The polyethylene (PE) segment is projected to dominate the Plastic Bag market in terms of value by 2033, capturing approximately two-thirds of the market share. Global demand for plastic bags is projected to rise at a 3.4% CAGR through 2033
NEWARK, Del., Nov. 8, 2023 /PRNewswire/ -- As per the latest report, the global plastic bag market value is estimated to reach US$ 24,673.5 million in 2023 and US$ 34,424.5 million by 2033. Over the assessment period, sales of plastic bags are projected to rise at a 3.4% CAGR.
Polyethylene (PE) remains the most widely used material among plastic bag manufacturers. This is attributable to its flexibility, durability, low cost, and other attractive features. The target segment is set to thrive at a 3.1% CAGR through 2033.
Plastic bags are consistently witnessing a high level of adoption by the pharmaceutical sector. This is because they provide a robust barrier against external factors, preserving the quality of medications.
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Plastic bags also adhere to strict regulatory requirements for pharmaceutical packaging in terms of safety, labeling, and information. As a result, they are widely used by pharmaceutical companies, which would augment the market.
The healthcare and pharmaceutical sectors are also experiencing significant growth globally, driven by the increasing demand for medications, surging chronic diseases, and the need for innovative treatments. This will likely create new growth opportunities for plastic bag manufacturers.
As per data from the European Federation of Pharmaceutical Industries and Associations (EFPIA), the overall production of pharmaceuticals increased by over 50% in the last ten years. This growth is consequently having a positive impact on the market for plastic bags. Several manufacturers have also started providing sustainable plastic bags for pharmaceutical and healthcare applications owing to the evolving scenario of healthcare-based regulations.
For instance,
- In November 2022, Sterimed Group announced the launch of Polybond Header Bags for the storage of bulky items, such as gowns and custom procedure kits. The header bag uses a proprietary mono-material plastic film, which is compostable and biodegradable.
Plastic bag manufacturers focus on developing innovative and functional packaging solutions that meet the specific requirements of different industries. They are also investing in the research and development of sustainable and eco-friendly raw materials and actively trying to integrate them into production.
Key Takeaways from the Plastic Bag Market Study-
- The global plastic bag market is projected to reach a valuation of US$ 34,424.5 million by 2033.
- By bag type, the garbage bag segment is set to hold a market share of 36.1% in 2033.
- Based on material, the polyethylene segment is expected to total US$ 21,137 million by 2033.
- By end-use, the retail segment is anticipated to hold a share of around 42.4% in 2033.
- The United States plastic bag market value is set to reach US$ 4,215.7 million by 2033.
- Sales of plastic bags in Japan will likely rise at a 3.9% CAGR between 2023 and 2033.
- Plastic bag demand in India is projected to increase at a CAGR of 4.3% during the forecast period.
"The surging demand for convenience packaging solutions, driven by population growth and high disposable income, is positively influencing the plastic bag market. Besides this, the growing food service and healthcare sectors will positively impact plastic bag sales through 2033," - says Ismail Sutaria, Principal Consultant at Future Market Insights
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Manufacturers Offering Customized Products to Gain a Competitive Edge
The inclusion of custom products in the offerings of plastic bag manufacturers provides them with a distinct competitive advantage. By catering to the unique needs and preferences of customers, manufacturers can deliver tailored solutions that set them apart in the market. Moreover, this approach has not only enhanced customer satisfaction but also fostered stronger relationships and loyalty. Owing to these benefits, several key players would provide custom manufacturing.
For instance,
- International Plastics is involved in the provision of custom manufacturing services for several end-use industries through its extrusion, printing, and converting technology.
- AEP Group is involved in the provision of bagging services through which it custom manufactures plastic bags of varying capacities and features.
Rapid Economic Growth Presents Lucrative Opportunities for Manufacturers
The swift and significant penetration of end-use industries in developing regions is presenting lucrative opportunities for plastic bag manufacturers. As economies in these regions experience substantial growth and evolving consumer preferences, the demand for packaging solutions, particularly in sectors such as food and beverages, personal care, pharmaceuticals, and household products, is on the rise.
For instance,
- As per data from the United States International Trade Administration, the personal care industry in China grew by around 10% in 2021.
The trend is further driven by a combination of factors, including increasing disposable income, urbanization, changing lifestyles, and a burgeoning middle-class population. For instance, data from the Intergovernmental Panel on Climate Change (IPCC) suggests that over 95% of all urbanization will take place in the developing world by 2030.
The shift in global goods production toward Asia is also leading to growing consumerism amongst the developing regions, thereby facilitating a change in lifestyle and consumption habits. Data provided by the Pew Charitable Trusts reveal that around 80% of the middle-class population is concentrated in developing nations.
Plastic bag manufacturers can exploit this shift and expand into the developing and emerging regions through acquisitions and facility expansions. Collaboration with local partners and distributors is another key strategy for manufacturers to establish a strong market presence in these regions.
Competitive Landscape
Berry Global Group, Inc., Bischof & Klein GmbH & Co. KG, Novolex Holdings, Inc., International Plastic Inc., AEP Industries Inc., ProAmpac LLC, CeDo Ltd., and Amcor Plc are prominent plastic bag manufacturers profiled in the report.
Key companies are adopting different strategies to boost their sales and expand their footprint. These include new product launches, mergers, partnerships, facility expansions, and adoption of sustainable materials. For instance,
- In February 2022, ProAmpac LLC acquired Belle-Pak Packaging, an award-winning flexible packaging manufacturer of plastic medical and clinical bags.
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Get More Valuable Insights into the Global Plastic Bag Market Report
Future Market Insights (FMI), in its new report, offers an unbiased analysis of the global market for plastic bags, analyzing historical demand from 2018 to 2022 and forecast statistics for 2023 to 2033.
The study reveals market growth projections based on the bag type (zipper bags, T-shirt bags, gusseted bags, slider bags, garbage/refuse/trash bags, and others (tote bags, handle bags, etc.), material (polyethylene (PE), polypropylene (PP), polyethylene terephthalate (PET), polylactic acid (PLA), and others (PVC, PS, etc.)), sales channel (direct sales (manufacturers), distributors, bricks & mortar stores, and e-retail), and end use (retail (healthcare, personal care & cosmetics, homecare & toiletries, electrical and electronics, foodservice, industrial, e-commerce, chemical & fertilizers), commercial (hotels & cafes, full-service restaurants, quick service restaurants, venues & catering, mobile food vendors, bakery & patisserie), and institutional (schools & colleges, offices, hospitals, airports & railways), and household) across several regions.
About the Packaging Division at Future Market Insights (FMI)
The packaging division at Future Market Insights (FMI) provides an in-depth historical analysis and projections for the next ten years and covers the competitive landscape through a unique dashboard view. Ranging from packaging materials and packaging machinery to packaging designs & formats, Future Market Insights (FMI) has an exhaustive database for these industry verticals, serving clients with unique research offerings and strategic recommendations. With a repository of 1,000+ reports, the team has analyzed the packaging industry comprehensively in 50+ countries. The team evaluates every node of the value chain and provides end-to-end research and consulting services; reach out to explore how we can help.
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