Global Foodservice Paper Bags Market to Reach US$ 1,575.9 Million by 2032, Driven by Increasing Sales and Growing Preference for Non-Handle Bags

Industry analysts forecast a continuous expansion of the foodservice paper bags market in the upcoming years. The market is projected to achieve a compound annual growth rate (CAGR) of 5.1% from 2022 to 2032, reaching a substantial value of US$1,575.9 million by the end of 2032, compared to an estimated US$958.4 million in 2022.

By the end of 2022, it is anticipated that the top three nations will collectively hold between 25 and 30 percent of the global market share for paper bags used in the foodservice sector. Non-handle bags are expected to dominate approximately 70% of the foodservice paper bag industry by the same date. The preference for non-handle bags is primarily driven by the strong demand for traditional paper bags among restaurants and other foodservice providers.

The recent surge in foodservice paper bag sales can be attributed to the increasing consumer and food industry demand for eco-friendly packaging solutions. Additionally, government initiatives and restrictions on plastic packaging have created new opportunities for the global foodservice paper bag market. Furthermore, the rise of new foodservice businesses worldwide is expected to fuel the demand for foodservice packaging, especially paper bags.

Plan for Success – Request the Sample Report Today @ https://www.futuremarketinsights.com/reports/sample/rep-gb-12666

The foodservice paper bag market has shown steady growth with a CAGR of 4.1% from 2015 to 2021. It is poised for further expansion in the future, driven by factors such as heightened environmental concerns, government regulations, and the overall growth of the foodservice industry.

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.

Competitive Landscape

Major players operating in the global foodservice paper bags market are trying to expand their capacities by developing their facilities. Also, several key players are adopting the merger and acquisition strategy to strengthen and increase their resources. These players are focusing on developing innovative paper bags to gain more market shares.

Focus on Growth Markets – Customize Your Report Now @ https://www.futuremarketinsights.com/customization-available/rep-gb-12666

Some of the latest developments by key players are as follows–

In August 2022, Novolex Holdings LLC announced the launch of innovative paper bags for more secure deliveries for retailers and restaurants. The paper bag offers a wide opening for easy loading, a flat bottom to keep items secure, and sturdy paper twist handles for easy & reliable carrying.

In March 2022, WestRock Company expanded its production facility by investing US$ 47 Million at its consumer facility in Claremont.

In January 2022, Huhtamaki Oyj acquired a company named Smith Anderson Group Ltd. in Portland. The company manufactures and sells paper bags in Eastern Europe.

Key Players:

• WestRock Company
• Hutamaki Oyj
• Novolex Holdings LLC
• Ronpak Inc.
• Mondi Group
• Amcor Ltd
• International Paper Company

The Foodservice Paper Bags Market offers several key benefits:

1. Porter’s Five Forces Analysis: The market report includes a comprehensive Porter’s Five Forces analysis, which helps in understanding the potential of buyers and suppliers and the competitive scenario of the industry. This analysis aids in strategy building and decision-making by providing insights into the market’s competitive landscape.
2. Revenue Contribution Mapping: Major countries in each region are mapped according to their individual revenue contribution to the global/regional market. This mapping enables a clear understanding of the market’s regional distribution and identifies key regions for potential business expansion and investment opportunities.
3. Current Trends and Future Scenario: The report outlines the current trends in the foodservice paper bags market and presents a future scenario analysis from 2022 to 2032. This information helps stakeholders comprehend the prevailing opportunities and potential investment pockets in the market.
4. Key Player Profiles and Strategic Developments: The report enlists the profiles of key players in the foodservice paper bags market along with their key strategic developments. This data provides insights into the competitive landscape and the strategies adopted by leading market players, aiding other businesses in making informed decisions and formulating effective business strategies.
5. Detailed Impact Analyses: The study elaborates on the key drivers, restraints, and opportunities in the foodservice paper bags market and provides detailed impact analyses. This helps stakeholders understand the factors influencing market growth and assess potential risks and challenges, leading to well-informed decision-making and risk management strategies

Don’t Miss Out – Request a Discount @ https://www.futuremarketinsights.com/request-discount/rep-gb-12666

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