Key Market Insights
"Increase the use of paper bags and a ban on the use of plastic will spur the market revenue growth"
The global paper bags market accounted for US$ 5.4 Bn in 2021 and is anticipated to grow to US$ 8.3 Bn growing at a CAGR of 4.6% during the forecast period from 2023 to 2030.
Constantly expanding interest for paper bags from retail division because of solid development in the retail sector combined with changing the inclination of buyers towards biodegradable packaging are factors multiplying the interest in the paper bags market. Due to changing administrative guidelines worldwide, restriction on single-use plastics and expanding pattern for feasible packaging solutions are factors further supporting the paper bags market growth. For example, in 2015, The European government passed a mandate 94/62/EC for the utilization of plastic bags which thusly constrained retailers to change from plastic bags to paper bags. Moreover, the rising interest in on-the-go retail food is one of the variables driving the paper bags market. Aside from this, the recyclability of paper and advancement in the packaging business has permitted organizations to innovate their products. Furthermore, rapid urbanization, increasing per capita income, and quickly changing lifestyles are proliferating the market.
Grade Analysis
"Multi-Wall Paper Bag to dominate the market throughout the forecast period"
Based on the product, the paper bags market is further classified into flat paper bags, multi-wall paper bags, and others. The multi-wall paper bags segment dominated the market with more than 45% of the market share. This is due to the benefits offered by these bags including strong, and durable among others. Multi-wall paper bags can further be classified into paste vale bags, sewn open mouth bags, and pinch bottom open mouth bags among others.
In contrast, the flat paper bags segment is expected to witness the highest growth during the forecast period. This is due to these bags are commonly used for bakeries, groceries, cafes, and in the food & beverage industry. This is due to they are lightweight, reliable, recyclable, and cost-effective.
End-user Analysis
"Retail segment expected to dominate the market during the forecast period"
Based on the application the global paper bag market is segmented into food & beverage, pharmaceutical, retail, construction, chemicals, and others. The retail segment led the market and accounted for the major revenue share. This can be attributed to the rising demand for consumer goods and the increasing number of retail stores across the globe. Ban on single-use plastic has forced retailers to shift from using plastic bags to paper bags.
On the other hand, the construction segment is expected to witness the highest growth during the forecast period. This can be associated with the increasing usage of multi-wall kraft paper sacks cement packaging so as the demand for cement is increasing simultaneously the paper bags market will also proliferate.
Regional Analysis
"Rising environmental concerns to bolster the growth in the Asia Pacific region"
In 2018, the Asia Pacific region is leading the global paper bags market and accounted for more than 30% of revenue generated globally. This can be associated with, rising urbanization, bolstering the retail industry, and modernization in developing regions including China, and India among others. Additionally, the rising purchasing power, changing the lifestyle of the consumers, and preference for biodegradable products in the region are further fueling the market growth in the region.
In contrast, the North American region is trailing the Asia Pacific region and accounts for a share of more than 23% of the market. This growth can be associated with rising concerns towards sustainable packaging solutions and government initiatives in the region.
List of Companies Covered:
Key Industry Development:
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Paper Bags market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
