November 29, 2023 02:35 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, Nov. 29, 2023 (GLOBE NEWSWIRE) -- The paper bag market is estimated to be valued at US$ 5.6 billion in 2024. The market is anticipated to achieve a valuation of US$ 8.7 billion by 2034, growing at a CAGR of 4.3% from 2024 to 2034. Packing Paper Bags
There is a growing demand for paper bags because they are used more frequently in offline distribution channels and e-commerce platforms. This is due to the retail sector's need for packaging solutions that are cost-effective and customizable. The rise of e-commerce platforms increasingly using customized paper bags to enhance the unboxing experience and promote their brand is positively influencing the market.
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Standard plastic bags cause significant pollution in land and water bodies due to their slow decomposition rate. Biodegradable paper bags are considered a sustainable, eco-friendly, and stylish alternative as they are easy to manufacture and non-toxic to the environment. Retail players are now switching to paper bags as they help protect the environment and are easily recyclable and reusable. The wide adoption of biodegradable paper bags is anticipated to propel market development over the coming decade.
There is a growing need for sustainable packaging, so the demand for eco-friendly alternatives is increasing. The government has implemented regulations on single-use plastic bags, further encouraging the growth of the paper bag market. Many companies are now adopting sustainable practices to meet customer demand and fulfill their responsibilities toward society.
Utilizing locally available materials to manufacture paper bags is a cost-effective approach that leads to energy savings. Most paper bags are made from unbleached paper due to their ability to conserve natural resources and reduce the greenhouse gas effect, contributing to a reduction in carbon footprint. The adoption of paper bags in retail and other industries is expected to increase due to their environmental benefits, which is expected to drive market growth during the forecast period.
“Biodegradable paper bags are gaining popularity as a sustainable and eco-friendly substitute for plastic bags. Many companies are switching to paper bags due to rising government regulations and customer demand for sustainable practices. Customized paper bags are also becoming popular in eCommerce businesses to enhance the unboxing experience and promote the brand. Using locally available materials to manufacture paper bags helps save energy and reduce costs. The adoption of biodegradable paper bags is expected to boost market growth in the coming years,” Says Lead Analyst Ismail Sutaria in Packaging at Future Market Insights (FMI).
Key Takeaways from the Paper Bag Market
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The paper bag companies focus on innovation to meet changing consumer demands and market dynamics. They heavily invest in research and development activities to create eco-friendly bags that are more durable and functional and have enhanced strength, designs, and sizes. Some companies are also expanding their production capacity through new facilities and acquisitions. Customization options like printing logos and promotional messages on bags are also offered to meet the branding requirements of different clients.
Recent Developments in the Paper Bag Market
Key Companies in the Paper Bag Market
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Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.
Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics.
Ismail is a regular at industry conferences and expos and has been widely covered in electronic and print media. He is a Speaker at our upcoming Talk show - Rise of the Intelligent Packaging. Ismail has been quoted in leading publications, including the European Pharmaceutical Review and the European Adhesive Tape Association.
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The global craft bags market was forecasts it to register a CAGR of 4.4% from 2023 to 2033 and conclude at US$ 2,516.8 million.
The global paper-based consumer bags market further expand at a CAGR of 4.7% to reach US$ 4.9 Bn by the year 2032.
The global tote bags market expand at a CAGR of 4.4% to reach US$ 1097.7 Million by the year 2032.
The global Resalable packaging bags market is expand at a CAGR of 5.3% to reach US$ 3.9 Billion by the year 2033.
The multiwall bags market is projected to expand its roots at an average CAGR of 4.6% during the forecast period. Moreover, is anticipated to cross a value of US$ 24.42 billion by 2033.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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