The craft bags market is anticipated to experience significant growth in 2023, estimated to have a total value of US$ 1,636.3 million. Furthermore, FMI predicts that this growth trend is projected to continue, estimating a CAGR of 4.4% from 2023 to 2033. The sales of craft bags could continue to rise, finally reaching a significant market value of US$ 2,516.8 million by 2033.
Craft bags are cheap, easy to use, and easily recyclable, making craft bag packaging grab the attention of manufacturers and consumers. Increasing demand for eco-friendly packaging is boosting the consumption of a broad range of products, with the rise in demand for paper-based product packaging.
Increasing demand for convenient, smaller pack sizes and rising grocery and personal care products in the market are fuelling demand for global craft bags. It is estimated that the demand for craft bags may exceed supply in coming years owing to increasing consciousness about nature safety. Also, paper industries are expected to invest in craft bag packaging due to the rise in demand among consumers.
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Key Takeaways from the Global Craft Bags Market Study Report by FMI
- The regional market for craft bags in North America commanded nearly 25% of the global market share in 2022. Craft bags are positioned to significantly influence the future of packaging across the United States as it is starting to promote sustainable practices.
- The total sales of craft bags in European countries contributed to almost 20% of the revenue generated by the global market in 2022. The rising desire for distinctive packaging options with aesthetic appeal and sustainability propels spectacular growth in the European market for handmade bags.
- Global players looking to profit from the soaring demand in the Asia Pacific market must successfully navigate pricing and quality assurance issues. China and India, for instance, represent a higher growth potential in the production and sales of craft bags during the forecast years.
Competitive Landscape for the Craft Bags Market Players
International papers, Stanpac, Kent paper, Biopac, Genpak, Bemis Company Incorporated, Berry Plastics Corporation, Novolex, and Linpac Packaging, are some top players in this market. Leading players are utilizing digital channels to highlight the sustainability and artistry of artisan bags to draw customers and retain their market dominance.
New market entrants are anticipated to stand out from the competition by finding eco-friendly bag materials as consumers prioritize sustainable solutions. Start-ups that are maintaining low pricing while assuring product quality and environmental practices may flourish in the market.
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Key Segments Profiled in the Craft Bags Industry Survey
By Product Type:
- Block Bottom
- Paper Carry
- Checkout
- Confectionery
- Other Product Types
By Application:
- Grocery
- Food
- Pharmaceuticals
- Customer Goods
- Stationary
- Confectionery
- Cosmetics
- Personal Use
- Home Care Products
- Other Applications
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East & Africa
About Future Market Insights Inc. (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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