The multiwall bags market is expected to grow steadily, with an average annual growth rate of 4.6% forecasted over the coming years. By 2023, the market's revenue is expected to reach US$ 15.57 billion, and it is projected to exceed US$ 24.42 billion by 2033.
The healthcare industry, which has historically been a low-volume user of multiwall bags, saw notable expansion in 2020 as a result of the sharp increase in the need for prescription drugs and medical supplies. The regional market is expected to expand by 2.9% between 2023 and 2033, based on FMI data. The North America area is significant in this market, as evidenced by the fact that in 2022 the United States owned an 18.3% market share, while the region as a whole accounted for 27.1% of the market share.
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The global multiwall bags market is on a trajectory of steady growth, with a projected average Compound Annual Growth Rate (CAGR) of 4.6% during the forecast period. By 2023, the market is expected to reach a revenue of approximately US$ 15.57 billion, and it’s anticipated to surpass US$ 24.42 billion by 2033.
According to analysis by FMI, plastic multiwall bags are the preferred choice, holding a dominant share of nearly 73.9% in the global multiwall bags market. The overall sales of multiwall bags are forecasted to exhibit substantial growth, hitting the US$ 24.42 billion mark by 2033.
The plastic bags segment is poised for significant growth, driven by increasing demand for lightweight, cost-effective, and convenient packaging solutions. This demand surge is primarily attributed to the extensive use of plastic bags in industries such as food and grains, pharmaceuticals, and retail. Over the forecast period, the global plastic multiwall bags market is expected to expand steadily at a 4.6% CAGR.
Asia Pacific is projected to be a key growth driver for the multiwall bags market, owing to factors like a growing working population, a robust global economy, and increasing local demand for ready-to-eat and convenience food products. These dynamics make Asia Pacific a promising region for the multiwall bags industry’s expansion in the coming years.
Key Takeaways:
The multiwall bags market shows dynamic growth across various regions, with notable trends and developments driving its expansion. In North America, the United States leads with a substantial market share of 18.3% in 2023, supported by the proliferation of outlets and a shift towards sustainable and creatively appealing packaging solutions. Meanwhile, in Europe, Germany emerges as a significant market player with a 4.3% share in 2022, driven by stringent regulations against plastic packaging and increasing awareness concerning environmental impact. The region as a whole commanded a substantial 24.7% market share in the same year, reflecting a robust market presence.
In Asia, India's multiwall bags market is poised for a steady growth trajectory, projected at a CAGR of 6.0%. This growth is fueled by rising sales in packaged foods and governmental initiatives promoting eco-friendly packaging solutions such as paper bags. Similarly, China demonstrates a strong market performance with a CAGR of 5.6% between 2023 and 2033, driven by innovative packaging concepts gaining widespread adoption. The market's segmentation by material type reveals plastic as the dominant choice, capturing 70.6% of the market in 2022, while in terms of end-use, the food segment leads with a commanding share of 38.3% in the same year. These insights underscore the diverse factors shaping the global multiwall bags market, highlighting both regional dynamics and overarching industry trends towards sustainability and innovation.
Competitive Landscape:
The key vendors focus on enhancing the bag quality, adding many layers, and applying different types of papers. Key competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
The global multiwall bag market is looking at steady growth owing to the rising demand for packaged food products. Another important element driving the multiwall bag market growth is the demand for creative and sustainable packaging solutions.
Furthermore, the steadily expanding need for grain crops is resulting in high demand for fertilizers, particularly in emerging nations, which is driving demand for multiwall bags and is likely to drive the market through the forecast period.
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