Our-in depth analysis of the global Paper Based Consumer Bags market includes the following segments:
Global Paper Based Consumer Bags Market is further classified on the basis of region as follows:
Paper Based Consumer Bags Market is anticipated to record a CAGR of 6.8% over the forecast period. Paper based consumer bags is expected to reach the value of USD 347 million at the end of the forecast period. Many multi-national companies are concentrating towards new product advances in paper based consumer bags to make them more aesthetically appealing. Moreover, the many advantageous properties of paper based consumer bags are exploited for sustainable environment now and then. New uses for paper based consumer bags are discovered in various end-user purposes on regular basis which is expected to drive the paper based consumer bags market rapidly. Currently the global paper based consumer bags market is observing vibrant growth owing to increasing demand of biodegradable products in the market. Advances in food and cosmetic industry in the past few years and growing product and packaging explorations are projected to drive paper based consumer bags market besides the wide range of functions of paper based consumer bags in an immense range of uses such as advertisement, gift bagging, wine carrying, shopping and more during the forecast period. On the basis of regional platform, global Paper Based Consumer Bags market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
As a developed region with strict environmental regulations, North America is panned to observe substantial paper based consumer bags market growth due to rising paper based consumer bags usage in various consumer goods industry. North America is estimated to be followed by Europe in terms of consumption due to expanding paper based consumer bags requirements in cosmetics and apparel shopping and advertisement industries. Asia Pacific is expected to drive the demand and positively impact paper based consumer bags market growth over the forecast period owing to increasing paper based consumer bags application for regular use bags on account of increasing government initiatives. Due to multiplying paper based consumer bags uses in growing end-use industries such as cosmetics, personal care, apparel, footwear and more for aesthetic packing and advertisement purposes, Asia Pacific is budding as a regional paper based consumer bags consumption market.
The rising demand for paper based consumer bags for various preserving, packing and carrying purposes in wine, footwear, personal care and other industries are expected to drive the market rapidly over the forecast period. The growing R&D activity associated with paper based consumer bags in various end use markets for better designing, cost efficiency; good quality printing and increasing the baggage’s aesthetic value is further expected to increase the market growth. The property of biodegradability of paper based products and increasing push from the environmental regulatory bodies to use eco-friendly products is expected to contribute significantly in the growth of paper based consumer bags market over the forecast period. Rapid urbanization with flourishing economic development has resulted in increased environmental concerns and thus, increased awareness in the consumer as well as manufacturing population which is expected to boost the paper based consumer bags market around the developed as well as developing regions around the world.
However, non-applicability of paper based consumer bags for carrying heavy products or liquids as well as its non-resistance towards chemical packaging is estimated to sluggish the sturdy growth of the paper based consumer bags market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Sadaf Naaz, Mohd Shadab