Retail Sector to Drive Sales of Plastic Bags and Sacks
The demand for plastic bags and sacks has tremendously risen over the years. With the sudden eruption of hypermarkets and supermarkets around the globe, demand for plastic bags and sacks has doubled. Due to drop in oil prices, manufacturers are able to produce more plastic bags at a relatively lower cost for the raw material can be procured at low prices. Growing environmental concerns and ban on the usage of plastic bags have triggered the demand for eco-friendly sacks and reusable plastic bags.
The global plastic bag and sacks market is expected to grow in term of volume at a CAGR of over 3.0% in the forecast period. The market for plastic bags and sacks is highly fragmented and through mergers and acquisitions, the major players in the market are progressing towards consolidation. Few prominent players in the global plastic bags and sacks market include Bischof & Klein GmbH & Co, Mondi Group, Novolex, Berry Plastics Inc., AEP Industries Inc., Ampac Holdings LLC, Alpha Poly, Arihant Packaging, Goglio Group, Interplast Group, Schur Flexibles Group, Da Nang Plastic Joint Stock Company, and Hanoi Plastic Bag JSC.
Which sector is likely to contribute the most in the global plastic bags and sacks market?
In terms of application, the global plastic bags and sacks market is categorized into retail and consumer, institutional, and industrial. Accounting for over 60% of the market throughout the forecast period, the retail and consumer segment is projected to dominate the said market. Due to increase in the number of hypermarkets, supermarkets, and convenient stores, this segment will continue to lead the market in the years to come. Plus, many market giants, especially in the consumer goods sector, are using bags as ‘promotional merchandise’ to attract more customers and for better brand recognition and recall, thus supplementing the growth of the retail and consumer segment.
Based on material type, the global plastic bags and sacks market is classified into biodegradable material and non-biodegradable material. Non-biodegradable segment is currently leading the market. However, owing to growing consumer responsiveness towards environmental concerns and the ban on plastics in many regions, the biodegradable material segment will witness immense growth. The biodegradable segment is attracting a large number of manufacturers, hence the CAGR is expected to grow over the forecast period.
Which region is expected to show impressive growth during the forecast period?
The global market for plastic bags and sacks is geographically segmented into Europe, North America, Latin America, Asia Pacific, and the Middle East and Africa. Among the mentioned regions, Europe accounted for a large market share in 2016. High disposable income, large number of convenient stores and hypermarkets, and vast retail and consumer sectors have driven the market growth in this region.
Asia Pacific is another attractive and a highly potential market for plastic bags and sacks. This region is estimated to score a high CAGR in the forecast period. Owing to increase in disposable income, growing purchasing power among consumers, and large manufacturing base for many consumer goods giants, this region will fuel the global plastic bags and sacks market in the years to come.
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