Nov 17, 2020
The global paper bags packaging market is growing at a rapid pace and is expected to gain significantly over the forecast period. The global paper bags packaging market is estimated to grow at a CAGR of 4.3% during the estimated period (2017-2023). Innovation plays a vital role in the growth of the global paper bags packaging market. Therefore, advancement in the packaging technology has allowed companies to innovate products instead of sticking to traditional packaging methods. Furthermore, many companies are focusing on product designs to survive in the competitive market. Companies spend more on packaging innovation rather than on production cost to enhance the performance of the packaging technique.
On the basis of the regions, the global paper bags packaging market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). North America dominates the global paper bags packaging market. Increasing demand for packaged food in this region is driving the growth of the market. The U.S. accounted for the largest market share of the North American region. Furthermore, growing preference for hygienic packaging and the high growth in the pharmaceutical industry in the North America region is fuelling the growth of the market. Europe is another major market in terms of demand for paper bags packaging and is expected to contribute significantly to market growth during the forecast period. Europe plays a key role in the innovation and development of the personal care, hygiene and beauty products. Growing focus on sustainability and increased demand for consumer-friendly products, which are lightweight and easily transportable are the major factors driving the growth of the paper bags packaging market.
Asia Pacific region is projected to grow at the highest CAGR during the forecast period. High growth in the packaging industry in Asia Pacific region is the key factor driving the growth of the market. Growing industrial development as well as increasing urban population in the developing countries boost to the market growth further. China, Japan, India, Australia, and Indonesia are the major contributor to Asia Pacific market. China accounts for the largest share of the regional market due to rapid growth in the urbanization and industrial development.
Global paper bags packaging market has been segmented based on product, application, and region. On the basis of the product, the market has been segmented into the flat paper bag, multi-wall paper sacks, and others. Multi-wall paper sacks accounted for the largest market share in 2016. These paper bags are stronger and durable and often used for packing dry & powered form of materials such as dry chemicals, cement, and others. There are many types of multi-wall paper bag available in the market such as pasted valve bags, sewn open mouth bags, multi-wall paper over poly, and pinch bottom open mouth bags.
On the basis of the application, the market has been segmented into food & beverage, pharmaceutical, retail, construction, chemicals, and others. Retail dominates the application segment of the market. The growing demand for consumer good and establishment of shopping complexes and consumer stores in the rural, and urban areas, ultimately increase the demand for paper bags. Construction is another major application segment of the market. Multi-wall Kraft paper sacks are used for cement packaging. Therefore, the demand for cement is increasing with the growing construction sector, which positively influences the growth of the market.
Global paper bags packaging market appears to be highly diverse and competitive owing to the presence of a decent number of large and small players active in the market. The strategies traced from the analysis of recent developments of the major players include new product development, partnership & collaboration, merger & acquisition, and expansion. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to aid their competitive position. For instance, In March 2017, Hotpack Packaging Industries, has announced an investment of USD 61 million to set up a facility in Wales, U.K. The facility will be equipped with the latest packaging and manufacturing technologies. This facility will also be operated as the U.K & European head office and facility and will create 250 jobs in the region.
The global paper bags packaging market is expected to grow at a CAGR of 4.3% during the forecast period.
The prominent players in the paper bags packaging market include National Paper Products Company (Saudi Arabia), Hotpack Packaging Industries LLC (Dubai), International Paper Company (U.S.), Smurfit Kappa Group PLC. (Ireland), B&H Bag Company (U.S.), Ronpak (U.S.), DS Smith Plc. (U.K.), WestRock Company (U.S.), OJI Holding Corporation (Japan), Georgia-Pacific LLC. (U.S.), Holmen Group (Sweden), United Bags, Inc. (U.S.), Novolex (U.S.), Paper Sacks Factory (UAE), and Hood Packaging Corporation (Canada)
The report for Global Paper Bags Packaging Market of Market Research Future comprises extensive primary research findings along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain deeper insight into the market and industry performance. The report gives a clear picture of current market scenario, which includes historical and projected market size in terms of value, technological advancement, macro economic and governing factors in the market. The report provides detailed information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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