According to a new report published by MarkWide Research, titled, “Paper-Based Consumer Bags Market,” the global market for paper-based consumer bags is thriving with significant growth expected over the forecast period. With an anticipated compound annual growth rate (CAGR) of 4.9%, the market is projected to reach $8.3 billion by 2030.
The paper-based consumer bags market’s growth can be attributed to several key factors:
1. Sustainability Awareness: Consumers and businesses are increasingly choosing paper-based bags as an eco-friendly alternative to plastic.
2. Retail and Packaging: The retail industry’s demand for branded paper bags and sustainable packaging solutions fuels market growth.
3. Government Regulations: Environmental regulations and bans on single-use plastics drive the adoption of paper-based bags.
4. Customization and Branding: Businesses use paper bags as a means of branding and customization for a unique customer experience.
5. Consumer Preference: Many consumers prefer paper-based bags for their durability, recyclability, and aesthetic appeal.
6. Biodegradability: Paper bags are biodegradable, reducing environmental impact and waste.
MarkWide Research’s report provides comprehensive insights into the global paper-based consumer bags market, including market size, segmentation by type (e.g., shopping bags, takeaway bags), end-use (e.g., retail, foodservice), and regional analysis. The report also profiles key players in the industry and highlights their strategies for market expansion.
In conclusion, the global paper-based consumer bags market is thriving, driven by sustainability awareness, retail and packaging demands, government regulations, customization and branding opportunities, consumer preference, and biodegradability advantages. As the world increasingly prioritizes sustainable packaging solutions, the market for paper-based consumer bags is expected to experience significant growth.