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Biodegradable Bags Market -Global Industry Analysis, Growth, Trends, Forecast 2024

  • Date Submitted: 09/23/2016 02:25 AM
  • Flesch-Kincaid Score: 32.9 
  • Words: 910
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The retail sector has witnessed impressive growth over the last few years owing to significant increase in the number of modern retail outlets such as supermarkets, hypermarkets, and convenience stores worldwide. Global retail sales, including online retail and in-store sales, is expected to increase at an impressive CAGR of about 5.5% over the forecast period. These factors are expected to drive growth of the global plastic bags & sacks market over 2016–2024. Also, increasing disposable income and purchasing power of consumers are in turn expected to lead to increasing demand for convenient and cost-effective carry bags for various products. The plastic bags and sacks market in APEJ is expected to register significant growth owing to growth in the region’s retail & consumer sector, whose growth is in turn driven by factors such as changing consumer lifestyle, increasing per capita disposable income of consumers, rapid urbanization, and growth in the industrial sector.

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Since 2014, there has been major transition in the oil & gas industry—it has witnessed sluggish growth due to low demand and oversupply. This drop in oil prices has proved to be a boon for the plastic bags & sacks market, as manufacturers can procure raw materials at low prices. According to independent estimates, operational costs incurred by plastic bag manufacturers decreased by 20% to 25% in 2015 over 2014, thus helping companies to generate high ROI.

An ongoing trend in the global plastic bags industry is strategic mergers and acquisitions, with most players looking to expand globally. Though the plastic bags industry is largely fragmented, organized players are advancing towards consolidation through mergers and acquisitions. Furthermore, owing to increasing awareness among consumers about protecting the environment followed by stringent regulatory landscape imposing bans on...

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