Plastic bags are made up of cardboard paper and are eco-friendly. After applications of various charges on plastic bags in number of economies, use of paper bag has been significantly increased.
A comprehensive study report published by Future Market Insights on global paper bags market forecasts the market to expand at single-digit value CAGR over the forecast period (2017-2027). The market has been estimated to reach valuation of approximately US$ 7 Bn by 2027-end, up from valuation of nearly US$ 4.5 Bn in the year 2017.
On the basis of product type, the pinched bottom open mouth segment is slated to exhibit highest market value as well as is estimated to expand at high CAGR, in terms of value throughout the forecast period. This segment will be followed by sewn open mouth segment and will be the 2nd largest segment, in terms of market share.
Less than two ply segment, by thickness is anticipated to surpass other segments in the thickness category and is expected to retain its dominance in the global market for paper bags. The segment is anticipated to witness expansion at highest single-digit CAGR, in terms of value over the forecast period.
Based on material type, the brown kraft segment is widely utilized compared to white kraft. In terms of value, the brown kraft segment is estimated to expand at CAGR of 4.5% to reach an estimated valuation of almost US$ 5 Bn by the end of forecast period.
The retail segment, by end-use industry is expected to remain dominant in the global market for paper bags over the forecast period, followed by food and beverage segment. The retail segment is anticipated to increase at 4.3% CAGR in terms of value, throughout the assessment period.
What are the factors influencing growth of the global paper bags market?
The report reveals several factors impacting growth of the market. The factors such as rising development in product design, highly active retail sector in developed countries, increasing penetration of retail sector in emerging market, rising PPP projects resulting in growing demand for paper bags for construction, strong consumer confidence revitalizing retail sales, increasing demand for on-the-go retail food.
What is the performance of paper bags market in APEJ region?
The market for paper bags has been estimated to showcase moderate expansion across regions of Latin America, Middle East and Africa (MEA), APEJ, Western Europe, Japan, Eastern Europe, and North America. The market for paper bags in APEJ region is anticipated to witness high market attractive index in foreseeable future. The market in APEJ region is estimated to expand at higher value CAGR to reach valuation of approximately over US$ 2.2 Bn by the end of forecast period. The market in APEJ region is poised to lead in the global market for paper bags.
What are the leading market players in global paper bags market?
Several leading players operating in the global market for paper bags has been profiled in the report include, York Paper Company Limited, the Mondi Group plc., International Paper Company, Global-Pak, Inc., Novolex Holdings, Inc., Welton Bibby And Baron Limited, El Dorado Packaging, Inc., JohnPac Inc., Langston Companies, Inc., United Bags, Inc., Ronpak, Genpak Flexible, Paper bags Limited, and Smurfit Kappa Group.