Introduction
In today’s fast-paced world, bags have evolved far beyond their utilitarian origins. They have become essential fashion accessories that reflect personal style while serving practical purposes. The Bags Market offers an array of options, each catering to diverse preferences, lifestyles, and needs. This comprehensive article delves into the fascinating realm of bags, providing you with insights, trends, and answers to frequently asked questions.
Bags Market: A Blend of Style and Utility
Bags have transcended their traditional roles and have emerged as powerful fashion statements. From elegant clutches to sturdy duffel bags, the Bags Market offers a wide spectrum of options to match every outfit and occasion. Whether you’re a student, a professional, or a traveler, there’s a bag designed just for you.
Anticipated to display consistent growth, the global bags market is projected to experience a yearly expansion of 3.0% year-on-year, reaching a valuation of US$ 49.2 billion by the year 2032.
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Key Takeaways from the Global Bags Market:
- Sales of bags are expected to reach US$ 49.2 billion by the end of 2032.
- The U.S. will continue to lead bags sales in North America, with the U.S. bags market projected to be worth US$ 5.7 billion in 2022.
- Plastic bags will maintain dominance, accounting for 70% of sales in the market.
- The retail and consumer segment will be the leading end-user, exhibiting growth at a CAGR of 4.3% during the forecast period.
- The India bags market is expected to grow at a CAGR of 5.8% during the forecast period
“After the COVID-19 outbreak, the global bag market is projected to recover and show considerable growth as sales resume in various industries. To capitalize on existing opportunities, bags manufacturers are expected to use non-biodegradable polymers, as their material of choice” says a FMI analyst.
Retail & Consumer Sector is the Key Driver of Global Bags Market
The retail & consumer sector is expected to account for maximum bags sales over the course of the assessment period. The bag market is rising at a breakneck pace, thanks to burgeoning retail businesses and a growing preference among customers for environmentally friendly packaging.
Meanwhile, plastic carry bags are preferred by retailers because of their user-friendly, cost-effective, and easy-to-store features. Biodegradable carry bags are the current trend in the worldwide retail carry bag market.
Competitive Landscape
Market actors have reshaped the product in such a way that consumers are drawn to acquire bags. The key players in the plastic bags industry are concentrating on providing lighter-weight and more environmentally friendly bags.
Some of the market’s major companies are
- Berry Global,
- Mondi Group,
- Ampac Holdings, LLC,
- International Plastics Inc.,
- BioBag International AS,
- Smurfit Kappa,
- WestRock Company,
- Billerudkorsnas,
- Huhtamaki Oyj.,
- Fischer Bag Company.
Some of the key developments:
- Coveris Holdings has announced the acquisition of Initial Packaging Ltd, which will be used to develop and extend bag packaging for security, logistics, and diagnostic applications.
- By 2025, Berry Global hopes to have developed 100 percent recyclable lightweight plastic bags. In order to reduce their carbon impact, they are also working to optimize their manufacturing methods.
- Mondi Group Inc. has announced ambitions to expand its paper-based MailerBAG line in order to replace plastic packaging in e-commerce with a recyclable solution created from socially sourced renewable materials.
- Coveris Holdings has announced the acquisition of Norwich-based flexible packaging production and trading company Four 04 Packaging. The company hopes to specialize in biodegradable bags for fresh food and vegetables as a result of this acquisition.
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Key Players:
- Berry Global
- Mondi Group
- Ampac Holdings, LLC
- International Plastics Inc.
- BioBag International AS
- Smurfit Kappa
- WestRock Company
- Billerudkorsnas
- Huhtamaki Oyj.
- Fischer Bag Company
Key Benefits of the Bags Market Report:
- Porter’s five forces analysis provides valuable insights into the potential of buyers, suppliers, and the competitive landscape, aiding in strategy formulation.
- Revenue contributions of major countries in each region are mapped, giving a comprehensive view of the global/regional market.
- The report presents current trends and future projections from 2022 to 2032, helping identify opportunities and potential investment prospects. • Profiles of key players and their strategic developments are included, offering a deeper understanding of the market’s competitive landscape.
- Detailed impact analyses of key drivers, restraints, and opportunities are provided to assist in making informed decisions.
Regional Analysis:
USA Bags Market:
- The USA bags market is expected to witness considerable growth during the forecast period.
- The presence of leading market players and the adoption of advanced technology are creating ample growth opportunities in the region.
- The USA market is estimated to reach a valuation of US$ 5.7 billion in 2022, representing nearly 20% of the global bags market.
India Bags Market:
- The India bags market is being driven by the expansion of diverse sectors such as food and beverage, e-commerce, and retail.
- Favorable government measures like Make in India and industry-specific incentives are supporting manufacturing enterprises, leading to increased demand for plastic bags for storage and transportation purposes.
- According to FMI, India is predicted to experience a growth rate of 1.7x during the forecast period.
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Global Bags Market by Category
By Material Type, Bags Market is Segmented as:
- Plastic
- Paper
- Textile
By Product Type, Bags Market is Segmented as:
- T-Shirt Bags
- Gusseted Bags
- Lay Flat Bags
- Garbage/Refuse/Trash Bags
- Woven Bags
- Other Bags
By End User, Bags Market is Segmented as:
- Retail & Consumer
- Grocery Products
- Food & Beverage
- Clothing & Apparel
- Others
- Institutional Services
- Hospitality
- Healthcare
- Others
- Industrial End Use
- Household
By Region, Bags Market is Segmented as:
- North America
- Latin America
- Europe
- Middle East and Africa
- East Asia
- South Asia
- Oceania
About FMI
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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