The market for foodservice paper bags used in the foodservice industry is anticipated to reach US$ 958.4 Mn in 2022 and grow at a CAGR of 5.1% from 2022 to 2032. By the end of 2032, the market is anticipated to reach US$ 1,575.9 Mn. By the end of 2022, the top 3 nations are expected to have about 25–30% of the global market share for paper bags used in foodservice.
By the end of 2022, it is anticipated that non-handle bags would account for around 70% of the market for foodservice paper bags. The reason for this is that many foodservice establishments strongly prefer standard paper bags. Around 18% of the market for paper bags used in foodservice worldwide
The market for foodservice paper bags is expected to reach US$ 917.6 Mn in 2021, according to FMI. By the end of 2022, the top 5 major players will control between 15% and 20% of the global market for foodservice paper bags. This will increase the demand for brown kraft paper bags by material type.
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The market for foodservice paper bags is anticipated to expand in line with the sector’s rising need for paper packaging. According to a recent FMI forecast, sales of foodservice paper bags will soar over the next few years, offering a potential US$ 658.3 million in growth.
“Market players are focusing on developing products with high tensile strength and better quality to gain an edge over their counterparts, plastic bags, which are stronger than paper bags,” remarks FMI analyst.
Key Takeaways
- Brown kraft-based paper bags are expected to account for more than 4/5th of market value, owing to their stiffness.
- Non-handle bags will remain the most sought type, capturing nearly 2/3rd of market value, backed by their convenience and low cost.
- On the basis of end-use, restaurants are poised to capture more than half of overall global value, ascribed to the rising trend of take-away.
- Europe is projected to spearhead the regional landscape of the market, capturing more than 1/3rd of market value.
- East Asia will prevail as the second most lucrative regions through the forecast period, holding a quarter of the market value.
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COVID-19 Impact on Foodservice Paper Bags Market
The outbreak of COVID-19 is exhibiting a dual impact on the packaging industry and it clearly reflects in the demand for paper bags in the foodservice sector. As people across the world remain confined in their homes, packaged food has emerged as a solution for their food cravings.
With efficient online food delivery services in place, consumers are resorting to online orders. This will aid the demand for paper bags to sustain during the forecast period to an extent. However, the closure of restaurants and other food outlets coupled with limitations on the production front will pose a challenge to the steady growth of the market during the pandemic.
Who is Winning?
Key players in the market are focusing on producing sustainable products to comply with the existing norms on packaging methodologies. Along similar lines, traditional growth strategies such as acquisitions, mergers, and expansions will continue to shape the competitive landscape. On these lines:
- In 2019, Amcor launched a new recyclable packaging format that is capable of reducing carbon impact by 64%.
- In the same year, Westrock company completed acquisition of KapStone Paper and Packaging Corporation with an intention to expand its product portfolio.
FMI’s report includes profiles of some of the most prominent names in the market including WestRock Company, Huhtamaki Oyj, Paperbags Limited, Novolex Holdings LLC, Ronpak Inc., The Mondi Group LLC, Amcor Ltd., Vegware Ltd., Stora Enso Oyj., Smurfit Kappa Group, International Paper Company, Georgia Pacific LLC, Welton Bibby And Baron Limited, Biopac (UK), United Bags Inc. and Global-Pak.
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Foodservice Paper Bags Market Outlook by Category
By Material Type:
- Brown Kraft
- White Kraft
By Bag Type:
- Handle Bags
- Non-handle Bags
By End User:
- Foodservice Outlets
- Online Food Delivery
- Institutional
By Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Middle East & Africa
- Oceania
Related Links –
https://hackmd.io/kFyT0EMIQtaVQXaq0i3yug
https://theprose.com/post/563631/screw-top-pails-market-analysis-and-market-studies-for-2030
https://gettr.com/post/p1z7gta6514
https://zenwriting.net/goi078nqav
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