Press release
Plastic Bags & Sacks Market to Reach US$ 25.8 Bn by 2026
Plastic bags manufacturers, suppliers, and exporters globally are capturing revenues from a booming online and offline retail. Plastic bag industry statistics present interesting insights on value-grab opportunities, and found that rise in consumer products is a key factor expanding the revenue potential. A study by TMR on the plastic bags & sacks market projects the valuation to reach US$ 25.8 Bn by the end of 2026.Rise in shipping of e-commerce products to fulfil customer demand especially in emerging economies has been creating substantial revenue opportunities for plastic sack manufacturers. Rapid pace of urbanization in Asia Pacific over the past few decades has enriched the value chain for players in the plastic bags & sacks market.
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Plastic sack manufacturers are majorly using non-biodegradable plastics on the back of ease of availability and low cost of processing relative to biodegradable ones. Intense plastic bag recycling and manufacturing support is likely to fuel the shift toward increasing the proportion of biodegradable materials in plastics. However, due to lack of economy of scale and hurdles in wider commercialization, non-biodegradables products in the plastic bags & sacks market have massive incremental opportunity amounting to US$ 2.9 Bn by the end of 2026.
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Key Findings of Plastic Bags & Sacks Market Study
Massive Uptake of Products Made of Non-biodegradable Plastic Creates Lucrative Avenues: Non-biodegradable materials have been extensively used in the making of plastic bags & sacks. The wide popularity of these materials can be attributed to the relatively low cost incurred in processing and production than with the use of biodegradable materials and their ease of availability. Furthermore, products made of polyethylene (PE) have been immensely commercialized in plastic bags & sacks market.
Enormous Demand for Plastics Packaging in Modern Retail Propelling Revenue Streams: The analysts at TMR have found that rubble sacks have been highly lucrative product segment. The demand for rubble sacks is expected to grow remarkably in the near future. The enormous revenue potential in this segment is on the back of the adoption of rubble sacks for storing garden waste and ordinary household. The material is characterized by high puncture and tear resistance, making them sturdy for wide range of packaging applications.
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Plastic Bags & Sacks Market: Key Drivers
Sales of consumer products have proliferated in e-commerce channels. A burgeoning online retail industry in several economies over the past few decades is a key trend bolstering the prospects of the plastic bags & sacks market.
Rise in consumer spending for shopping supermarkets, hypermarkets, and convenience stores, coupled with changing shopping habits, is a key trend that is expanding for avenues players in the plastic bags & sacks market.
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Plastic Bags & Sacks Market: Regional Growth Dynamics
Opportunities in the Asia Pacific plastic bags & sacks market are expanding at a promising pace during the forecast period. The regional market, project TMR analysts, is projected to reach US$ 8.6 Bn by the end of 2026. In particular, the demand for plastic bags and sacks has been rising rapidly to meet the consumption of apparel and electronics. A booming modern retail in the emerging economies has catalyzed generation of profitable opportunities for players in the regional market.
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Plastic Bags & Sacks Market: Competition Landscape
The TMR study on the market found that in 2021 the leading five players jointly accounted for nearly 12% of the plastic bags & sacks market. Some of the prominent companies in the plastic bags & sacks market are Starlinger & Co Gesellschaft M.B.H, BioBag Americas, Inc., Hanoi Plastic Bag JSC, Bischof & Klein GmbH & Co. KG, Interplast Group, Polykar Industries, Inc., BioBag International AS, International Plastics, Inc., Ampac Holdings LLC, Mondi Group, Mondi Group, and Berry Global, Inc.
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