Plastic Bags and Sacks Market Set to Surge Significantly by 2026
June 23, 2022
Plastic Bags and Sacks Market was valued at US$ 22.2 Bn in and its Reach US$ 25.8 Bn with CAGR of 3.0% by 2026
WILMINGTON, DELAWARE , USA, June 23, 2022 /EINPresswire.com/ -- According to TMR, the plastic bags & sacks market was valued at US$ 22.2 Bn in 2021 and is estimated to reach US$ 25.8 Bn by the end of 2026, growing at a CAGR of 3.0% between 2022 and 2026.
Plastic bags and sacks also called poly bags, are made up of thin plastic films. They are generally made from materials such as non-biodegradable and biodegradable plastics. Out of these two materials, non-biodegradable plastic is the commonly used material type for plastic bags and sacks due to its affordability and availability. Plastic bags and sacks found a wide range of applications in the retail and consumer sector, industrial sector, and others.
The global plastic bags & sacks market is driven by the increasing demand for these bags and sacks by various end-use industries. Additionally, the increasing need for lightweight packaging is likely to propel the growth of the market in the next few years. Furthermore, plastic bags and sacks offer flexibility, tear-resistance, transparency, and moisture protection which is expected to further drive the market growth in the near future.
In terms of product type, t-shirt bags hold the largest market share and is anticipated to maintain their share during the forecast period. The demand for t-shirt bags is increasing due to their wide use in the packaging of small and medium-sized goods. The retail and consumer segment is the largest end-user of plastic bags and sacks and holds approximately 70% of the market value of the total market.
The Asia Pacific is expected to remain the most lucrative region for the plastic bags & sacks market owing to the increasing urbanization and changing lifestyles coupled with rising consumer spending. This Asia Pacific plastic bags & sacks market is anticipated to create the highest incremental opportunity of US$ 1.6 Bn, at a CAGR of 4.3% between 2022 and 2026.
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Plastic Bags Emerge as Marketing Platform for Branding and Promotion for Brand Owners
Over the last decade, the key players in the consumer goods market are focusing on marketing strategies to enhance their brand visibility. Marketing activities like branding and promotion result in improved sales of products & help in attracting the target consumer base. The brand owners in the consumer goods market are using plastic bags as a medium of communication and promotion to reach the target consumers.
The plastic bag manufacturers offer various types of printing options and customizations to cater to the specific demands of the brand owners. Printed plastic bags can be an excellent marketing tool to promote brands for various brand owners. Most local businesses opt for plastic bags as a means of brand promotion as it is economical compared to electronic and print media. The plastic bag manufacturers are focusing on providing customized printing options to gain a competitive edge in the market. Thus, plastic bags as a trend for marketing is likely to drive the plastic bags market in the near future.
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Demand for Plastic Bags & Sacks from Retail and Consumer Sector to Boost Market Growth
Plastic bags and sacks found a wide range of applications in the retail and consumer sector for the packaging of consumer products. The demand for plastic bags and sacks in the retail sector is driven by the rise in the number of retail stores and outlets such as supermarkets, hypermarkets, and convenience stores. The global retail market has been witnessing substantial growth in the past few years, owing to increasing retail activities and rising consumer spending of the people. Thus, the retail and consumer sector is anticipated to reach US$ 5.7 Bn by 2026 and is likely to create significant opportunities for plastic bags and sacks manufacturers in the forecast period.
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Plastic Bags & Sacks Market: Competition Landscape
The key players in the plastic bags & sacks market are focusing on new product innovations and customizations to meet the specific requirements of the end-users. Moreover, they opt for mergers and acquisitions in order to expand their reach and maintain their leads across the regions.
In April 2021, SPhere Group (Europe) completed the acquisition of UK flexible packaging firm Sarpak. This acquisition will allow SPhere Group (Europe) to expand its manufacturing capabilities and capture a new market for business expansion.
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