Carry Bag Market Projected to Reach $10.3 Billion by 2028, says MarkWide Research
According to a new report published by MarkWide Research, titled “Carry Bag Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2028”, the global carry bag market is anticipated to witness significant growth and reach a valuation of $10.3 billion by the year 2028. The market is expected to exhibit a compound annual growth rate (CAGR) of 5.8% during the forecast period from 2021 to 2028.
The carry bag market has been witnessing substantial growth due to the increasing demand for convenient and eco-friendly packaging solutions across various industries. The market’s growth can be attributed to factors such as the rise in retail and e-commerce activities, changing consumer preferences, and the emphasis on sustainable packaging options.
The retail sector has been a major driver for the carry bag market. With the global retail industry expanding and embracing digital channels, the need for effective packaging solutions has become paramount. Carry bags offer convenience to both retailers and consumers, making them an essential part of the shopping experience. Additionally, the growing trend of reusable and recyclable bags aligns with the global movement toward reducing single-use plastics, further contributing to the market’s growth.
E-commerce has also played a pivotal role in shaping the carry bag market landscape. As online shopping continues to surge, the demand for secure and reliable packaging solutions has increased. Carry bags not only ensure the safety of products during transit but also provide a branding opportunity for e-commerce companies.
The report provides a comprehensive analysis of the global carry bag market based on bag type, material, end-use industry, and region. Plastic carry bags, due to their lightweight and cost-effective nature, hold a significant share in the market. However, there has been a notable shift toward sustainable materials such as paper, cloth, and jute, driven by environmental concerns and regulations against plastic usage.
In terms of end-use industries, the retail sector remains the largest consumer of carry bags. Grocery stores, supermarkets, and departmental stores continue to generate substantial demand for these bags. The food and beverage industry is also witnessing an increased utilization of carry bags for takeout and delivery services.
Geographically, the Asia-Pacific region is expected to dominate the carry bag market during the forecast period. Countries like China and India are experiencing rapid urbanization, changing consumer lifestyles, and a booming retail sector, all of which contribute to the high demand for carry bags. North America and Europe are also anticipated to hold significant market shares due to the growing adoption of sustainable packaging solutions in these regions.
MarkWide Research’s report offers valuable insights into the competitive landscape of the carry bag market. Key players operating in the market include ABC Packaging Ltd., Novolex Holdings, Inc., United Bags, Inc., International Paper Company, Smurfit Kappa Group, and Mondi Group, among others. These companies are focusing on innovation, product differentiation, and sustainability to gain a competitive edge in the market.
In conclusion, the global carry bag market is poised for substantial growth in the coming years, driven by the retail and e-commerce sectors’ expansion, consumer preferences for eco-friendly packaging, and the rise of sustainable materials. MarkWide Research’s comprehensive report provides detailed insights into market trends, drivers, challenges, and opportunities, assisting industry stakeholders in making informed decisions and staying ahead in the competitive landscape.