Global Plastic Bags and Sacks Market Overview
The key driver impacting the plastic bags and sacks market is the growing retail sector. It is estimated to increase more demand for plastic bags and sacks as there is the massive adoption of plastic bags & sacks among the retailers as it provides high printability of plastic bags & sacks for presenting detailed information about the product. For instance, According to the Crescendo Worldwide Organisation, Worldwide Retail market sales amounted to about $24 Trillion in 2018. It is expected that global retail sales reached to approximately $30 Trillion by 2023, rising from $23 Trillion in 2017. Globally Indian retail sector is one of the fastest-growing, and in 2019 its recorded sales are US$ 2.47 billion and are expected to reach Rs. US$ 1.1 trillion by 2020, according to the India Brand Equity Foundation. Moreover, the growing demand for convenient packaging steadily contributes to market growth in the forecast period. Whereas with regards to volume,the market was calculated XX MW in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global plastic bags and sacks market size was valued at around USD 20 billion in 2020 and is estimated to grow at a CAGR of about 4.5% during the forecast period 2021 to 2027.
The rising demand from various end-use sectors, including grocery, food & beverage, consumer goods, and clothing & apparel, packaging are estimated to augment plastic bags, and sacks demand in the forecast period. For instance, As per the plasticgarbageproject organization, about one-third of the plastic produced worldwide (128.8 tons) is used for packaging. The most significant amount of plastic waste comes from the packaging industry: two-thirds generated by households and one-third by industry and commerce; Americans use 100 billion plastic bags a year, which needs 12 million barrels of oil to manufacture. However, extra charges levied by the various government on the use of plastic bags & sacks may hamper the market in the long run. The strict government regulations with the ban of plastics across different nations globally are negatively impacting the market. The current industry trends, such as the rising usage of plastic bags & sacks as a low-cost marketing tool, high demand for ready-to-eat food among consumers, are expected to provide market players with new market opportunities.
The plastic bags and sacks market is vast, with many local and global players. The plastic bags and sacks market is extensive, with many local and international players. The key leaders follow different strategies to advance their market position, such as extending product portfolio, amalgamation, contracts, product upgrades, and acquisitions, to enlarge their market share across the globe. The significant players studied in the report are Ampac Holdings, Berry Plastics Inc, Mondi Group, LLC, Novolex Holdings, Inc., International Plastics Inc., PLAST-UP, BioBag International AS, Polykar Industries Inc, SPhere Group, Inteplast Group, Hanoi Plastic Bag JSC, Bischof & Klein GmbH & Co. KG, Symphony Polymers Pvt Ltd, Extra pack Ltd., BioBag Americas, Inc., MIRPACK, TM, ., Allstate Plastics LLC, Alpha Poly, Schur Flexibles Group, Da Nang Plastic Joint Stock Company, Starlinger & Co Gesellschaft M.B.H, and Goglio Group and Arihant Packaging.
In this research report, the plastic bags and sacks market is segmented by material, product application, and region.
Analysis by Material:
By material, the report is categorized into Biodegradable Plastic (PLA, PHA, PBS, Starch Blend, Others) and Non-Biodegradable Plastic(HDPE, LDPE, LLDPE, PP, PS), and other plastics. Non- biodegradable plastic dominates the material segment with over 55% share in 2020. It is due to the wide availability at a lower cost and offers superior properties to biodegradable properties. Moreover, the growing demand and usage of plastic bags among consumers and high demand from the packaging sector contribute to the high demand for non-biodegradable plastic in the forecast period.
Analysis by Product:
By product, the report is categorized into T-shirt bags, gusseted bags, flat lay bags, trash bags, rubble sacks, woven sacks, and other bags. The T-shirts bags segment is expected to show considerable growth in the forecast period. It is because T-shirt bags are suitable for the packaging of small-medium-sized goods and are convenient to carry for consumers. Moreover, the growing trend of wearing t-shirts with high demand for T-shirts among people of all age groups contributes to the high demand for parabolic trough technology in the forecast period.
Analysis by Application:
By applications, the report is categorized into institutional services (hospitality, healthcare, other applications), retail & consumer (grocery products, food & beverages, clothing & apparel, other consumer goods), and industrial applications. The retail and consumer sector dominates the application segment with over 35% share in 2020. It is due to the plastic bags offer convenience for the retailer in distribution and also to the consumers in carrying and handling. Moreover, the rapidly growing retail sector and high usage of plastic bags and sacks as a marketing tool are expected to drive the market demand from the retail and consumer sector in the forecast period.
Analysis by Region:
In the regional outlook of the global plastic bags and sacks market, the Asia Pacific region dominates globally with a 35% market share during the forecast period. It is because HDPE is the highly preferred non-biodegradable plastic material for plastic bags & sacks in India, China, Thailand, and Malaysia. Also, rising disposable income in the region has resulted in increased demand for apparel, electronics, and other consumer goods. Moreover, the increased retail activities from the past several years and a higher preference for low-cost packaging contribute to its growth across the Asia Pacific.
Market Segmentation covered in the Report:
By Materials
- Biodegradable Plastic
- PLA
- PHA
- PBS
- Starch Blend
- Others
- Non-Biodegradable Plastic
- HDPE
- LDPE
- LLDPE
- PP
- PS
- Other Plastics
By Product
- T Shirt Bags
- Gusseted Bags
- Lay Flat Bags
- Trash Bags
- Rubble Sacks
- Woven Sacks
- Other Bags
By Application
- Retail & Consumer
- Grocery Products
- Food & Beverages
- Clothing & Apparels
- Other Consumer Goods
- Institutional Services
- Hospitality
- Healthcare
- Other Applications
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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