LONDON--(BUSINESS WIRE)--The single-use plastic bags market is expected to grow by USD 0.66 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth, according to the latest market research report by Technavio.
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Market estimates include pre- and post-COVID-19 impact on the single-use plastic bags market - Request a free sample report
The global single-use plastic bags market is expected to have a positive impact due to the spread of COVID-19. The extension of containment efforts is leading to an increased demand and lower production. Hence, the prices are expected to remain elevated in the short term, thereby resulting in an improved topline growth of vendors.
Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.
Single-use plastic bags are the most preferred packaging option among end-users as well as consumers. Despite the growing environmental concerns, the production and consumption of single-use plastic bags is increasing across the world. Every year, about 500 billion to 1 trillion single-use plastic bags are consumed by retailers across the globe. This is because they are cost-effective, easy to use and store compared to other alternatives such as paper bags. They are also more durable, less prone to tearing, and can sustain bad weather conditions. Many such advantages are fueling the growth of the global single-use plastic bags market.
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As per Technavio, the demand for lightweight packaging from different sectors will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Single-Use Plastic Bags Market: Demand for Lightweight Packaging from Different Sectors
The demand for lightweight packaging is continuously increasing across end-user industries such as construction, chemical and fertilizer, horticulture, F&B, and others. This can be attributed to the growing need to reduce the overall weight of bulk packaging while transporting materials. Plastic woven bags are widely used in such applications as they are lightweight and reduce the overall weight of the cargo, thereby keeping the tensile strength and other mechanical properties intact. The growing demand for lightweight packaging is encouraging many vendors to focus on developing innovative lightweight packaging sacks with superior mechanical properties. This trend is expected to have a positive impact on the growth of the global single-use plastic bags market during the forecast period.
“Increasing demand for logistics and warehousing and an increase in the number of trade agreements will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Single-Use Plastic Bags Market: Segmentation Analysis
This market research report segments the single-use plastic bags market by application (retail and consumer and industrial and institutional) and geography (APAC, Europe, North America, South America, and MEA).
The APAC region led the single-use plastic bags market in 2019, followed by Europe, North America, South America, and MEA respectively. During the forecast period, APAC is expected to register the highest incremental growth due to the thriving fresh food market in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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