Ban on Single-use Plastics to drive the growth of Biodegradable Plastics. North America holds more than 20% of the market share. FMI expects global garbage bags market to grow at 5.8% CAGR through 2031
NEWARK, Del, Oct. 12, 2022 (GLOBE NEWSWIRE) -- The global garbage bags market is expected to reach a value of US$ 13.6 Bn by 2031, with sales growing at a moderate CAGR of 5.8% from 2022 to 2031. The target market is likely to reach an estimated US$ 8.1 Bn in 2022. Escalation in waste generation due to rapid urbanization along with a growing demand for waste disposal beginning with households to commercial areas will bolster the sales of garbage bags market during the next ten years. White Pvc Film
The migration of large sections of the population from rural to urban areas S has resulted in problems related to waste generation and waste disposal. Garbage bags have been incredibly effective in the segregation and management of waste.
These bags have enabled the storing and transporting of waste without the risk of widespread infections and helps to maintain a certain level of hygiene. In addition to this, the need for proper waste disposal and management from the healthcare, industrial, and commercial sectors promotes an environment of growth for the garbage bags market.
However, even with all the benefits associated with the use of garbage bags, the material used for the manufacturing of the same projects a very difficult scenario. Polyethylene is extensively used to produce garbage bags, and this material is a major threat to the environment if it is not recycled properly. The growing concerns for the environment have resulted in sustainability being a major concern for consumers. A major portion of the consumer base is likely to support a brand that can provide greener substitutes.
Thus, an increase in consumers’ demand for eco-friendly products has transformed into a potential opportunity for many manufacturers in this field. Materials that are reusable and recyclable and do not cause the depletion of fossil fuels and natural resources or cause harm to the environment have become the focus of these manufacturers. This provides a growth prospect for the manufacturers of garbage bags to invest in technology and materials that can enable the sustainability cause. All of these considerations bode well for the global garbage bags market during the projected period.
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“Rising preference for eco-friendly garbage bags are expected to create potential growth opportunities for the garbage bags market over the forecast period,” says an FMI analyst.
Single-use plastic bans coupled with sustainability drives will stimulate market prospects.
One of the world’s largest waste generators, China’s garbage bags market will be fueled by advanced waste management drives.
Biodegradable garbage bags will witness high demand in the United States.
Development of smart cities and reinvention of solid waste management strategies strengthen market prospects in India.
Increasing industrial waste in Canada will propel the region’s garbage bags market to grow.
By capacity, the 30-90 liters segment will be in high demand.
In terms of end use, the hospitality sector will lead the market growth.
On the basis of material, the polyethylene segment will dominate the market.
Terdex GmbH, Novplasta, Extrapack Ltd., Dagoplast AS, International Plastic, Inc., MirPack TM, Pack-It BV, Achaika Plastic S.A, Plasta.It, and Primax D.o.o among others are some of the major players in the garbage bags market profiled in the full version of the report.
Leading market players are focusing on expanding their business by releasing new product lines into the market which meet the rising demands of consumers. These enterprises are also increasing their investments in research and development activities as well as incorporating new and sustainable materials in manufacturing to gain a competitive edge.
More Insights into Garbage Bags Market Report
According to the latest FMI reports, based on segmentation, the hospitality segment will observe the highest growth, quickly followed by the service sector. By material type, the polyethylene segment will witness high preference and continued usage due to its high strength, tear resistance, load capacity, and affordability while the 30-90 liters capacity category will be in high demand during the projected period.
Based on region, Canada, China, the U.S., and India are anticipated to exhibit notable target market growth during this period of observation. Increasing industrial waste from different sectors is pushing Canada’s garbage bags market to grow at steady rates while waste management initiatives drive the target market growth in China, and the U.S. Also, India’s garbage bags market will be pushed to grow by the development of smart cities. Thus, these are some of the countries across the globe that are expected to make notable contributions to the growth of the garbage bags market during the forecast period.
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Key Segments Covered in Garbage Bags Industry Research
Garbage Bags Market By Material Type
Garbage Bags Market By Capacity
Garbage Bags Market By Temperature Range
Garbage Bags Market By Sales Channel
Garbage Bags Market By End-Use
Garbage Bags Market By Region
Middle East and Africa (MEA)
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3.1. Key Trends Impacting the Market
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Explore wide-ranging Coverage of FMI’s Packaging Market Insights Landscape:
Craft Bags Market: The global craft bags market is anticipated to be valued at US$ 1,567.3 Million in 2022, forecast to grow at a CAGR of 4.4% to be valued at US$ 2,421.9 Million from 2022 to 2032. Growth is attributed to the growing demand for eco-friendly packaging solutions. From 2016-2021 a CAGR of 3.4% was registered for the craft bags market.
Bags Market: The global bags market is expected to reach a valuation of US$ 33.5 Bn by the year 2022, accelerating at a CAGR of 3.9% by 2022-2032.
Bulk Bags Market: The bulk bags market is estimated at US$ 5.3 billion in 2022 and is projected to reach US$ 8.0 billion by 2028, at a CAGR of 6.0% from 2015 to 2021.
Silo bags Market: The silo bags market is anticipated to flourish at a value CAGR of 6.1% from 2022 to 2032. By 2022-end, the market is expected to be worth US$ 387 Million, and is likely to touch a valuation worth US$ 700 Million by the end of the said forecast period.
Multiwall Bags Market: The global multiwall bags market is expected to total a market valuation of US$ 14.9 Bn by the year 2022, accelerating at a CAGR of 4.4% by 2022-2032.
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