Albany, NY -- (SBWIRE) -- 10/14/2016 -- According to the research study, the global market for plastic bags and sacks is projected to reach a value of US$18,904 mn by the end of 2016 and register a 4.10% CAGR between 2016 and 2024.

Biodegradable Plastic Bags and Sacks Segment to Register Impressive Growth in Near Future

Among the key geographical segments, Europe is leading the global plastic bags and sacks market at present; however, Asia Pacific is estimated to witness robust growth in the forecast period. As per the research study, this region is projected to exhibit a 5.30% CAGR between 2016 and 2024. The increasing disposable income of consumers in developing nations of Asia Pacific is the primary factor driving the demand for plastic bags and sacks.

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Furthermore, on the basis of material, the global market for plastic bags and sacks has been divided into biodegradable and non-biodegradable. At present, the non-biodegradable segment is leading the global market. Nevertheless in the next few years, the biodegradable segment is expected to witness high demand across the globe.

Rising Purchasing Power of Consumers to Bolster Global Plastic Bags and Sacks Market

The remarkable growth achieved by the retail industry worldwide in the last few years is one of the primary factors driving the demand for plastic bags and sacks, says a TMR analyst. In addition, the rising purchasing power of consumers is expected to encourage the growth of the market in the forecast period. The easy availability of carry-out and cost-effective plastics bags is also expected to fuel the growth of the global plastic bags and sacks market.

The drop in the oil prices has benefitted the global plastic bags and sacks market as manufacturers are able to procure raw materials at a low rate. Furthermore, the significant rise in the convenience stores, hypermarkets, supermarkets, and retail outlets across the globe has contributed extensively towards the growth of the global plastic bags and sacks market.

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Stringent Regulations for Use of Plastic Bags and Sacks to Curtail Market Growth

The introduction of strict regulations by governments on the usage of plastic bags and sacks has affected the global market significantly. Filling landfills and lack of degradability are further expected to restrict the growth of the global plastic bags and sacks market. The increasing awareness related to the use of plastics is also projected to hamper the growth of the overall market in the next few years. Nevertheless, the introduction of biodegradable and bio-based plastic bags and sacks is expected to generate potential opportunities for key players.

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