Between 2022 and 2030, the worldwide paper bag market is expected to grow at a steady rate of 4.1 percent. During this time, it is expected to reach US$ 7.3 billion. The market for paper bags is expected to grow exponentially, according to a new analysis by Future Market Insights (FMI), driven by a growing focus on environmentally friendly and sustainable packaging options. Paper bags are lightweight, biodegradable, and economical. They are also believed to be more environmentally friendly than plastic equivalents due to their inherent qualities.
Paper bag usage has been steadily increasing in industries including agriculture, construction, and others. As a result, between 2022 and 2030, the market for paper bags is expected to grow at a CAGR of 4.1 percent. Paper bags are commonly used in the packaging of food, beverages, and other high-end products since they are non-reactive. As a result, the expansion of these industries will benefit the whole market.
The research from FMI provides a comprehensive picture of the paper bag market. It includes data on the market’s growth potential, as well as growth drivers and restraints.
The following are some of the significant takeaways from the paper bag market report:
- Brown kraft will remain the preferred material for creating paper bag market
- Sales of pinched bottom open mouth paper bag market will continue to rise
- Paper bags with a thickness of 2 plies are expected to be in great demand as a disposable packaging option.
- paper bag market is expected to be in high demand in the retail business.
- Paper bag demand is predicted to surge in APEJ.
“Paper bags are gaining popularity as a more environmentally friendly alternative to single-use plastic bags. Paper bag sales are likely to increase as governments throughout the world limit the use of polythene bags and other plastic products. Some of the market’s most powerful players see this as a lucrative opportunity. “Some have even produced paper bags made from wastes like a discarded newspaper to stand out in a crowded market,” says an FMI analyst.
COVID-19 Impact Assessment | paper bag market
The expected growth of the paper bag business has been hampered by the advent of the new coronavirus. During extended periods of lockdown, the market had suffered from a lack of raw materials, non-operational supply chains, shutting down of logistics facilities, and unavailability of workers, among other reasons. The major market players, on the other hand, are working hard to improve their infrastructure to continue producing high-quality goods.
Who is the ultimate winner?
In the future years, competition in the paper bag market is expected to heat up. As a result, companies are increasingly relying on recycled resources when producing high-quality paper bags. Some companies are actively pushing for product launches to obtain a competitive advantage.