The forecast term is expected to see a CAGR of 5.8% for the global waste bag market. The market is expected to be worth US$8.1 billion in 2022. By the year 2032, it is predicted that the market for garbage bags would reach a high of US$ 13.6 billion. The specialists at Future Market Insights have calculated a historical CAGR of 4.73% for the relevant market. According to the report, the three countries’ combined value share is 36%.
Increasing focus on hygiene and cleanliness among consumers to keep the environment around them clean has been helping garbage bags sales to pick up. Besides this, rapid urbanization and subsequent increase in waste generation has led to usage of garbage bags for proper disposal of waste.
Market segmentation and geographical analysis for North America, Europe, Asia, South America, the Middle East, and Africa have been investigated. The garbage bag market is mostly active in these main areas, and it is expected to grow shortly. Throughout the aforementioned locations, there are numerous nations where the manufacturers and suppliers active in the garbage bag market can be found.
Driven by the increasing waste generation the demand for garbage bags is expected to rise. Rising need for effective waste disposal right from households to commercial places is anticipated to boost the growth of garbage bags market in the years to come.
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Terdex GmbH, Novplasta, S.R.O, Extrapack Ltd., Dagoplast AS, International Plastic, Inc., MirPack TM, Pack-It BV, Achaika Plastic S.A, Plasta.It and Primax D.o.o. are prominent players in the garbage bags market. The garbage bags market is fragmented and the Tier 1 players in the market hold 15–20% share in the global garbage bags market.
As per the data by worldbank.org, the world generates 2.01 billion tons of municipal solid waste per annum, out of which 33% of waste is not managed in an environmentally safe manner. Waste generated per person every day is averaged at 0.7 kilogram but ranges from 0.1 to 4.5 kilograms every day.
Poorly managed waste is leading to landslides of waste dumps and is contaminating world’s ocean and land leading to clogged drains and flooding. Moreover, improper waste disposal is a threatening concern for human health as it transmits diseases and increases respiratory problems. These concerns have made hygiene practices such as proper disposal of waste increasingly crucial.
Besides this, expansion of service sector will continue aiding the expansion of the market. FMI has forecast the services segment to account for nearly 1/4th of the market by the end of 2031.
KEY TAKEAWAYS OF GARBAGE BAGS MARKET STUDY
- Recovery will be slow and steady as garbage bags market expected to register 0.1% Y-o-Y growth in 2021
- Initiatives undertaken to encourage proper waste disposable will enable the U.S. account for nearly 85% of sales in North America in 2021
- Post COVID-19, growth in U.K. is likely to be hampered as the market is forecast to register negative Y-o-Y growth in 2021
- Negative growth is expected to persist in Germany in 2021, while France will showcase positive rise in the demand for garbage bags
- Despite sluggish growth in 2020–2021, Japan and South Korea markets are expected to bounce back, exhibiting impressive rise in sales 2022 onwards
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“With focus on sustainability rising, most companies are expected to shift away from plastic to eco-friendlier materials. An increasing number of companies are likely to offer recyclable solutions to keep pace with changes in consumer behaviour and preference” says an FMI analyst.
AUTOMATION IN WASTE DISPOSAL TO CREATE LUCRATIVE OPPORTUNITY
Handling trash cans can be a tedious task, but with the click of a button innovation has made it easy and convenient. For instance, Knectek Labs, a Toronto-based tech company has launched a trash can called Townew. This innovative product seals and replaces its own garbage bags once full to prevent spillage and mess. Moreover, it has sensors which can sense approaching objects which prevent touching the trash can at all.
IMPACT OF COVID-19 ON GARBAGE BAGS MARKET
Cleanliness and hygiene were given high importance during the pandemic. The need for proper disposal of napkins, tissues, waste generated by the ones infected with the virus increased the demand for garbage bags to reduce the exposure or spread of the virus. The risks associated with improper disposal of laundry, gowns, gloves or masks propelled the demand for garbage bags. Care givers, front line workers or patients required to tightly secure the garbage bags due to the risk of transmission of COVID 19. Further, the need to have different segregation of the waste for the ones infected with the virus increased the demand for garbage bags.
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