Discover Innovative Trends in Grocery Bag Industry! FMI Predicts the Market to Reach US$ 20.1 Billion by 2034 | Future Market Insights Inc.
The expanding demand for food and beverage products in the United States is likely to fuel the demand for shopping bags, grocery bags. The grocery bag market is expected to register a CAGR of 5.5% in India from 2024 to 2034
NEWARK, Del, March 27, 2024 (GLOBE NEWSWIRE) -- The grocery bag market is projected to reach a value of *US$ 12.8 billion* in 2024, with a *CAGR of 4.60%* from 2024 to 2034. The industry is likely to reach *US$ 20.1 billion* by 2034. The grocery bag industry is experiencing a surge in demand due to household and commercial solicitations. Consumers are seeking hassle-free options to carry their purchases, increasing demand for grocery bags. The market is also driven by reducing plastic waste and promoting eco-friendly substitutes such as reusable bags made from recycled materials.Advancements in technology and manufacturing processes have led to the development of compostable plastic and organic cotton bags. Retailers also promote sustainable practices by offering discounts for reusable bags, contributing to the market's growth. However, the market's competitiveness is still influenced by fluctuating raw material costs and manufacturing expenses, affecting pricing strategies and market competitiveness. Collaborating with eco-friendly organizations can encourage sustainable practices and help consumers make environmentally responsible choices.
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This technology enables retailers to track inventory and provide better customer service. Additionally, some eco-friendly bags come with built-in insulation for temperature-sensitive items. Consumers can now transport their groceries safely without worrying about food spoilage. Moreover, the incorporation of antimicrobial materials in manufacturing bags makes them easy to clean, and maintain hygiene and safety during transportation.
*“The increasing consumer demand for eco-friendly bags presents a significant growth opportunity for businesses that can offer sustainable, stylish, and functional bags with added features such as RFID tracking, insulation, and antimicrobial materials.”** - *says Ismail Sutaria (Lead Consultant, Packaging and Materials)
*Key Takeaways from the Grocery Bag Market Report:*
· Plastic dominates the grocery bag market, expected to hold a 75.00% share in 2024.
· Household usage fuels the grocery bag market, which is projected to capture a 55.00% share in 2024.
· The United States anticipates a 4.1% CAGR through 2034, fueled by increased demand for food products and technological advancements.
· Spain's grocery bag market is expected to grow at a 4.1% CAGR through 2034, driven by consumer preferences for eco-friendly options.
· India's market shows a robust CAGR of 5.5% through 2034, attributed to innovation in eco-friendly materials and the rise of organic bag types.
· China's market registers a 1.4% CAGR through 2034, impacted by policies banning single-use plastic and import bans on plastic scrap.
· Japan's market sees a 5.0% CAGR through 2034, driven by a shift towards sustainable options and government regulations promoting eco-friendly choices.*Competitive Strategies Used by Market Players:*
The global expansion of recyclable bag manufacturing has raised concerns about reducing plastic usage and promoting environmental sustainability. Crafting bags using recycled materials offers numerous benefits for both health and ecology. The demand for grocery bags is on the rise due to the increasing sustainability trend, as they are easily recyclable, economical, and convenient to use. Manufacturing different crafting bags can aid in the growth of both small-scale and large industries.
Market players employ innovative approaches to differentiate their offerings and gain a competitive edge. Strategies such as introducing customizable and stylish designs, enhancing durability and strength, and optimizing manufacturing processes for cost efficiency are being adopted to meet evolving consumer preferences and market demands. Collaborations with eco-friendly material suppliers, retailers, and waste management agencies are also being leveraged to establish sustainable supply chains and promote environmentally responsible practices throughout the value chain.
*Leading Key Companies:*
· RediBag
· Lotus Sustainable
· Eco-Bags Products
· ToughBuilt Industries
· ToteBagFactory
· Custom Earth Promos
· Veno Bags
· Baggu
· BagPodz
· Planet E Bags
*New Developments in the Grocery Bag Market:*
· Visy introduced "heavy-weight" biodegradable grocery bags in March 2024. The bags, manufactured at the company's plant in Reservoir, Melbourne, are advertised as being made of thicker paper with recycled content and bearing a Forestry Stewardship Council (FSC) certificate, which confirms that the fiber used is responsibly produced.
· Challice Ltd. debuted a 100% sustainable plastic grocery bag at its Mulberries carbon-neutral factory in December 2021 to serve clients throughout the United Kingdom with high-quality, environmentally responsible bags.
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*Grocery Bag Market Segmentation:*
*By Material:*
· PE
· PP
· PET
· Paper
· Others*By Application:*
· Household
· Storage
· Shopping
· Gift Bags
· Laundry Bags*By Product Type:*
· Reusable Grocery Bags
· Non-Reusable Grocery Bags
*By Region:*
· North America
· Latin America
· Europe
· Asia Pacific
· Middle East & Africa*Authored By: *
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.
*Have a Look at the Related Reports of the Packaging Domain:*
Bag Market Outlook: The market research report anticipates a growth of US$ 50.3 billion by 2033. The bag sales are expected to record a CAGR of 3.90% during the forecast period.
Craft Bags Market Analysis: According to the market survey report, from 2018 to 2022, a CAGR of 3.4% was registered for the growing sales of craft bags.
Tote Bags Market Growth: The global market is set to enjoy a valuation of US$ 713.6 Million in 2022, and further expand at a CAGR of 4.4% to reach US$ 1097.7 Million by the year 2032.
Water Packaging Market: As per its analysis, the market holds considerable potential, with an expected valuation of US$ 26.7 billion in 2024.
Tin Container Market: The market is expected to grow at a 2.30% CAGR, and is very likely to surpass US$ 797.80 million in 2034. The recent eCommerce boom in emerging countries has taken the market to a value of US$ 635.60 million.
Oven Bag Market: The global market demand could rise and equate to a market valuation of US$ 1,090.6 million, with a sluggish CAGR of 3.2% by 2034.
Water Soluble Bag Market: The sales of water soluble bags hold the potential to touch the valuation of US$ 1,314.2 million by 2034. This indicates a CAGR of 2.70% during the forecast period.
Rigid Box Market: The sales of rigid boxes hold potential to touch the valuation and even go beyond US$ 96.3 billion by 2034. This indicates a CAGR of 1.8% during the forecast period.
Clay Coated Paper Market Share: The market is expected to grow at a steady rate over the period from 2024 to 2034, with a CAGR of 3.0%.
Paper Box Market: The market size is estimated to reach US$ 64.8 billion in 2024. Paper box sales are anticipated to rise at a CAGR of 2.10% through 2034.
*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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