DUBAI, United Arab Emirates:, March 14, 2022 (GLOBE NEWSWIRE) -- The global bags market is expected to grow by 3.9% CAGR between 2022 and 2032. As per Future Market Insights (FMI), plastic bags will account for 70% of sales in the global bags market. However, demand in the paper bags segment is poised to surge at a high pace.
The surging adoption of paper bags is attributable to the demand in various sectors. Besides this, the demand for both paper and plastic bags is expected to rise amidst rising number of shopping malls, complexes, and retail stores.
| Bags Market Size (2022) | US$ 33.5 Bn | |
| Bags Market Projected Size (2032) | US$ 49.2 Bn | |
| Value CAGR (2022-2032) | 3.9 | % |
| Top 3 Countries Market Share | 37 | % |
Furthermore, increasing consumer preference for packaged and processed food is boosting the market. Food-grade liners are used to line bags used to pack edible products, keeping the contents fresh for longer.
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The increasing demand for bags can be attributable to macroeconomic factors such as rising disposable income and consumer spending power. In addition to this, product developments aimed at improving design and manufacturing processes are aiding market expansion.
Manufacturers are working on introducing bags that are more efficient, reliable, and convenient. Other reasons such as the construction industry's use of bags for cement packing, rising urbanization, and favourable government policies are expected to propel the market even further.
However, government restrictions, prohibiting the use of plastic bags, on the other hand, may limit the growth of industrial plastic bags. Furthermore, plastic bags are non-biodegradable and, if not properly disposed of, may harm the environment. Paper bags, on other hand, face challenges of high manufacturing costs.
Key Takeaways from Global Bags Market
- Sales of bags are expected to total US$ 49.2Bn by the end of 2032.
- The U.S. will continue leading bags sales in North America. The U.S. bags market will total US$ 5.7Bn in 2022.
- Plastic bags will continue holding dominance, accounting for 70% of sales within the market.
- Retail & consumer will emerge as the leading end user, exhibiting growth at a CAGR of 4.3% during the forecast period.
- During the forecast period, the India bags market is expected to grow at a CAGR of 5.8%.
“After the COVID-19 outbreak, the global bag market is projected to recover and show considerable growth as sales resume in various industries. To capitalize on existing opportunities, bags manufacturers are expected to use non-biodegradable polymers, as their material of choice” says a FMI analyst.
Retail & Consumer Sector is the Key Driver of Global Bags Market
The retail & consumer sector is expected to account for maximum bags sales over the course of the assessment period. The bag market is rising at a breakneck pace, thanks to burgeoning retail businesses and a growing preference among customers for environmentally friendly packaging.
Meanwhile, plastic carry bags are preferred by retailers because of their user-friendly, cost-effective, and easy-to-store features. Biodegradable carry bags are the current trend in the worldwide retail carry bag market.
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Global Bags Market Landscape
The key players in the plastic bags industry are concentrating on providing lighter-weight and more environmentally friendly bags. Some of these key players are 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 Report
Future Market Insights, in its new report, offers an unbiased analysis of the global market for global bags market by Material Type (Plastic Bags, Paper Bags, and Textile Bags), by Product Type (T-Shirt Bags, Gusseted Bags, Lay Flat Bags, Garbage/Refuse/Trash Bags, Woven Bags, and Other Bags), By End Use (Retail & Consumer, Institutional Services, Industrial End-Use, and Household) & Region
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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About the Packaging Division at Future Market Insights
The packaging division at Future Market Insights provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials, packaging machinery to packaging designs & formats, Future Market Insights has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations.
With a repository of 1,000+ reports, the team has analysed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
Explore wide-ranging Coverage of FMI's Packaging Market Insights Landscape
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centres in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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