The trash bags market is projected to grow from USD 9.5 billion in 2019 to USD 12.1 billion by 2024 at a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period.
The adoption of trash bags is high in developed markets as compared to emerging markets. This can be attributed to the high disposable incomes in developed economies, leading to high standards of living. Rapid urbanization in emerging markets has led to a substantial increase in the adoption of trash bags. Continued developments in these regions, coupled with increasing disposable incomes, are expected to further boost the consumption of trash bags in this geography.
The retail segment has been showing robust growth in the consumption of trash bags across the globe. The demand for star sealed bottom trash bags is the highest globally due to their storage capacities and high durability properties, such as puncture resistance, wear & tear resistance, leak-proof, etc. Star sealed trash bags are the ideal choice in the Industrial segment as these bags can carry dry as well as wet waste. In addition to this, these bags are suitable for indoor as well as outdoor use as these bags can conform to the shapes of trash cans. However, the demand for drawstring trash bags is majorly in the retail segment as these are not available for large capacities of wastes.
To know about the assumptions considered for the study download the pdf brochure
The retail segment of the trash bags market is projected to grow at a higher CAGR
Based on end use, the retail segment is projected to grow at the higher CAGR between 2019 and 2024. The global retail segment has been showing robust growth in recent years due to the increasing urban population and stringent regulations for handling waste for households. The growth of the retail segment is supported by both, the creation of new consumers in emerging economies and the rising disposable incomes in developed economies. Due to the awareness regarding hygiene and favorable government initiatives for efficient waste management, the consumption of garbage bags is expected to remain high in this segment.
The star sealed segment is projected to grow at the highest CAGR in the global trash bags market
Based on type, the star sealed segment is projected to grow at the highest CAGR between 2019 and 2024. The requirement for star sealed trash bags is high because of their unsurpassed strength, large bearing weight capacity, and stretch ability to facilitate proper disposal of wet and dry waste. Also, HDPE-based trash bags are able to prevent leaks and odors as these bags possess superior film strength and exceptional moisture & vapor barrier properties. LDPE-based bags possess high wear & tear resistance, making them the preferred choice in daily cleaning. With fast urbanization, increasing awareness, and rise in disposable incomes, growth in the consumption of trash bags is expected to increase during the forecast period.
The trash bags market in the Asia Pacific region is projected to grow at the highest CAGR during the forecast period. With rapid urbanization and fast industrialization, countries, such as China, Japan, South Korea, and India are witnessing growth in per capita incomes. Furthermore, launching strong government initiatives to spread awareness and forging partnerships with private companies and litter pickers have led to the growth in the consumption of trash bags. The market in Europe is projected to grow at the second-highest CAGR during the forecast period. This region is witnessing growth in single-person households, which is leading to the high consumption of trash bags in the retail segment. Middle East & Africa and South America are potential markets for trash bags which are supported by favorable regulations.
Some of the leading players in the global trash bags market include Berry Global, Inc. (US), The Clorox Company (US), Novolex (US), Inteplast Group, Ltd (US), Four Star Plastics (US), International Plastics, Inc (US), Reynolds Consumer Products (US), Cosmoplast Industrial Company (UAE), and Poly-America, L.P. (US), among various others.
In December 2017, Novolex acquired certain assets and business operations of Shields Bag and Printing Co. (US), a manufacturer of custom engineered flexible packaging products. The acquisition aided Novolex in strengthening its position in the institutional and industrial segments. In September 2015, Novolex expanded its footprint in Florence (Kentucky). This expansion includes multiple facilities in Florence, including USD 4 million for its headquarters. With this expansion, the company strengthened its presence in the North American market and created 173 new jobs at the facility.
In June 2016, Hefty, a subsidiary of Reynolds Consumer Products, launched its new Ultra Strong trash bags. These new trash bags are powered by Arm & Hammer odor control and are offered in a variety of scents. The new line of trash bags also includes improved strength and break-resistant drawstrings. With this development, the company diversified its product portfolio further.
Speak to Analyst: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=221305449
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, and strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Company Name: MarketsandMarkets
Contact Person: Mr. Aashish Mehra
Email: Send Email
Address:630 Dundee Road Suite 430
State: IL 60062
Country: United States