Plastic Bag And Sack are a type of containers that are produced from flexible, thin, and plastic film such as polyethylene (Low-density polyethylene (LDPE), linear low-density polyethylene (LLDPE), etc.). They are widely used across supermarket or retails store for packaging of consumer goods as it is a most common way of packaging. They have a huge demand across the end use industries such as consumer goods, food & beverage, grocery, and clothing & apparel. Plastic bags and sacks that are manufactured for single-use are mainly produced by fossil fuels. Moreover, plastic bags are also used various medical purposes due to its non-porous quality that makes them ideal for carrying and transporting medical devices and body fluids.
The global plastic bag and sack market is estimated to account for US$ 24.3 Billion in terms of value in the year 2030 and it predicted to grow at a CAGR of 5.1% during the forecast period (2023-2030)
Drivers
Expanding retail sector around the globe due to changing consumer lifestyle, rapid urbanization, and increasing disposable income of the people are expected to foster the market growth of plastic bag and sack. According to the Coherent Market Insights, global retail sales, including online retail and in-store purchases, are projected to increase at an impressive CAGR of 5.5% through 2020–2022. Moreover, according to the U.S. Census Bureau, U.S. retail sales rose 0.3% in December 2022. Therefore, the growing retail sector around the globe is estimated to accelerate the market growth of the plastic bag and sack.
Market Opportunities
Growing packaging industry around the globe is a major factor that is expected to add enormous growth opportunities to the market of plastic bag and sack in the coming years. According to the report published by the Economic Times, the market size of the packaging industry is expected to touch US$ 72.6 billion by 2022 on account of rising population and income levels. The industry is projected to experience outstanding growth during 2021-2022, and anticipated to reach US$ 72.6 billion by 2022. The industry was valued US$ 31.7 billion in 2022.
Market Restraints
Various governments around the globe are implementing strict regulations to limit the adoption of lightweight bags in order to reduce the harmful impact on the environment which is expected to hinder the market growth of plastic bag and sack. These bags have adverse impact on the environment especially in rivers, lakes, oceans, and wildlife. This factor is expected to affect the demand for plastic bags, thereby restricting market growth over the forecast period.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/plastic-bag-and-sack-market-3470
Key Takeaways
On the basis of material type, the non-bio-degradable material has dominated the global plastic bag and sack market in 2022 with an approx. 92% market share in terms of value, followed by bio-degradable. The non-bio-degradable material is highly used in production of plastics, due to the cost effectiveness and easy availability of material.
Market Trends
Shifting focus of manufacturer to boost the production capacity of bioplastic is expected to accelerate the market growth of plastic bag and sack over the forecast period. For instance, in October 2022, Novamont a chemical company has announced the opening of a revamped Mater–Biopolymer plant south of Rome, to boost the production capacity from 120,000 tons per year to 150,000. The new facility will increase production of ORIGO–BI, biopolyesters with a high level of renewables, components of MATER-BI compostable bioplastics, for various applications as an alternative to traditional plastics, including coffee cups and pods, carrier bags, cutlery, straws, and food packaging.
The rising production of plastic around the globe is projected to augment the market growth of the plastic bag over the forecast period. According to the plastic ocean, annually around 500 billion plastic bags are used worldwide. More than one million bags are used every minute. Moreover, the growing process of bottled water is also expected to foster the market growth of plastic bags and sacks. Furthermore, according to the EQUA, an average American consumes 167 bottles of water per year.
Competitive Section
Key players operating in global plastic bag and sack market are AEP Industries Inc., Mondi Group, Berry Plastics Inc., Alpha T-Shirt, Novolex, Ampac Holdings LLC, Bischof & Klein GmbH & Co. KG, Inteplast Group, Starlinger & Co Gesellschaft M.B.H, Da Nang Plastic Joint Stock Company, Hanoi Plastic Bag JSC, Goglio Group, and Schur Flexibles Group
