Paper Bags Market Estimated to Flourish at US$ 7 Bn by 2027

Paper bags are typically used for packaging, used as big sacks and also as shopping bags. They are made from various varieties of kraft paper. Paper bags have several benefits including durability, eco-friendly nature and convenience. Additionally, they can be recycled for reuse which is an added benefit from environment health point of view. Paper bags can be used to package several items and come in varying designs and sizes. Moreover, they can be printed upon with a view to market a particular brand. Future Market Insights has analysed the global market for paper bags and has presented several insights in its new research publication – global paper bags market.

The research report includes key acumen across the segments of the market and their scenarios across important regions in the globe. The global paper bags market witnessed slow growth during the 2012-2016 timeline, however, it is projected to grow at a higher pace to register a moderate CAGR of 4.4% throughout the period of forecast. In 2017, the global market for paper bags is valued at around US$ 4500 Mn and is estimated to touch a value of approximately US$ 7 Bn by the end of the year of assessment. Factors like strong and growing retail sector in developed regions, rising preference for paper bags across regions and increasing penetration of retail outlets in emerging economies are contributing to the growth of the global paper bags market.

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Retail sector to significantly contribute to the growth of the global paper bags market

The retail segment in the end use category is expected to largely contribute to the growth of the global market for paper bags. This segment is projected to grow at a value CAGR of 4.3% throughout the period of forecast. In 2017, the retail end use segment reflected a value of around US$ 2500 Mn and is likely to dominate the global market with a high market valuation of about US$ 3800 Mn by the end of the year of assessment. However, compared to 2017, the retail segment is expected to witness a fall in market share by 60 BPS by the end of the forecast period. In 2017, the retail segment reflected a market share of 54.5%.

Food and beverages sector poised to be the second largest in terms of value

The use of paper bags in the food and beverage industry has been rising since past years. The growing inclination towards the adoption of paper bags has made this segment highly lucrative. The food and beverage segment is the second largest segment in terms of high market valuation and is estimated to reach a value of more than US$ 1800 Mn by the end of the year of assessment from a value of around US$ 1200 Mn in 2017. The chemical segment in this category is expected to showcase less market share as well as value during the forecast period, but is catching steam owing to new developments in paper bags. It is followed by the others segment which is the lowest in terms of market value.

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This release was published on openPR.