Plastics Bag And Pouch Manufacturing Market to Witness an Outstanding Growth During 2016-2020
Monday, September 16, 2019
Press release from the issuing company
The global market for plastics bag and pouch reached nearly $18.9 billion in 2016. This market is estimated to reach nearly $22.2 billion in 2020 at a compound annual growth rate (CAGR) of 4.1% for 2016-2020.
This research report categorizes the plastic bag and pouch manufacturing market by type. Product type include plastic bags and plastic pouches.
- 129 data tables and 5 additional tables
Global plastic bag and pouch manufacturing market is currently in a very crucial phase of transformation. Demand for industrial packaging products has increased recently in emerging nations due to increased consumption of processed foods, poultry, meat and agricultural products in these countries. At the same time, growing concern and awareness over the harmful effects of plastic waste is increasingly repelling customers from plastic bags and pouches. In addition, end users, such as restaurants, retail stores, and shops, are increasingly demanding paper bags, cloth bags, and recyclable bags. These factors are, in turn, generating demand for plastic bags and pouches to meet high expectations.
The market for plastic bag and pouch manufacturing reached a value of nearly $18.9 billion in 2016 and is expected to grow at a compound annual growth rate (CAGR) of 4.1% to nearly $22.2 billion by 2020. The market for plastic bags and pouches manufacturing is marginally consolidated with a few large players dominating the market. Major players in the market are Amcor Limited, Sealed Air Corporation, and Bemis Company Inc., among others. Plastic bags accounted for the largest share of the market for plastic bag and pouch manufacturing in 2016 at 56.7%. The highest growth is projected to come from plastic pouches, which is forecast to grow at a CAGR of 4.7%.
Western Europe is the largest market for plastic bag and pouch manufacturing, accounting for 31.9% of the global market. It was followed by North America and Asia Pacific. Going forward, Asia Pacific is expected to witness the fastest growth in the plastic bag and pouch manufacturing market, estimated at a CAGR of 5.8%, followed by Africa, expected to grow at a CAGR of 5.4%.
USA is the largest market in terms of value and is driving the market for plastic bag and pouch manufacturing. India and Russia are expected to have the fastest growth, growing at a CAGR of 6.9% and 5.0%, respectively.
The market is challenged by increasing manufacturing cost of plastic bags and pouches over the forecast period. Biodegradable plastic such as polylactic acid is increasingly being preferred over traditional petroleum-based plastics, but is costlier to produce.
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