The global plastic bag market size is estimated to rise from US$ 24,673.5 million in 2023 to US$ 34,424.5 million by 2033. Sales of plastic bags are anticipated to climb at a CAGR of 3.4% during the forecast period. In 2022, the global plastic bag market value totaled US$ 23,745.9 million and is set to exhibit a y-o-y growth of 3.9% in 2023.
Top Segments and their Statistics
· As per the latest plastic bag industry analysis, the polyethylene (PE) segment is set to account for around 2/3rd of market share in terms of value by 2033. This is due to the rising inclination of manufacturers toward polyethylene for making plastic bags.
· The garbage/refuse/trash bags segment is projected to dominate the worldwide plastic bag market. It will likely hold a market share of about 36.1% by 2033. Over the forecast period, demand for garbage/refuse/trash bags is expected to rise at a CAGR of 4.4%.
· The retail sector is anticipated to create significant revenue-generation opportunities for plastic bag manufacturing companies through 2033. The target segment will likely progress at a 2.8% CAGR, totaling a revenue of US$ 14,598.1 million by 2033.
Key Plastic Bag Market Highlights
Market to Expand Around 1.4X through 2033
The global market for plastic bags is forecast to expand around 1.4X through 2033, amid a 0.7% increase in estimated CAGR compared to the historical one. This is due to the robust growth of the retail sector, the high popularity of biodegradable plastic bags, and the increasing usage of plastic bags in households.
Other Factors Expected to Drive Demand for Plastic Bags Include
· Multiple benefits of plastic bags, including convenience, versatility, and cost-effectiveness
· Growing demand for safe and hygienic packaging solutions in food and healthcare sectors
· Expansion of the e-commerce industry
· Rapid urbanization and increasing disposable income
· Growing environmental concerns to facilitate the growth of bioplastic packaging bags
· Transition toward sustainable alternatives to plastic shopping bags
· Increasing demand for retail and grocery packaging solutions
Key Trends in the Plastic Bag Market Include–
· Customization trend
· Surging demand for food packaging
· Innovation in materials
· Escalating demand for eco-friendly plastic bags
· Transition toward using recycled plastic bags