Retail Bags Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Posted May 5, 2021 by Statzyreports

The Retail Bags Market is expected to grow at a CAGR of 5.7% over the forecast period 2021 to 2026.
The rapidly increasing number of shopping malls, supermarkets, and developed retail sector have been significantly feeding the demand for retail bags globally. Owing to grown retail industries linked with growing choice for eco-friendly packaging among customers, the retail bags market is increasing exponentially.

- Increased usage of handbags among working-class women on a global level is expected to remain a key trend. The accelerated growth of the corporate and established sectors has been feeding the demand for goods in the countries, including India, and China, South Korea, and Indonesia.

- As such services as Grubhub, DoorDash, and Uber Eats become more popular, they will need useful bags to get food to customers safely. Also, the development of high-quality retail plastic carryout bags compliant with regulations will increase competition between paper and plastic for the retail takeout market.

- Japan has started to ask drugstores, convenience stores, supermarkets, and other retail outlets to price for plastic shopping bags, in line with a global aim of decreasing plastic waste to fight marine pollution.

- Most retailers are having their contemporary bag policies, especially those utilizing paper bags. As plastic is presently the type of bag making the most notice and being reduced to many bans and restrictions, the paper seems to be the reliable choice for in-store shopping bag use for retailers.

- Implementing explicit policies about the use of plastic bags in retail is anticipated to influence the market. Nevertheless, with the rise in need for reusable plastic and the usage of plastic in some states, the segment is supposed to grow during the forecast period.

- For instance, many restaurants - especially fast-food chains such as Wendy’s, Burger King, and McDonald’s - already rely principally on paper bags, and reusable bags are not a reasonable choice for restaurants in general.

- A high disposable income has increased the demand for shopping bags. However, the shopping bags market is expected to witness a decline in sales during the forecast period. This is due to the disruption caused by the COVID-19 pandemic across the world. As tourists from several countries may not travel as much as in the past few years, the growth rate is subdued.

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Key Market Trends

Plastic Material to Have a Dominant Share in the Market

- Plastic material is commonly utilized for the production of retail carry bags. These plastic retail carry bags are comfortable, affordable, and adaptable options for shopping. Plastic retail carry bags are prevalent across all retail sectors, covering general stores, supermarkets, apparel, general merchandise, and specialty stores.

- The most popular plastic material type used in plastic bags is high-density polyethylene (HDPE) plastic. Other commonly used plastic material types comprise low-density polyethylene (LDPE) plastic and polypropylene (PP) plastic.

- According to the US Department of Energy, Polypropylene, a kind of plastic often used to create everyday products such as plastic straws, yogurt tubs, and hangers accounted for 23% of the total global production of plastics in 2018.

APAC to Have a Significant Market Growth

- Asia-Pacific is supposed to have meaningful growth due to the increasing number of production plants, combined with the growing customer base all over the region, contributing to the growth of the Retail Bags Market. For instance, According to Conversio, in 2018, China had a total share of approximately 30% of the global production of plastic materials, which is one of the most demanded materials for retail bags.

- The growth of the retail sector in the region is also encouraging the need for retail bags. For example, in countries like China, according to the National Bureau of Statistics of China, the retail business revenue of consumer goods in China amounted to around 3.2 trillion yuan in May 2020. Besides, according to MOFCOM China, in 2019, about 20.7% of the total retail sales in China were made online, up from 18.4% in 2018.

- Due to the growing need for paper pulp in countries like China and India, the APAC region is supposed to be the quickest developing region. There is an expansion in the transit packaging division in China, coupled with mounting consumerism heading to a swiftly building demand for retail paper bags.

- Along with this demand for paper bags, the need for recycled paper is also increasing, which is having a massive impact on the market. According to the China Paper Association, in 2018, the recycling rate for paper and cardboard in China reached 47.6%. In that year, around 49.64 million metric tons of waste paper were collected in China for recycling purposes.

- There is a growing rate of exports in the developing logistics sector as the corrugated boxes are anticipated to control the market in this APAC region. Due to substantial growth in industries, like cosmetics and fast-moving consumer goods (FMCG), the rapidly-growing middle-class population is presumed to support the need for paper bags and thus fuel the retail bags market region.

Competitive Landscape

The Retail Bags Market studied is moderately competitive, with a considerable number of regional and global players. The primary strategies adopted by these firms include expansions, product innovations, and mergers and acquisitions. The principal players dominating the global handbags market are Attwoods Packaging Company, Mondi Group PLC, El Dorado Packaging, Inc., SPP Poly Pack Pvt. Ltd., and the Carry Bag Company, among others. An advanced distribution network gives a competitive edge to the principal market players. Furthermore, players need to innovate continuously, to work and grow in the market, due to the quickly evolving consumer needs and choices.

- June 2020 - Mondi, has successfully completed the implementation of a new state-of-the-art paper sack converting machine at its Nyíregyháza site in Hungary. The machine – a Windmöller & Hölscher AD 8320 / AM 8115 – allows the plant to produce a new line of sophisticated paper sacks for food packaging.

- May 2020 - Novolex, introduced new non-fluorinated, grease-resistant wraps and clamshells. Manufactured by Novolex brands Bagcraft and Burrows Packaging, the new products include sandwich wraps, sandwich bags, bakery bags, chip bags, deli bags, and micro-flute clamshells. These new non-fluorinated products all offer performance quality comparable to grease-resistant products made with conventional materials.

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Issued By Statzy Market Research
Country India
Categories Miscellaneous
Tags Retail Bags Market , Retail Bags Market share , Retail Bags Market size , Retail Bags Market forecast
Last Updated May 5, 2021