NEWARK, Del: , Oct. 11, 2022 (GLOBE NEWSWIRE) -- The global foodservice paper bags market is anticipated to reach a value of US$ 1,575.9 Mn by 2032, with sales growing at a reasonable CAGR of 5.1% from 2022 to 2032. By the end of 2022, the foodservice paper bags market will likely reach an estimated US$ 958.4 Mn. With rising concerns over the environment and growing awareness of harmful effects of plastic-use, demand for paper packaging has also increased in the past couple of years. This is expected to spur the growth of the foodservice paper bags market during the forecast period.
Heightened demand for paper packaging in the foodservice industry is expected to generate a growth opportunity of US$ 658.3 Mn. A ban on single-use plastic bags will further supplement the target market growth and inducing it to expand 1.7x times its current market value during the projected period. Single-use plastic goods like cutlery, straws, plates, cups, food containers, bags, and others were banned in different parts of the world.
Countries like Spain, Germany, and Mexico have put a ban on single-use plastic products in the beginning of 2020-2021. Hence, this ban on single-use plastic is projected to facilitate new growth opportunities for major companies of the foodservice paper bags market.
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Many consumers have already shown a preference for paper-made items and different end-users will soon shift towards single-use plastic bag substitutes. Foodservice paper bags are recyclable and are the most suitable alternative to single-use plastic bags. Furthermore, foodservice paper bags manufacturers are keen on offering innovative and high-strength packaging solutions, which would cater to all the needs and demands of end users.
Again, many brands are primarily focusing on using paper packaging to meet their sustainability goals and meet the rising demand for sustainability. All of these considerations foster an environment of growth for the foodservice paper bag market over the assessment period.
“Escalating adoption of paper due to concerns over the environment and harmful effect of plastic-use on the same will propel the global growth of the foodservice paper bags market over the forecast period,” says an FMI analyst.
Key Takeaways:
- Plastic ban and soaring environmental concerns to stimulate market prospects.
- The U.S. will account for about 80% of the foodservice paper bags market share in North America
- Foodservice paper bags market in India will expand 1.6x its current value.
- In 2022, the brown kraft segment will hold 83% of the overall market share.
- Online food delivery segment will grow at a CAGR of 5.4% during the assessment period.
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Competitive Landscape
WestRock Company, Hutamaki Oyj, Novolex Holdings LLC, Ronpak Inc., Mondi Group, Amcor Ltd, International Paper Company, Smurfit Kappa Group, Welton Bibby And Baron Limited, ProAmpac LLC, Gerhard Schürholz GmbH, Toybe Global Packaging, AB Group Packaging, Smith Anderson Group Ltd., and Milhe & Avons among others are some of the major players in the foodservice paper bags market profiled in the full version of the report.
Major market players are focusing on developing their manufacturing facilities to increasing their production capacities. These businesses are keen on product development, mergers, and acquisitions to strengthen their market positions.
More Insights into Foodservice Paper Bags Market Report
In its latest report, FMI offers an unbiased analysis of the global foodservice paper bags market, providing historical data from 2015 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of material type (brown kraft, white kraft), bag type (handle bags, non-handle bags), end user (foodservice outlets, online food delivery, institutional), and region.
According to the latest FMI reports, based on segmentation, the brown kraft material type will hold about 83% of the global foodservice paper bags market share by the end of 2022 and will likely continue this growth during the assessment period due to its properties like environmental-friendliness and sturdy nature. In terms of end user, online food delivery segment will dominate the market with a 5.4% CAGR.
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Based on region, The United States and India are two countries which are expected to show substantial growth during 2022-2032. Escalating concerns over the environment have contributed to the surge in the sales of paper carry bags in the United States resulting in the expansion of the target market. Again, the advancing foodservice sector in India is expected to augment the sales of white paper bags which will boost the growth prospects of the foodservice paper bags market in this region.
Foodservice Paper Bags Market Outlook by Category
By Material Type:
- Brown Kraft
- White Kraft
By Bag Type:
- Handle Bags
- Non-handle Bags
By End User:
- Foodservice Outlets
- Online Food Delivery
- Institutional
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Impact of Covid-19
3.3. Macro Factors and Forecast Factors
3.4. Value Chain Analysis
TOC continued..!
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