Revenue generated from sales of plastic bags & sacks is estimated to be valued at US$ 18,904 Mn by the end of 2016 and is expected to increase at a CAGR of 4.1% over the forecast period.
Albany, NY -- (SBWIRE) -- 02/09/2017 -- The retail sector has witnessed impressive growth over the last few years owing to significant increase in the number of modern retail outlets such as supermarkets, hypermarkets, and convenience stores worldwide. Global retail sales, including online retail and in-store sales, is expected to increase at an impressive CAGR of about 5.5% over the forecast period. These factors are expected to drive growth of the global plastic bags & sacks market over 2016–2024. Also, increasing disposable income and purchasing power of consumers are in turn expected to lead to increasing demand for convenient and cost-effective carry bags for various products. The plastic bags and sacks market in APEJ is expected to register significant growth owing to growth in the region's retail & consumer sector, whose growth is in turn driven by factors such as changing consumer lifestyle, increasing per capita disposable income of consumers, rapid urbanization, and growth in the industrial sector.
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Since 2014, there has been major transition in the oil & gas industry—it has witnessed sluggish growth due to low demand and oversupply. This drop in oil prices has proved to be a boon for the plastic bags & sacks market, as manufacturers can procure raw materials at low prices. According to independent estimates, operational costs incurred by plastic bag manufacturers decreased by 20% to 25% in 2015 over 2014, thus helping companies to generate high ROI.
An ongoing trend in the global plastic bags industry is strategic mergers and acquisitions, with most players looking to expand globally. Though the plastic bags industry is largely fragmented, organized players are advancing towards consolidation through mergers and acquisitions. Furthermore, owing to increasing awareness among consumers about protecting the environment followed by stringent regulatory landscape imposing bans on single use plastic bags, adoption of green and ecofriendly and reusable plastic bags & sacks is gaining traction. This has impelled plastic bags manufacturers across the globe to shift their focus towards biodegradable and bio-based plastic bags & sacks, with a higher percentage of recycled content.
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Most plastic bags manufactures can focus on 'customization' in order to meet client-specific requirements; plastic bags & sacks can be used as tools for promoting and marketing of products by leading brands.
Revenue generated from sales of plastic bags & sacks is estimated to be valued at US$ 18,904 Mn by the end of 2016 and is expected to increase at a CAGR of 4.1% over the forecast period. Consumption of plastic bags & sacks is expected to be pegged at 12,361.9 thousand metric tons by 2024. Macroeconomic factors such as rising disposable per capita income, increasing purchasing power among consumers, and rapid growth in the retail sector are expected to fuel demand for plastic bags & sacks over the forecast period.
On the basis of material type, the global plastic bags & sacks market is segmented into non-biodegradable material and biodegradable material. Non-biodegradable segment is expected to dominate throughout the forecast period; however, biodegradable segment is expected to be attractive for manufacturers, expanding at a relatively higher CAGR over the forecast period. By product type, rubble sacks and trash bags segments are expected to witness significant growth due to increasing adoption by the industrial and waste management industry. However, T-shirt bags segment in the global plastic bags & sacks market is slated to account for maximum share and is likely to maintain its dominance over the forecast period.
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On the basis of application, the global plastic bags & sacks market is segmented into retail & consumer, institutional, and industrial. Retail & consumer segment is expected to account for over 60% market share throughout the forecast period and is expected to create maximum incremental revenue opportunity over the forecast period.
On the basis of region, the market in Europe is anticipated to dominate the global plastic bags & sacks market in 2016; however, the plastic bags & sacks market in APAC is expected to gain maximum BPS and surpass Europe as the largest market for plastic bags & sacks by the end of 2024. Revenue generated from sales of plastic bags & sacks in Asia Pacific is expected to increase at the highest CAGR of 5.3% over the forecast period.
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