The global plastic bags and sacks market exhibits a highly competitive landscape, with the cumulative market share of the top ten players being 21% in 2015. Some of these companies are AEP Industries, Berry Plastics Corporation, Ampac Holdings, LLC., Novolex, Mondi Group, and Inteplast Group, finds Transparency Market Research (TMR) in a new study. In order to continue gaining from prevalent opportunities, a majority of these players focus on launching new products using polyethylene and polypropylene.
“The falling raw material prices are helping the leading companies experiment with customized products,” said a lead TMR analyst. This not only provides impetus to the concerned but is creating lucrative growth opportunities for the market as well. According to TMR, the global plastic bags and sacks market is expected to report a CAGR of 4.1% between 2016 and 2024. At this pace, the revenue generated from sales is estimated to value US$18.9 bn before 2016 ends. By the end of 2024, the market is expected to reach US$26.1 bn.
Based on application, the global plastic bags and sacks market is expected to be led by the retail and consumer segment. The segment is estimated to hold 69.4% of the global plastic bags and sacks market by the end of 2016. Regionally, Asia Pacific is expected to emerge dominant in the global market. The overall share held by the region is expected to reach 32.5% before 2024 ends.
Favorable Macroeconomic Factors to Help Market Grow
“The market will significantly gain from macroeconomic factors such as the rising disposable income and increasing willingness to spend on convenient and cost-effective carry bags,” said a lead TMR analyst. Furthermore, the rising living standards of middle income population and improvement in global economic performance also augur well for the global plastic bags and sacks market.
Since the global plastic bags and sacks market exhibits a highly competitive vendor landscape, major players in the consumer goods sector are resorting to innovative marketing practices. These activities have increased the sales of product, subsequently fuelling the demand for plastic bags and sacks. As printed plastic bags are proving to be attractive method of promotion, more number of retailers are keen on using them. Spurred by the increased demand, the market for plastic bags and sacks is expected to witness strong growth over the course of the forecast period.
Therefore, the growth in the retail sector will create lucrative opportunities for the global plastic bags and sacks market. Declining oil and gas prices are also expected to have a positive impact on the market.
Stringent Regulations Aimed at Curbing Negative Environmental Impacts of Using Plastic Bags Pose Threat
On the downside, stringent regulations restricting the sale of lightweight bags and ban on single use HDPE plastic bags across several nations are posing threat to the manufacturers of plastic bags and sacks. The regulatory bans imposed on the use of plastic bags is aimed at mitigating the adverse impacts on environment, especially oceans, rivers, lakes, and marine life.
Furthermore, in line with discouraging the use of single use plastic bags, governments across several nations and increasing taxation and imposing extra charges on the use of the same. These policies are likely to inhibit the market’s trajectory to an extent. Nevertheless, to counter these bottlenecks, manufacturers of plastic bags are mainly targeting the retail sector. Moreover, innovation in product and design, aimed at providing more eco-friendly solutions, is expected help the market gain pace in the forthcoming years.
This review is based on a TMR report, titled “Plastic Bags and Sacks Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
The report segments the global plastic bags and sacks market as:
Global Plastic Bags & Sacks Market – By Material
- Starch Blends
Global Plastic bags & sacks Market – By Product Type
- T-shirt Bags
- Gusseted Bags
- Lay Flat Bags
- Trash Bags
- Rubble Sacks
- Woven Sacks
Global Plastic bags & sacks Market – By Application
- Retail & Consumer
- Grocery Products
- Food & Beverage
- Clothing & Apparel
- Hospitals & Healthcare Facility
Global Plastic bags & sacks Market – By Region
- North America
- Latin America
- Rest of Latin America
- Rest of Europe
- Asia Pacific (APAC)
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- GCC Countries
- South Africa
- North Africa
- Rest of MEA
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