Global Trash Bag Market to Accumulate a Valuation of US$ 19.5 Billion by 2034, Advancing at a 5.6% CAGR

To reduce the plastic footprint, governments and related regulatory bodies are imposing bans on plastics, resulting in the countrywide prohibition of plastics that could affect the trash bag market. Increasing demand for easily disposable and eco-friendly garbage bags and awareness regarding environmentally sustainable products is expected to drive market growth.

NEWARK, Del, Feb. 05, 2024 (GLOBE NEWSWIRE) — The global trash bag market is anticipated to reach a valuation of US$ 11.3 billion in 2024, driven by circular economy initiatives. The trend is expected to create new opportunities for the market, leading to a projected CAGR of 5.6% between 2024 and 2034, and reaching a total valuation of approximately US$ 19.5 billion by 2034.

The increasing trend of single person households may impact the demand for smaller sized trash bags and packaging solutions suitable for individual needs. Ongoing product innovation in terms of design, ease of use, and additional features can attract consumers and drive market growth. Corporate and consumer initiatives to reduce overall packaging waste may lead to the adoption of thinner, lighter, and more ecofriendly trash bag options.

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Collaborations between manufacturers, waste management companies, and retailers can lead to comprehensive waste management solutions, impacting the demand for trash bags. Disruptions or changes in the global supply chain, influenced by factors such as geopolitical events or natural disasters, can affect the availability and pricing of raw materials for trash bags.

Concerns related to hygiene and safety, particularly in healthcare and food industries, can drive the demand for specialized trash bags designed for specific applications. Increasing investments in waste to energy projects and technologies may impact the waste management landscape, influencing the type of trash bags used.

Global events, such as international agreements on plastic waste reduction, and evolving regulations can shape the trajectory of the trash bag market. Increasing efforts to educate consumers about proper waste disposal and the importance of using suitable trash bags can influence purchasing behavior.

The rising popularity of home composting may drive the demand for biodegradable and compostable trash bags designed to break down in home composting systems. Implementation of extended producer responsibility programs, where manufacturers are accountable for the end of life management of their products, can influence the design and choice of materials for trash bags.

Key Takeaways from the Market Study

  • The global trash bag market was valued at US$ 10.6 billion in 2023.
  • From 2019 to 2023, trash bag sales expanded at a CAGR of 7.3%.
  • The market in South Korea is expected to rise at a CAGR of 7.7% through 2034.
  • By material, the PE segment to account for a CAGR of 5.5% through 2034.
  • Star sealed trash bags to be preferred, with sales expanding at a 5.3% CAGR until 2034.
  • The United States presents substantial investment and growth opportunities, yielding a value of US$ 3.5 billion by 2034.

“Ongoing research and development in alternative materials, such as plant based polymers and recycled content, can lead to the creation of more sustainable trash bag options,” remarks a Senior Consultant Ismail Sutaria in Packaging at Future Market Insights (FMI).

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Competitive Landscape

  1. Berry Global Inc.
  2. Novolex
  3. Reynolds Consumer Products
  4. Inteplast Group Ltd.
  5. Poly-America L.P
  6. International Plastics, Inc.
  7. Four Star Plastics
  8. Cosmoplast Industrial Company
  9. NOVPLASTA
  10. Alpha Omega Plastic Manufacturing L.L.C

Recent Development

  • In 2022, ECOSAC unveiled Ecopath, a collection of biodegradable consumer products. Aimed at environmentally conscious individuals, known as Ecopaths, these offerings provide eco-friendly alternatives for everyday use.
  • Crafted from responsibly sourced natural and biodegradable materials, the product range includes coir dishwashing scrub pads, paper stem cotton buds, wooden toothbrushes, tongue cleaners, wooden combs, bamboo straws, wooden shaving brushes, and razors. The lineup also features compostable garbage bags known as Kachra sack, widely accessible in major supermarkets.Top of Form

More Valuable Insights Available

Future Market Insights offers an unbiased analysis of the global trash bag market, providing historical data for 2019 to 2023 and forecast statistics from 2024 to 2034.

To understand opportunities in the trash bag market, the market is segmented on the basis of material (PE, low density polyethylene, high density polyethylene, linear low density polyethylene, PP), type (star sealed, drawstring, wavetop, c fold, flat seal, gusset seal), sizes (3-13 gallons, 14-50 gallons, above 50 gallons), and end user (residential, commercial, industrial), across seven major regions (North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, and Middle East & Africa (MEA)).

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Segmentation Analysis of the Trash Bag Industry:

By Material:

  • PE
    • Low Density Polyethylene (LDPE)
    • High Density Polyethylene (HDPE)
    • Linear Low Density Polyethylene (LLDPE)
  • PP

By Type:

  • Star Sealed
  • Drawstring
  • Wavetop
  • C Fold
  • Flat Seal
  • Gusset Seal

By Sizes:

  • 3-13 Gallons
  • 14-50 Gallons
  • Above 50 Gallons

By End User:

  • Residential
  • Commercial
  • Industrial

By Region:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • South Asia and Pacific
  • East Asia
  • The Middle East and Africa

About the Packaging Division at Future Market Insights

The packaging team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with the objective to provide authentic insights and accurate results to help clients worldwide.

With a repertoire of over 100+ reports and 1 Billion+ data points, the team has been analysing the market lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.

Authored by:

Ismail Sutaria (Lead Consultant, Packaging and Materials) has over 8 years of experience in market research and consulting in the packaging & materials industry. Ismail’s strength lies in identifying key challenges faced by the client and offering logical and actionable insights to equip the clients with strategic decision-making power.

Ismail has been an instrumental part of several transformational consulting assignments. His key skills include competitive benchmarking, opportunity assessment, macroeconomic analysis, and business transformation advisory. Ismail is an MBA holder in Marketing and has a Bachelor’s Degree in Mathematics. 

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The global refuse bags market size is poised to soar at a CAGR of 6.8% during the projection period from 2023 to 2033. The market value is projected to increase US$ 5.1 billion by 2033.

The global scented trash bags market is anticipated to grow at a CAGR of 3.5%. The market valuation is projected to increase US$ 2.3 Billion by 2032.

The bulk bags market is estimated at US$ 5.3 billion in 2022 and is projected to reach US$ 8.0 billion by 2028, at a CAGR of 7.1% from 2022 to 2028.

The mesh bag market displays a considerable trend, featuring a rise of 3.2% CAGR, expected to endure until 2033. The consistent growth forecasts indicate that the global mesh bag market is poised to achieve an impressive valuation of US$ 2.1 billion by 2033.

About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Originally published at https://www.einpresswire.com/article/686325604/global-trash-bag-market-to-accumulate-a-valuation-of-us-19-5-billion-by-2034-advancing-at-a-5-6-cagr-future-market-insights-inc