Key Companies Profiled
- Berry Global
- Mondi Group
- Ampac Holdings, LLC
- International Plastics Inc.
- BioBag International AS
- Smurfit Kappa
- WestRock Company
- Billerudkorsnas
- Huhtamaki Oyj.
- Fischer Bag Company
Global Bags Market by Category
By Material Type, Bags Market is Segmented as:
- Plastic
- Paper
- Textile
By Product Type, Bags Market is Segmented as:
- T-Shirt Bags
- Gusseted Bags
- Lay Flat Bags
- Garbage/Refuse/Trash Bags
- Woven Bags
- Other Bags
By End User, Bags Market is Segmented as:
- Retail & Consumer
- Grocery Products
- Food & Beverage
- Clothing & Apparel
- Others
- Institutional Services
- Hospitality
- Healthcare
- Others
- Industrial End Use
- Household
By Region, Bags Market is Segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
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Have a Look at Related Research Reports of Packaging
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Polystyrene Films Market Share: The polystyrene films are available in gloss and matte which provides smooth and aesthetic finishing to the products and makes the product stand-out among them from other products
Polywoven Bags Market Trends: Polywoven Bags Market by Product, Material, Application & Region – Forecast 2022 – 2032
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