Plastic Bags & Sacks Market - Advent of Biodegradable Products Driving Demand
Changes in consumer lifestyle, rapid pace of industrialization, rising consumer goods and retail sector, and declining prices of oil and gas in emerging markets are the factors accentuating market growth. The global market for plastic bags and sacks is forecast to expand at a CAGR of over 3.4% from 2016 to 2024.
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Non-Biodegradable Products Growing at Significant Pace; However, Scales Tilting in Favor of Biodegradable Ones
Based on material type, the global plastic bags and sacks market is segmented into biodegradable and non-biodegradable. The biodegradable segment is further segmented into polylactic acid (PLA), polyhydroxyalkanoates (PHA), and starch blend resins, while the non-biodegradable segment is further segmented into low density polyethylene (LDPE), high density polyethylene (HDPE), polypropylene (PP), linear low density polyethylene (LLDPE), and polystyrene (PS).
The non-biodegradable segment occupies a prominent share measured in terms of volumes of consumption of plastic bags and sacks. However, stringent regulatory requirements have led to the adoption of ecofriendly and reusable plastic bags and sacks, spurring the demand for biodegradable packaging. The biodegradable segment is poised to expand at an impressive CAGR along the forecast period.
Furthermore, the advancements in manufacturing technologies have enabled vendors to offer a variety of options in biodegradable packaging. As a result, plastic bags manufacturers are focusing on making biodegradable and bio-based plastic bags and sacks that can be easily recycled so that they do not pose risk to environment.
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Asia Pacific Market to Contribute to Large Chunk in terms of Global Demand
Based on geography, the global plastic bags and sacks market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East and Africa (MEA). Of these, Europe is expected to lead the global market in terms of revenue and is estimated to be followed by North America. On the other hand, Asia Pacific is forecast to register a high CAGR during 2016 - 2024.
Asia Pacific excluding Japan (APEJ) is expected to witness a spiraling demand for plastic and sacks bags owing to rising discretionary spending by middle-class consumers and rapid pace of urbanization. In addition, the impressive growth of the retail sector and the consumer good segment has triggered the demand for plastic bags and sacks for packaging various materials and food items. Furthermore, the emerging nations of Asia Pacific such as India and China are expected to witness soaring demand for plastic bags and sacks. The significant growth in the regional markets is attributed to the changing lifestyle across all strata of society and increasing per capita income of the people in these nations.
The plastic bags industry is largely fragmented, with the presence of some organized players and several small unorganized players. Leading players are resorting to mergers and acquisitions to consolidate their shares across various regions. Major companies in the global plastic bags and sacks market include Mondi plc, Berry Plastics Inc., AEP Industries Inc., Alpha Poly, Bischof & Klein GmbH & Co, Interplast Group, Novolex, Ampac Holdings LLC, Da Nang Plastic Joint Stock Company, Schur Flexibles Group, Goglio Group, and Hanoi Plastic Bag JSC.
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