The latest market report published by Credence Research, Inc. “Plastic Bags and Sacks Market, By Product Type, Application and Region – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024,” the plastic bags and sacks market was valued at US$ 17.5 Bn in 2015, and is expected to reach US$ 25.1 Bn by 2024, expanding at a CAGR of 4.2% from 2016 to 2024.
Browse the full Plastic Bags and Sacks Market by Product Type, Application and Geography – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/plastic-bags-and-sacks-market
A polybag or plastic bag is comprised of thin, flexible, nonwoven fabric and is generally used to carry and transport products from one place to another. Apart from the daily usage by consumers, plastic bags and sacks are highly utilized by various number of end user industry such as food and beverage, chemicals, healthcare, and others. Enhancement in global economic scenario as well as increase in standard of living of middle class population in developing countries such as in India is anticipated to impel the growth of plastic bags and sacks market growth over the forecast period. Apart from this, changing lifestyle and increasing urbanization is expected to stimulate the growth of plastic bags and sacks market over the forecast period.
Significant growth in retail sector as well as rising number of retail chains such as hypermarket and supermarkets, and convenience stores has impelled the growth of plastic bags and sacks all across the globe over the past few years. Besides this, increasing personal disposable income as well as rising purchasing power of households especially in Asian countries such as India and China is leading to rising demand for convenient and cost effective bags. This is expected to impel the plastic bags and sacks market growth.
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Considering the competition, this market is characterized by presence of various players some of which are small-scale players and some are the largest in number. In order to enhance their presence in the overall global market, the companies are focusing on research and development as well as new product development. The companies are entering into manufacturing of innovative packaging products which will help in strengthening the growth of the market.
- New product development
- Merger and Acquisitions