The global garbage bags market is projected to have a moderate-paced CAGR of 5.8% during the forecast period. The current valuation of the market is US$ 8.1 Billion in 2022. The market value of the garbage bags market is anticipated to reach a high of US$ 13.6 Billion by the year 2032.
Introduction-
The market for garbage bags is a crucial component of the worldwide waste management sector. Garbage bag consumption has been rising quickly, primarily as a result of increased urbanisation and industrialization. There is a greater demand for more effective waste management techniques as a result of the population’s rapid growth. Garbage bags are essential to garbage management because they offer a practical and hygienic method of getting rid of waste.
Garbage bag demand is anticipated to rise as a result of rising trash generation. The market for garbage bags is expected to develop in the years to come due to the rising demand for efficient waste disposal in both residential and commercial settings.
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The Key Players Are-
- Terdex GmbH,
- Novplasta, S.R.O,
- Extrapack Ltd.,
- Dagoplast AS,
- International Plastic, Inc.,
- MirPack TM,
- Pack-It BV,
- Achaika Plastic S.A,
- Plasta.It
- Primax D.o.o.
are prominent players in the garbage bags market. The garbage bags market is fragmented and the Tier 1 players in the market hold 15–20% share in the global garbage bags market.
The globe produces 2.01 billion tonnes of municipal solid garbage annually, 33% of which are not managed in an environmentally sustainable way, according to data from worldbank.org. Average daily waste production per person is 0.7 kilogrammes, however daily waste production can range from 0.1 to 4.5 kilogrammes.
Poor waste management causes landslides at landfills, contaminates the ocean and land, clogs sewers, and causes flooding. Furthermore, poor trash disposal puts human health at risk because it spreads illnesses and worsens respiratory issues. The importance of hygienic practises, such as proper waste disposal, has increased as a result of these worries.
Key Findings From the Market Study on Garbage Bags
- Recovery will occur gradually, just like garbage bags. In 2021, the market is anticipated to expand by 0.1% year over year.
- By 2021, the U.S. will account for roughly 85% of sales in North America thanks to initiatives to promote efficient trash disposal.
- Growth in the U.K. after COVID-19 is likely to be impeded because the market is anticipated to see negative year-over-year growth in 2021.
- In 2021, Germany’s economy is predicted to continue to grow slowly, while France’s rubbish bag consumption is anticipated to increase.
- Japan and South Korea’s markets are anticipated to rebound, showing a remarkable rise in sales from 2022 onwards, despite slow growth in 2020–2021
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“With focus on sustainability rising, most companies are expected to shift away from plastic to eco-friendlier materials. An increasing number of companies are likely to offer recyclable solutions to keep pace with changes in consumer behaviour and preference” says an FMI analyst.
Market Drivers-
The following are some of the primary drivers behind the growth of the Garbage Bags Market:
- Increase in waste generation due to the rise in population and urbanization
- Growing awareness of environmental concerns and the need for sustainable waste management solutions
- Increase in industrialization and commercialization
- Technological advancements in the production of garbage bags
Market Challenges-
Despite the growth potential, the Garbage Bags Market faces several challenges that hinder its growth. Some of the significant challenges are:
- Lack of awareness about the benefits of eco-friendly garbage bags
- Availability of low-cost alternatives
- Strict regulations on the use of plastic materials
Key Segments in the Garbage Bags Market
By Material Type:
- Polyethylene
- Polypropylene (PP)
- Others
By Capacity:
- EPS
- PUR
- VIP
- PCM
- Others
By End-use:
- Services
- Healthcare
- Industrial Product & Construction
- Retail
- Hospitality
- Other
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