Foodservice Paper Bags Market 2020 | Scope of current and future industry 2030
In its new market research, Future Market Insights (IMF) predicted that the global market catering paper bags market will experience healthy growth between 2020 and 2030, and grow at a CAGR of 5.4%. Additionally, the study predicts that the market will reach an overall valuation of US $ 1.45 billion by 2030.
In the recent past, growing concerns about alarming levels of pollution caused by plastic have forced several countries to ban plastic materials. This prompts catering providers to opt for sustainable packaging solutions, thus stimulating the demand for paper bags.
On a related note, the proliferation of online meal delivery and the growing trend of take-out meals is positively influencing the adoption of paper bags in catering applications. While end users seek strong, leak-proof packaging solutions, manufacturers are emphasizing innovation in product design.
“Market players are focused on developing higher tensile strength and better quality products to gain an edge over their counterparts, plastic bags, which are stronger than paper bags,” notes the analyst. from the IMF.
Key points to remember
- Brown kraft paper bags are expected to be over 4 / 5th of market value, due to their stiffness.
- Handleless bags will remain the most sought-after type, capturing nearly 2/3 of the market value, supported by their convenience and low cost.
- Based on end use, restaurants are poised to capture more than half of the overall overall value attributed to the upward trend in takeout.
- Europe is expected to spearhead the regional market landscape, capturing more than a third of the market value.
- East Asia will prevail as the second most lucrative region throughout the forecast period, holding a quarter of the market value.
Impact of COVID-19 on the foodservice paper bag market
The COVID-19 outbreak is having a dual impact on the packaging industry and is clearly reflected in the demand for paper bags in the restaurant industry. While people around the world remain confined to their homes, packaged foods have become a solution to their cravings.
With efficient online food delivery services in place, consumers are turning to online ordering. This will help to maintain the demand for paper bags during the forecast period to some extent. However, the closure of restaurants and other food outlets coupled with limitations on the production front will pose a challenge to the steady growth of the market during the pandemic.
Major market players are focused on producing sustainable products to comply with existing standards on packaging methodologies. Likewise, traditional growth strategies such as acquisitions, mergers and expansions will continue to shape the competitive landscape. On these lines:
- In 2019, Amcor launched a new recyclable packaging format capable of reducing the carbon impact by 64%.
- In the same year, Westrock Company finalized the acquisition of KapStone Paper and Packaging Corporation with the intention of expanding its product portfolio.
For more information on the research approach used in the report, ask analyst @ https://www.futuremarketinsights.com/ask-question/rep-gb-12666
The IMF report includes profiles of some of the most important names in the market including WestRock Company, Huhtamaki Oyj, Paperbags Limited, Novolex Holdings LLC, Ronpak Inc., The Mondi Group LLC, Amcor Ltd., Vegware Ltd., Stora Enso Oyj., Smurfit Kappa Group, International Paper Company, Georgia Pacific LLC, Welton Bibby And Baron Limited, Biopac (UK), United Bags Inc. and Global-Pak.
Find out more about the foodservice paper bags market
A new market research report published by Future Market Insights (IMF) on the Global Foodservice Paper Bags Market offers market insight. It offers insight into demand trends and provides analysis of opportunities during the forecast period, 2020-2030. The report examines the market across four different segments – material, bag type, end use, and region. The report also provides in-depth pricing assessment according to different key market dynamics, life cycle analysis, and technologies that are deployed in product sourcing and adoption across multiple end-use industries.
About the Packaging Division at Future Market Insights
FMI’s Packaging division provides in-depth historical analysis and granular projections of the global packaging market. Ranging from packaging materials to designs and formats, FMI has a comprehensive market research database, serving its clients with unique offerings and strategic recommendations. With a repository of over 750 reports, the team has comprehensively analyzed the packaging industry in over 70 countries. The team assesses every node in the value chain and provides end-to-end research and consulting services; reach out to find out how we can help you