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Retail Bags Market Analysis, Trends, Growth, Research And Forecast 2033
Retail Bags Market Analysis
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According to The Business Research Company's, The retail bags market size has grown strongly in recent years. It will grow from $16.84billion in 2023 to $17.98 billion in 2024 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to rise in urbanization, increase in tourism, increase in home delivery services, rise in e commerce, rise in online shopping.
The retail bags market size is expected to see strong growth in the next few years. It will grow to $23.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to the growing retail industry, a growing number of shopping malls, growing awareness of waste generation, a growing number of supermarkets, and increasing consumer spending. Major trends in the forecast period include technological advancements, biodegradable bags, eco-friendly materials, smart packaging solutions, and subscription models.
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Market Drivers and Trends:
The rise in e-commerce is expected to propel the growth of the retail bags market going forward. E-commerce, short for electronic commerce, refers to the buying and selling of goods and services over the Internet. The rise in e-commerce is due to advances in mobile technology, digital marketing, logistics, and supply chain management. Retail bags facilitate the logistics and delivery process in e-commerce by providing packaging for products purchased online, enhancing customer convenience. For instance, in May 2024, according to the United States Census Bureau, a US-based government agency, in the first quarter of 2024, U.S. retail e-commerce sales totaled approximately $289.2 billion, marking a 2.1% increase (±0.7%) from the fourth quarter of 2023. Therefore, the rise in e-commerce is driving the growth of the retail bags market.
Major companies operating in the retail bag market are focused on developing innovative products, such as Locally-made retail paper bags, to promote environmental stewardship and enhance product durability. Locally-made retail paper bags are paper bags produced within a specific geographic area or community. Locally-made retail paper bags can be a great choice for businesses looking to align with sustainability goals and support their local economy. For instance, in February 2024, Visy Industries, an Australia-based packaging and recycling company, launched locally-made retail paper bags. These heavy-weight bags are crafted from thicker paper, ensuring enhanced durability and strength, which makes them suitable for carrying heavier items without tearing. These innovative bags are fully recyclable through Australian curbside recycling bins, providing consumers with a convenient and eco-friendly disposal option.
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Major Key Players of the Market:
Flexo Converters USA, International Paper, Smurfit Kappa Group plc, Mondi Group plc, Novolex Inc., Burberry Group plc, ProAmpac Intermediate Inc., Coveris SA, Antalis Group, Atlantic Packaging, Welton Bibby and Baron Limited, BioPak Pty Ltd., EI Dorado Packaging Inc., Global-Pak Inc., Rutan Poly Industries Inc., Atlantic Poly Inc., Attwoods Packaging, GreenPack Limited, Rainbow Packaging Inc., SPP Poly Pack Pvt Ltd., The Carry Bag Company, Kiwi Office, Europages UK
Retail Bags Market 2024 Key Insights:
• The retail bags market size is expected to see strong growth in the next few years. It will grow to $23.66 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• E-Commerce Surge Drives Growth In Retail Bags Market
• Innovative Sustainable Solutions Drive Growth In The Retail Bag Market
• North America was the largest region in the retail bags market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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