March 11, 2024 14:00 ET | Source: Future Market Insights Global and Consulting Pvt. Ltd. Future Market Insights Global and Consulting Pvt. Ltd.
NEWARK, Del, March 11, 2024 (GLOBE NEWSWIRE) -- The global jute bag market value surged at a rate of 1.8% between 2019 and 2023 and reached a valuation of US$ 819.3 million in 2023. The jute bag industry is poised to expand at 2.6% CAGR between 2024 and 2034. The global jute bag market is estimated to be around US$ 843.9 million in 2024 and is projected to reach US$ 1,090.8 million by 2034. Flexible Bag
Rising concern for wastage and environmental degradation from plastic products is the primary reason for the growing lucrativeness of the jute bag business worldwide. Moreover, as jute bags are recyclable and can be reused, they are in line with the principles of the circular economy.
Government support for jute-producing rural areas is an emerging trend in many Asian and other jute-producing regions that have improved the sourcing of raw materials. Awareness fueled by social media and government initiatives is anticipated to play a crucial role in the advancement of jute and other environment-friendly bag markets.
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Key Takeaways from the Jute Bag Market Study Report
“Jute bags are sustainable and biodegradable and it fits perfectly with the worldwide trend of consumers choosing products to minimize their impact on the environment. A focus on environmentally friendly business methods by industries or enterprises has also strengthened the supply side of biodegradable packaging materials, including jute.” – says a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).
Competitive Landscape for the Jute Bag Market Players
The overall market is fragmented and overly diversified as sourcing of jute remains a daunting challenge for jute processing and jute manufacturing industries. However, government support for jute production and value addition is observed to be encouraging new market players to come up.
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Recent Developments by the Jute Bag Industry Participants
In October 2021, Researchers at KAUST developed an inexpensive surface treatment for conventional jute storage bags that stops moisture-induced damage to grains. The researchers developed the process by drawing inspiration from naturally water-repellent surfaces. Moreover, the bags are covered in wax and can be reused. The organization hopes to refine and optimize this wax-coating technique and roll out the product at scale.
In June 2023, the United Nations Development Programme (UNDP) in Bangladesh provided its staff members with eco-friendly, biodegradable bags made of jute polymer. This innovative polymer used in the making of "Sonali Bag" was created by Bangladeshi scientist Dr. Mubarak Ahmad Khan.
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Key Segments Covered by Jute Bag Industry Survey Report
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.
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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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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