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Retail Bags Market Analysis:
The global Retail Bags Market will touch USD 25.24 billion at a 5.80% CAGR by 2032, as per the recent Market Research Future report.
Drivers:
Need for Sustainable Products to Boost Market Growth
The desire for eco-friendly goods by both consumers and companies has caused paper bags to be used more often for packaging. This is primarily driven by the necessity to reduce dependence on fossil fuels and the expanding awareness of the negative environmental impacts of plastics. Plastic retail bags have been replaced by paper as a more sustainable alternative.
Opportunities:
Increasing Use in Grocery to offer Robust Opportunities
The grocery industry offers strong growth potential for retail bags, as grocery stores use a high number of bags daily to serve their many customers. Grocery stores need bags in various sizes to fit different purchases. Most provide single-use plastic bags currently. However, due to environmental worries, more sustainable choices like paper, reusable cloth, and biodegradable plastic bags are gaining ground. Furthermore, the expansion of online grocery ordering, and delivery has boosted the demand for retail bags.
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Restraints and Challenges:
Cost Constraints to act as Market Restraint
Cost constraints, environmental concerns, and restricted usage of plastic bags may act as market restraints over the forecast period.
Market Segmentations:
The global retail market is bifurcated based on end user and material type.
By material type, plastic will lead the market over the forecast period.
By end user grocery stores will domineer the market over the forecast period.
COVID-19 Analysis:
The emergence of the coronavirus has reversed progress on banning single-use plastics. With worries in early 2020 about the spread of infection, consumers of retail products reverted to disposable packaging. At the same time, bans on one-time items were postponed in the United Kingdom and United States, driven by changes in consumer behaviour.
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Regional Analysis:
North America to Head Retail Bags Market
The North American region leads the Retail Bags market due to its booming retail industry with many grocery stores, supermarkets, department stores and food service businesses. The region has put in place limitations and a prohibition on single-use plastic bags, encouraging the take-up of environmentally friendly substitutes. Additionally, the region’s retailers frequently see Retail Bags as an extension of their branding and marketing initiatives.
Europe to Have Admirable Growth in Retail Bags Market
The Retail Bags market in Europe holds the second largest share of the global Retail Bags market. This is due to the shift towards more sustainable packaging, the growth of e-commerce, and the use of Retail Bags for branding and marketing purposes. Among the European countries, Germany had the largest share of the Retail Bags market. The UK Retail Bags market was the fastest growing in Europe.
Key Players:
Eminent industry players profiled in the retail bags market report include Smurfit Kappa Group PLC, Mondi Group PLC, El Dorado Packaging Inc., Attwoods Packaging Company, BioPak Pty Ltd, Global-Pak Inc., The Carry Bag Company, International Paper Company, Welton Bibby and Baron Limited, and GreenPack Limited.
Related Reports:
Bags Market Research Report Information by Product Type (Backpacks [School Bags, Drawstring Bags, Others], Handbags, Wallets & Purses, Duffle & Gym Bags, Sling & Cross body Bags, Others), Material Type (Polyesters, Nylon, Leather, Cotton Canvas, Others),End User (5 to 12 Years, 13 to 19 Years, 20 Years & Above), Distribution Channel (Store-Based {Super markets & Hyper markets, Convenience Stores, Specialty Stores, Others} and Non-Store-Based), and Region (North America, Europe,Asia-Pacific, and Rest of the World)—Forecast till 2027
Sewing Bags Market Research Report Information by Product Type (Travel Bags, Cosmetic Bags, Backpacks, Lunch Bags and others), Distribution Channel (Store-Based and Non-Store-Based) and Region (North America, Europe, Asia-Pacific and Rest of the World) – Forecast till 2027
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