Prominent players in the carry bags market are shifting focus towards production of biodegradables to maintain sustainability and capitalize on the demand for eco-friendly products.
ROCKVILLE, MD / ACCESSWIRE / October 6, 2020 / The carry bags market is projected to grow at a steady CAGR of 4% through 2030. The report suggests that the growth of the market is primarily driven by increasing demand for bags with attractive designs among consumers across the world for several applications, coupled with the increasing influence of western culture on fashion trends in emerging economies. However, the unforeseen outbreak of COVID-19 has posed a challenge to market growth as distribution channels and end-use sectors, including supermarkets and hypermarkets, are shut down, causing a steep decline in sales.
"Ever-evolving fashion trends, introduction of innovative designs, and growing usage in the industrial sector have been identified as major factors driving the growth of the market," says the Fact.MR report.
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Carry Bags Market - Key Takeaways
- The global carry bags market is projected to surge past valuation of US$ 30 Bn by the end of 2030.
- By product type, t-shirt bags are poised to remain the most sought-out type, owing to their visually appealing design and convenience to carry around.
- On the basis of the type of usability, reusable carry bags held over 70% of market share in 2020 and will remain the dominant segment due to the economic benefit associated with them.
- East Asia accounts for more than a quarter of share in global market value, and is poised to remain the largest regional market, backed by surging demand in the industrial sector.
- North America is expected to remain the second most lucrative region, on the back of high adoption in the HoReCa sector.
Carry Bags Market - Driving Factors
- The availability of novel designs and the introduction of biodegradable bags are driving the sales of carry bags among individual consumers.
- Increasing reliance on accessories such as laptops, tablets, and smartphones, among others necessitates the usage of carry bags during traveling, thus propelling the demand for carry bags.
- Growing adoption in industrial applications owing to their density and chemical composition is also expected to emerge as a significant growth attribute.
Carry Bags Market - Constraints
- Stringent regulations pertaining to the usage of plastic-based materials are likely to hamper sales to an extent.
- African countries, including Kenya, Rwanda, Tanzania, and others, are restricting the usage of carry bags, which, in turn, is expected to pose a major challenge to sales in the Middle East & Africa.
Anticipated Market Impact by Coronavirus Outbreak
Due to the unprecedented outbreak of COVID-19, several industries that directly and indirectly influence the sales of carry bags, have come to a screeching halt, thus negatively impacting the growth of the market. For instance, tourism has been an indirect factor driving the sales of carry bags for many years. With tourism and travel terminated across the world, the demand has beheld a steep decline. Likewise, other end-uses such as the HoReCa, supermarkets, and other retail stores are closed down, thereby directly impacting the growth of the market.
Explore the Carry Bags market comprising of 119 figures and 70 data tables, along with the table of contents. You can find a detailed market segmentation on https://www.factmr.com/report/5100/carry-bags-market
Competition Landscape
The key players operating in the carry bags market include, but not limited to, Ice Green, Mapco, Olympic Bags, Hymopack, Komol Plastics, and Premier Poly Products. To cope up with changing regulations, manufacturers are focusing on developing products using biodegradable materials. Furthermore, the adoption of technologically advanced methodologies to facilitate wide production has also been identified as a crucial growth strategy.
More on the Report
Fact.MR's market research report provides in-depth insights into the carry bags market. The market is scrutinized on the basis of bag type (handle-less bags, T-shirt bags, die-cut handle bags, fold over die cut, patch handle, side gusset, rigid snap bridge, wave top, wine bags, and other types), type (single-use [plastic, paper], reusable [plastic, paper, other materials]), end-use (individual consumers, HoReCa, supermarkets and hypermarkets, convenience stores, independent retail, and other end uses), and sales channel (direct sales and retail sales), across six major regions, (North America, Latin America, Europe East Asia, South Asia & Oceania, and Middle East & Africa(MEA)).
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SOURCE: Fact.MR
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https://www.accesswire.com/609307/Carry-Bags-Market-to-Expand-at-CAGR-of-4-through-2030-COVID-19-Leads-to-Downtrend-in-Sales-Opines-FactMRs-New-Study
