Market Research Future (MRFR) has published a cooked research report on the “Global Retail Bags Market” that contains information from 2018 to 2032. The Retail Bags market is estimated to register a CAGR of 5.80% during the forecast period of 2023 to 2032.
MRFR recognizes the following companies as the key players in the global Retail Bags market— Smurfit Kappa Group PLC, Mondi Group PLC, El Dorado Packaging Inc., Attwoods Packaging Company, BioPak Pty Ltd, Global-Pak Inc., The Carry Bag Company, International Paper Company, Welton Bibby and Baron Limited, GreenPack Limited, Coveris Holdings SA, American Packaging Corporation, IMEX, Packaging, Atlantic Poly Inc.
Retail Bags Market Highlights
The global Retail Bags Market is accounted to register a CAGR of 5.80% during the forecast period and is estimated to reach USD 25.24 billion by 2032.
The growing concern of environmental issues has led consumers to seek eco-friendly and sustainable packaging solutions. Many consumers prefer retail bags that are recyclable, biodegradable or made from renewable materials. Retail bags offer convenience to shoppers and it also serves as a branding and marketing tool for businesses. Further, the retailers adapt to changing consumer behaviors and trends and the change in the lifestyle of consumers including increased on-the-go dining and shopping, drive the need for convenient, portable packaging solutions like takeout bags and shopping bags.
Segment Analysis
The global Retail Bags market has been segmented based on material type and end user.
On the basis of material type, the market is segmented into Plastic, Paper and Others. The plastic segment was attributed to holding the largest market share in 2022, as these bags are mostly in use at retail stores for its durability, cost-effectiveness, versatility and ease of production.
Based on end user, the global Retail Bags market has been segmented into Grocery Stores, Food Service and Others. The grocery stores segment was expected to hold the largest market share in 2022, as on daily basis it has high volume of bag usage to serve the customers with.
Regional Analysis
The global Retail Bags market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Retail Bags market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Retail Bags market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Retail Bags market comprises of Middle East, Africa, and Latin America.
The largest market share for Retail Bags was maintained by the North American regional sector. This region’s consumers have shown a strong preference for sustainable and eco-friendly packaging solutions, increasing the adoption of reusable and recyclable options like paper bags, biodegradable bags. Many states and municipalities in this region have implemented regulations and initiatives to minimize the plastic waste. Major retailers in this region have actively embraced sustainability and corporate social responsibility. The retail bags, on the other hand, are important for brand image, customer experience, convenience for customers with rising e-commerce and shipping.
Moreover, the Europe market has been persistently growing over the forecast period. A growing awareness of the environment and the implementation of stringent environmental regulations are driving demand for sustainable retail bags. The consumers in this region are increasingly eco-conscious and prefer sustainable packaging solutions and the region’ manufacturers and suppliers are known for their innovations in packaging materials.
Additionally, due to the rapid economic growth and urbanization in the Asia pacific region has increased the consumer spending. The consumers in this region are becoming more environmentally conscious and aware of the impact of plastic pollution, leading to the growth in preference for eco-friendly and reusable retail bags. Further, the stringent government regulations, cultural practices, rising tourism, growing e-commerce and delivery services, product innovation and environmental responsibility is driving the market in this region.
Furthermore, the rest of the world's Retail Bags market is divided into the Middle East, Africa, and Latin America. This growth is due to the rapid urbanization, modern retail format, environmental awareness and growing tourism and travel in this region. Government support, a rise in investor interest, stringent regulations and the viability of the technology in the sector are all contributing factors to the market expansion.
Key Findings of the Study
- The global Retail Bags market is expected to reach USD 25.2 billion by 2032, at a CAGR of 5.80% during the forecast period.
- The Asia Pacific region accounted for the fastest-growing global market due to the increased awareness and adoption of sustainable and eco-friendly packaging solutions, and rise in the e-commerce and online shopping.
- Based on end user, the grocery stores segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.
- Smurfit Kappa Group PLC, Mondi Group PLC, El Dorado Packaging Inc., Attwoods Packaging Company, BioPak Pty Ltd, Global-Pak Inc., The Carry Bag Company, International Paper Company, Welton Bibby and Baron Limited, GreenPack Limited, Coveris Holdings SA, American Packaging Corporation, IMEX, Packaging, Atlantic Poly Inc.
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Companies Covered | 15 |
Pages | 128 |
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