Press release
Jute Bags Market 2024-2033: Production Analysis, Segmentation, Key Drivers And Top Players
Jute Bags Market
The Business Research Company offers in-depth market insights through Jute Bags Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The jute bags market size has grown rapidly in recent years. It will grow from $2.56 billion in 2023 to $2.87 billion in 2024 at a compound annual growth rate (CAGR) of 12.2%. The growth in the historic period can be attributed to environmental concerns and eco-friendly movement, government policies and subsidies, shift from plastic to natural fibers, promotion of handicrafts and artisanal products, corporate adoption of eco-friendly practices.
The jute bags market size is expected to see rapid growth in the next few years. It will grow to $4.51 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to increasing environmental concerns, consumer preference for sustainability, rise in anti-plastic movements, expansion of retail and e-commerce, fashion and design innovations. Major trends in the forecast period include sustainable fashion movement, government initiatives and regulations, corporate social responsibility (CSR), shift from single-use plastics, fashion and design trends.
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Market Segmentation:
The jute bags market covered in this report is segmented -
1) By Type: Jute Sack Bags, Jute Shopping Bags
2) By Price: Premium, Mass
3) By Application: Household, Commercial
4) By End-Use: Retail, Institutional
Major Driver - Growing Environmental Consciousness Boosts Jute Bags Market
Rising popularity and demand for environment-friendly products are contributing to the growth of the jute bags market. The eco-friendly packaging products are developed on large scale due to changes in the behavior and thoughts of the consumer. Companies all over the world are paying attention to eco-friendly packaging as it reduces shipping costs, promotes a positive brand image, is recyclable and sustainable. For example, according to the survey conducted by the U.S. Cotton Trust Protocol in 2021, 61% of brands and companies stated that their demand for environmentally friendly goods has increased. Therefore, the rising popularity and demand for environmentally friendly products is expected to drive the growth of the jute bags market in the coming years.
Competitive Landscape:
Major companies operating in the jute bags market report are Ludlow Jute And Specialities, B R Packaging, Gloster Limited, AI Champdany Industries Ltd, Jamia Jute Bags, Budge Budge Company Limited, Go Green International Jute Bags, Krishna Jute Bags Company, Bangla Jute Mills, Aarbur, Bangalore Fort Farms Ltd, National Jute Mills, Cheviot, Hitaishi-KK, G-BAGS (Green-O-Tech India), Premchand Jutex, Light Cees Jute Bag, Churiwal Technopack Private Limited, Ashoka Exports, Shree Jee International India Ltd., LMC Global Private Limited, Aamin International Company, Basu Jutex Private Limited, Diamond Jute Mills, Howrah Mills Co Ltd., Nuzhat Jute Bags Factory Private Limited, Goyal Jute Fabricator, Megha Jute Mills, New Central Jute Mills, Angus Jute Mills, The Hooghly Mills Company Limited
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Top Trend - Investment In Jute Manufacturing Unit To Address Shortage
Major companies in the jute bags industry are increasingly investing in seizing development opportunities and addressing the shortage of jute. Investment is allocating money or resources to a project, venture, or asset with the expectation of generating income, profit, or future value appreciation. For instance, in September 2021, Gloster Ltd, an India-based jute and jute-based products manufacturing company, signed an MoU with the Telangana government to establish a ₹3.3 billion ($0.04 billion) jute and jute-based products manufacturing unit in Warangal, India. This move was aimed at addressing the shortage of gunny bags in Telangana, India, particularly with the region experiencing a surge in paddy output. The new facility is expected to produce 50 million jute bags annually, providing direct employment to over 2,500 rural youth.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Jute Bags Market Characteristics
3. Jute Bags Market Trends And Strategies
4. Jute Bags Market - Macro Economic Scenario
5. Jute Bags Market Size And Growth
…..
27. Jute Bags Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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