Analysis of Carry Bags market covering 30 + countries including analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
As travel bags are increasingly becoming a fashion accessory with ergonomic designs, trendy color combinations, textures, and clean contoured lines, the Asia Pacific travel bag market has witnessed fast growth. Moreover, design modification and innovative materials offering light bags have further fueled market growth. As more and more people become globally mobile and exposed to international accessories, there is growing demand for travel accessories. However, during the initial stages of the COVID-19 outbreak, due to lockdowns leading to the closure of supermarkets and hypermarkets, the expansion of the global carry bags market size witnessed a downfall.
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Carry bags have a high density, and due to their chemical composition, the use of plastic and paper carry bags is more predominant. These bags are highly recommended for industrial use, with single-use intention also very popular. Presently, several companies are adopting new methods in the carry bags industry to recycle and reuse these products. Companies in the carry bags market space have started offering biodegradable bags that are easily decomposable. Carry bags are being made available everywhere for industrial and commercial purposes, although, a lot are being used at retail units too for plastic protective packaging purposes.
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In 2020, East Asia will hold the largest carry bags market share of over 25%. Increasing strict regulations of the use of non-biodegradable packaging, coupled with growing introduction of biodegradable plastic packaging, is the main factor that is increasing the region's usage of carry bags.
The Middle East & Africa has experienced steady demand for carry bags due to retail network penetration coupled with steady expansion of the hospitality industry. However, a significant number of African countries, including Kenya, Rwanda, Tanzania, and others, are limiting the use of carry bags, which, in turn, is expected to pose as a major challenge for the expansion of the Middle East & Africa carry bags market in the near future.
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The global carry bags market is characterized by the presence of a large number of both, foreign and domestic players. To maintain sustainability in packaging, all the key players are engaged in the production of biodegradable carry bags. Players included in the tier-1 bracket are Ice Green, Mapco, Olympic Bags, Hymopack, Komol Plastics, and Premier Poly Products. These players have a wide presence and rely on technological advancements such as highly equipped plastic sheet processing machinery, and have developed strong marketing channels with food processors and end consumers.
The effect of the COVID-19 pandemic will have momentary implications on the carry bags market. The foodservice industry is observing exceptional declined utilization and disturbed supply chains. Due to this, the usage of carry bags declined during the first and second quarters of 2020. However, with lockdowns and regulations improving across several countries, and the foodservice sector starting operations, the global carry bags slightly improved during the third quarter of 2020.
“Demand for biodegradable bags will see a marked increase over the next ten years, as the world focuses more on the environment and recycling activities.”
A recent global carry bags market report by Fact.MR offers a 10-year forecast from 2020 to 2030. The report elaborates on key drivers, restraints, opportunities, and threats to the expansion of the global carry bags market. A detailed segmental analysis based on bag type, type, end use, sales channel, and region has been provided in the report.
Regional analysis in terms of supply chain analysis, business execution, and market value analysis provides an in-depth perspective about the future scope of the global carry bags market. In addition, a separate section on the market structure has also been provided. The section provides detailed analysis of key market players and their strategies for expansion in the carry bags market.
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The global carry bags market is anticipated to reach a valuation of over US$ 30 billion by 2030.
The global market is expected to grow at a CAGR of 4%.
East Asia dominates the carry bags market with a market share of over 25%, followed by North America.
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