Sustainable Bags Market Is Expected To Generate A Revenue Of USD 4290.55 million By 2030

Priyanshi Singh

2 years ago

The latest market report published by Credence Research, Inc. is “Global Sustainable Bags Market: Growth, Future Prospects, and Competitive Analysis, 2018 – 2030”. The Global Sustainable Bags Market generated revenue of around USD 1846.5 million in 2022 and is projected to grow a CAGR of over 12.8% during the forecast period from 2023 to 2030 to reach around USD 4290.55 million in 2030.

Sustainable bags are made from environmentally friendly materials such as recycled materials, organic cotton, and other natural fibers and are intended to have a low environmental impact. Plastics in bags and sacks are adaptable, and their inadequate disposal has contributed to the world’s rapidly expanding pollution problem from outdated, petroleum-based plastics. Biodegradable bags and sacks are manufactured entirely of natural plant components like polylactic acids (PLAs), polyhydroxyalkanoates (PHAs), and starch. They also contain compounds that aid in the breakdown, decreasing the impact on the general environment and marine life. These bags outperform typical plastic materials, especially regarding food packaging and fast-moving consumer goods. These environmentally friendly bags are used in various industries, including food & beverage, medicine, agriculture, textile, and horticulture. The market for sustainable bags is developing due to numerous government measures to lower the overall percentage of polluting waste goods and replace plastic bags with alternate biodegradable bags. Moreover, the rising availability of eco-friendly products is expanding the bio-bags sector, and the sustainable bag market is expected to grow substantially over the upcoming years. However, the global market faces obstacles like high production costs and a need for more sustainable resources.

The global sustainable bags market is bifurcated into Type, Application, and Geography. The market is categorized into PBS, PLA, PBAT, PHA, polycaprolactone, starch-based, and others based on type. Based on application, the sustainable bags market is segmented into packaging, consumer goods, textile, agriculture, etc. The market is segmented based on geography: Europe, North America, Asia Pacific, Latin America, the Middle East, and Africa.

North America dominated the global sustainable bags market in 2022. Many businesses in the United States and Canada are implementing corporate social responsibility (CSR) practices such as employing sustainable materials and lowering their environmental effect. This has increased the market availability of sustainable bags. Furthermore, the rise of e-commerce has made it easier for consumers to buy environmentally friendly and sustainable bags online. This contributed to the growth of sales of sustainable bags in the United States and Canada.

The Sustainable Bags Market opportunities are vast and promising. With increasing awareness about environmental sustainability, consumers have become more mindful of their consumption patterns. This has led to a rise in demand for sustainable products, including bags made from eco-friendly materials such as cotton, jute or bamboo. The market is not limited to traditional shopping bags but also includes backpacks, laptop sleeves and tote bags that can be used for various purposes.

The major players in this industry are focusing on product innovation and design, using eco-friendly materials, and implementing sustainable manufacturing practices. Some of the key players include Patagonia, Inc., Reformation, Baggu LLC, Ecoalf Recycling SLU, Everlane Inc., Matt & Nat Ltd., Fjällräven International AB (part of Fenix Outdoor International AG), and Qwstion GmbH.

The following are some of the factors driving the growth of the sustainable bags market worldwide:

Increasing consumer awareness: Consumers are becoming more aware of the impact of plastic bags on the environment and are shifting towards eco-friendly alternatives.
Government regulations: Governments around the world are implementing regulations to ban or reduce the use of single-use plastic bags, which is driving the demand for sustainable bags.
Corporate social responsibility: Companies are increasingly adopting sustainable business practices and promoting eco-friendly products, including sustainable bags.
Innovations in materials: Manufacturers are developing innovative materials for sustainable bags, such as biodegradable plastics, organic cotton, and recycled materials, which are more eco-friendly than traditional materials.
Rising demand for reusable bags: The demand for reusable bags is increasing, as they are more durable and eco-friendly than single-use plastic bags.

Overall, the sustainable bags market is expected to continue to grow in the coming years, driven by increasing consumer demand for eco-friendly products and government regulations aimed at reducing plastic waste.

Why to Buy This Report-

The report offers a quantitative and qualitative analysis of the global sustainable bags market by segments, drivers, current trends, restraints, challenges, opportunities, and market dynamics with the historical period from 2018–2021, base year–2022, and forecast period 2023–2030.
The report gives key insights into the competitive landscape, including how key players in the market are operating globally, regionally, and at the country level.
The report contains an extensive analysis of the global sustainable bags market segmentation by type and application, which can assist stakeholders in better understanding market dynamics and identifying potential growth opportunities.
The report provides business insights into technological advancements, research and development activities, and product innovations in the global sustainable bags market.

Browse Our Blog: https://www.credenceresearch.com/report/sustainable-bags-market

Visit: https://www.credenceresearch.com/